Wednesday, October 17, 2012

20121017 1050 Global Economy Related News.

Australia: Stock reach fresh 14-month high
Australian stocks climbed on Wednesday to a fresh 14-month high, with the benchmark S&P/ASX 200 index rising 0.9% to 4,529.60. The advance followed a strong performance in the US equity markets on Tuesday, where data and earnings continued to inspire gains, while the ongoing optimism over Europe’s ability to deal with its debt troubles also helped boost the market. (Market Watch)

EU: September inflation holds steady, exports rebound
Euro-area inflation held steady last month and exports rebounded in August as European leaders struggled to contain the region’s fiscal crisis. The inflation rate in the 17-member currency region remained at 2.6% from a year ago, the European Union’s statistics office in Luxembourg said today. It had previously reported an annual gain of 2.7%. Euro-area exports rose 3.7% from July, when they fell 2.2%, a separate report showed. (Bloomberg)

UK: Inflation cools to 2.2%, least in almost three years
UK inflation slowed to the least in almost three years in September as electricity and gas price increases a year earlier dropped out of the index. Consumer prices rose 2.2% from a year earlier, the smallest gain since November 2009 and down from a 2.5% gain in August, the Office for National Statistics said today in London. The largest downward effect was from utility bills which knocked 0.43% point off the rate. (Bloomberg)

Brazil: Swap rates drop on slower inflation; BRL appreciates
Brazilian swap rates fell for the first time in a week after a report showed inflation unexpectedly slowed, bolstering the central bank’s case that it can keep borrowing costs at a record low. Swap rates on the contract due in January 2014 dropped seven basis points, or 0.07%, to a record-low 7.39, the first decrease on a closing basis since Oct 9. The BRL appreciated 0.1% to 2.0337 per USD. (Bloomberg)

US: Industrial output rises in sign US economy is stabilising
American manufacturers churned out more appliances, clothing and construction supplies in September, indicating a mainstay of the early part of the economic expansion is regaining its footing. Output at factories, mines and utilities rose 0.4 percent, beating the median forecast of economists surveyed by Bloomberg, after a 1.4 percent drop in August that was the biggest since March 2009, according to data from the Federal Reserve issued today in Washington. Other reports showed there was little inflation outside of fuel costs and homebuilder confidence climbed to a six-year high. (Market Watch)

US: Sets tariffs on some Asia steel-pipe exports
The US Commerce Department set final tariff rates Tuesday on imports of steel pipe from India, Vietnam, Oman and the United Arab Emirates. The department plans to levy antidumping duties on all four countries, determining that the imports of circular welded carbon-quality steel pipe from them are being sold in the US below fair value. In retaliation for alleged government subsidies, the department also plans countervailing measures against pipe from India, Oman and the U.A.E. (Market Watch)

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