Singapore: Exports slide the most in 30 months on electronics
Singapore’s exports fell the most in more than two years in October as a slowing global economy curbed demand for electronics products. Non-oil domestic exports fell 16.2% from a year earlier, after a revised 4.6 % decline in September. Singapore’s expansion will stall over the next few quarters as the global economy worsens, before a “modest recovery” in the second half of 2012, the central bank said last month. (Bloomberg)
China: Leading indicator shows economy maintaining momentum
A Chinese leading indicator rose, suggesting the world’s second-biggest economy is weathering moderating export growth and a government campaign to curb consumer and property prices. The index increased 0.4% to 160.2 in September, The Conference Board said on its website yesterday, citing a preliminary reading. The gauge is designed to capture prospects over the coming six months. August’s index was revised to a 0.6% gain from a previous 0.5% increase. (Bloomberg)
EU: Greece starts discussions on voluntary debt swap with banks
The Greek government started talks with banks on the terms of the voluntary debt swap that is part of the country’s international bailout agreement, the Finance Ministry in Athens said. The debt swap -- part of a second rescue package for Greece - aims to put the country on a path to cut its overall debt load to 120% of gross domestic product by 2020. The discussions in Athens are expected to take weeks to conclude, a European official said yesterday on condition of anonymity. (Bloomberg)
EU: Papademos unveils 2012 Greek budget as loan deadline looms
Greek Prime Minister Lucas Papademos will unveil the final budget for 2012 today as his interim government races against a three-month deadline to secure international loans and avert a collapse of the economy. Finance Minister Evangelos Venizelos will present the 2012 spending plan to the cabinet at 9:30 am Greek time before it is submitted to lawmakers. The new government, backed by three of the five Greek parliamentary parties, is meeting a week after Papademos won a mandate to secure a second financing package for Greece agreed to with euro partners on 26 Oct. (Bloomberg)
UK: Retail sales unexpectedly rise as stores cut prices
UK retail sales unexpectedly rose in October as shops offered discounts to lure consumers whose confidence has been undermined by inflation and rising unemployment. Sales including fuel rose 0.6% from September, the most since June, the Office for National Statistics said yesterday. On the year, sales were up 0.9%. UK consumer sentiment fell to a record low last month as unemployment increased and inflation outpaced wage growth, while Bank of England Governor Mervyn King said yesterday the economy faces a “markedly weaker” outlook. (Bloomberg)
US: Jobless claims, home starts signal strength
Claims for unemployment benefits dropped to the lowest level in seven months and housing starts exceeded forecasts, signaling improvement in the weakest areas of the US economy. Applications for jobless benefits decreased 5,000 in the week ended 12 Nov to 388,000, Labor Department figures showed. Starts decreased 0.3% to a 628,000 annual rate in October, according to the Commerce Department. Building permits, a proxy for future construction, jumped 10.9%. At the same time, record-low mortgage rates and cheaper homes are helping to support the industry at the heart of the last recession. (Bloomberg)
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