Consumer prices rose 3.4% yoy in Sep (+3.3% in Aug), mainly driven by higher food costs. The median estimate was called for a 3.3% increase. (Bloomberg)
The international reserves of Bank Negara Malaysia (BNM) amounted to RM427.9bn (US$134.4bn) as at 14 Oct 11, up from RM417.2bn (US$131bn) as at 30 Sep 11. The reserves position is sufficient to finance 10 months of retained imports and is 4.6 times the short-term external debt. (BNM)
US households' caution about taking on debt and spending will stand them in good stead when the economic recovery becomes more robust, Fed Governor Elizabeth Duke said. Household debt-to-income ratios skyrocketed during 2001-2007, but households cut debt and spending significantly during the financial crisis that began in 2007, Duke said. "Going forward, as income and asset values recover, these improvements in the aggregate household position should be felt by more and more US households," she said. (Reuters)
US: Manufacturing leads recovery as jobs, housing flag
Manufacturing in the Philadelphia area unexpectedly expanded in October at the fastest pace in six months, signaling factories are helping support a U.S. economy weighed down by weakness in the housing and labor markets. The Federal Reserve Bank of Philadelphia’s general economic index increased to 8.7 from minus 17.5 last month, the biggest one-month rebound in 31 years. Readings greater than zero indicate expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. (Bloomberg)
EU: Leaders say bank recapitalization ‘essential’ part of package
European Union finance ministers will meet 26 Oct to complete work on bank-recapitalization plans, EU leaders indicated in a draft statement today. The finance chiefs, who met yesterday in Brussels for 10 hours, have progressed “on measures for the banking sector” and should “finalize this work” at a meeting on 26 Oct., the EU’s government heads said in the draft text obtained by Bloomberg News. (Bloomberg)
Eurozone government deficit was on average 6.2% of gross domestic product in 2010 while government debt was 85.4%, the Eurostat said. Both numbers are well over the euro zone limit of 3% and 60% for national deficit and debt respectively. (WSJ)
European leaders outlined plans to aid banks and ruled out tapping the European Central Bank’s balance sheet to boost the rescue fund, inching toward a new strategy to contain the Greece-fueled debt crisis. (Bloomberg)
Japan will sell about ¥800bn(US$10.4bn) of additional government debt to the market this fiscal year to fund earthquake reconstruction and help companies cope with a strong yen, the Ministry of Finance said. (Bloomberg)
Growth in Thai exports grew in Sep by 19.1% yoy (13.1% in Aug). Imports surged 41.9% yoy in Sep (44.0% in Aug) as the trade balance reversed from a deficit of US$1,203m in Aug to a surplus of US$238m in Sep. Economists were expecting yoy export and import growth of 21.0% and 32.6% respectively. (Bloomberg)
Thailand’s forex reserves grew by US$2.1bn to US$181.7bn in Oct. (Bloomberg)
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