Singapore: Additional property taxes to cool prices, curb economic risk
Singapore imposed additional taxes on purchases of private residential property to curb excessive investment that may spur economic and banking-industry risks. Foreigners and corporate entities will have to pay an additional 10% stamp duty, the government said in a statement yesterday. The extra levy will be 3% for permanent residents purchasing a second home, as well as for citizens buying their third residential property. The taxes apply from today. (Bloomberg)
China: November export growth was lower than the previous month, Chong Quan, the country's deputy international trade representative, said after a briefing in Beijing. "The situation is quite serious," he said, responding to a question on exports. China's exports rose 15.9% YoY in October. (Source: Bloomberg)
India: Halts plan to allow Wal-Mart in “political suicide”
India suspended its decision to allow overseas retailers including Wal-Mart Stores Inc. to open supermarkets, dealing a blow to Prime Minister Manmohan Singh’s efforts to boost foreign investment and end a policy paralysis. The government reversed its decision amid protests by the opposition and its allies that forced repeated adjournments of parliament for the last two weeks. Both houses resumed today with 10 days left of a crucial session when the government is looking to pass laws including one setting up an anti-graft body. (Bloomberg)
Australia: Economy grew faster than estimated last quarter on consumer spending and mining-driven investment. GDP rose 1% QoQ in the three months ended Sept. 30, after growing a revised 1.4% QoQ the prior quarter, the fastest pace in four years. (Source: Bloomberg)
Germany: Factories weather debt turmoil hurting region. German industrial production rose more than economists forecast in October. Production climbed 0.8% MoM from September, when it dropped 2.8% MoM, the Economy Ministry in Berlin said. (Source: Bloomberg)
EU: ECB said to consider more measures to stimulate bank lending
The European Central Bank may announce a range of measures today to stimulate bank lending, said three euro-area officials with knowledge of policy makers’ deliberations. Options on the table include loosening collateral criteria so that institutions have more access to cheap ECB cash and offering them longer-term loans to grease the flow of credit to the economy, said the officials, who spoke on condition of anonymity because the discussions are private. Two said an interest rate cut is likely, with only the size of the reduction to be determined for the monthly decision today. (Bloomberg)
EU: Euro rescue fund to start short-term debt sales this month
The euro area’s rescue fund plans to begin selling short-term debt by the end of the month to meet its expanded role in tackling the region’s debt crisis. The EUR440bn (USD589bn) European Financial Stability Facility announced a funding program that will focus on three-, six- and 12-month bills. The first auction is expected to take place before year-end, the EFSF said in a statement yesterday. The Luxembourg-based EFSF gained the authority in October to buy sovereign bonds on the primary and secondary markets, offer credit lines to governments and grant aid to banks as the region’s debt troubles spread. The EFSF’s sole role until then had been to sell bonds to finance rescue loans. (Bloomberg)
UK: October manufacturing output drops more than forecast
UK’s manufacturing output fell more than economists forecast in October as the intensifying euro-area debt crisis undermined demand in Britain’s biggest export market. Factory output dropped 0.7 percent from September, the biggest decline since April, the Office for National Statistics said yesterday. On the year, manufacturing rose 0.3%, the least since January 2010. Manufacturers are suffering as the sovereign debt crisis and a cooling global economy jeopardize the outlook for exports. (Bloomberg)
US: Consumer credit rose in October to two-year high
US consumer borrowing rose in October to the highest level in two years, propelled by gains in non-revolving debt like auto and student loans. Credit increased by USD7.65bn to USD2.46trn, the most since October 2009, Federal Reserve figures showed yesterday. The data indicate consumers are relying more on credit to sustain spending as income gains fail to keep up with inflation and home prices drop. At the same time, increasing employment may be making Americans more willing to take on more debt heading into the holiday shopping season. (Bloomberg)
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