Economy posts higher growth of 5.8% for 3Q
Malaysia’s economy posted a higher growth of 5.8% for the third quarter (3Q) compared to the 4.3% registered in 2Q, boosted by robust domestic demand. In an economic and financial development report released by Bank Negara Malaysia last Friday, the central bank said most economic sectors recoded improvements in growth during the quarter, with manufacturing recording a significantly better performance, supported by firm regional demand for resource-based products. (Malaysian Reserve)
Japan: Exports fall as yen gains, Europe crisis crimp demand
Japan’s exports fell for the first time in three months, indicating that the yen’s appreciation and financial turmoil in Europe are slowing the nation’s recovery from the March disaster. Shipments dropped 3.7%t in October from a year earlier, the Ministry of Finance said today in Tokyo. The median estimate of 29 economists surveyed by Bloomberg News was for a 0.3%decline. (Bloomberg)
China: Trade surplus may be gone in two years, adviser says
China’s trade surplus may disappear within two years as domestic demand rises, making the yuan rate less of an issue, an adviser to the nation’s central bank said. “In one to two years, our trade surplus will be zero,” the adviser, Li Daokui, said in an interview in Beijing today. “It’s possible for the renminbi to face depreciation pressure. If that time comes, let the market decide its fluctuation,” he said, referring to the Chinese currency.. (Bloomberg)
EU: Spain’s Rajoy wins election as crisis punishes socialists
People’s Party leader Mariano Rajoy won the biggest parliamentary majority in a Spanish election in 29 years and called on Spaniards to work together to prevent the nation being overwhelmed by the sovereign debt crisis. Spain’s 10-year bond yield rose as high as 6.8% on Nov 17, the most since the start of the euro, with the gap between Spanish and German borrowing costs ending the week at 441 basis points or 4.4%. (Bloomberg)
US: Consumer spending probably rose in October: US economy preview
Consumer spending probably climbed in October as incomes grew by the most since May, indicating the biggest part of the US economy will bolster the recovery, economists said a report will show this week. Purchases rose 0.3% last month, according to the median estimate of 69 economists in a Bloomberg News survey before Commerce Department figures due on 23 Nov. Incomes also climbed 0.3%, the report may show. (Bloomberg)
US: Economy growing at fastest pace of 2011 in US forecasts
The US economy may end 2011 growing at its fastest clip in 18 months as analysts increase their forecasts for the fourth quarter just a few months after a slowdown raised concern among investors. The index of US leading indicators, designed to foreshadow the economy’s performance over the next three to six months, rose 0.9% in October, the biggest jump since February, after a 0.1% September increase, the New York-based Conference Board said. (Bloomberg)
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