Friday, November 2, 2012

20121102 0921 Global Economy Related News.

China: Manufacturing gains signal fourth-quarter rebound
China’s manufacturing expanded for the first time in three months as output and new orders climbed, adding to signs that growth in the world’s second-biggest economy is rebounding after a seven-quarter slowdown. The Purchasing Managers’ Index climbed to 50.2 in October from 49.8 in September. (Bloomberg)

US: Consumer confidence gauge highest since 2008
Led by brighter views on present employment and business conditions, the Conference Board’s gauge of consumer confidence jumped in October to the highest level since February 2008, the New York-based research group said Thursday. The consumer-confidence index increased to 72.2 last month from a downwardly revised 68.4 in September. (MarketWatch)

US: Sandy damage estimate raised to as much as USD50bn
Superstorm Sandy caused as much as USD50bn in economic damage, with about USD10bn to USD20bn of insured losses, more than double previous estimates, said Eqecat Inc, a provider of catastrophic risk models. Major failures of electric and utility systems, which caused business interruptions, spurred the company to increase its estimate for insured losses while subway and tunnel outages also led to “higher expectations of loss amplifications”. (Bloomberg)

US: Initial jobless claims decrease by 9,000 to 363,000
Fewer Americans than forecasted filed first-time claims for unemployment insurance last week, an indication that demand is strong enough to maintain current staff levels. Applications for jobless benefits fell 9,000 to 363,000 in the week ended 27 Oct, the fewest in three weeks. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. (Bloomberg)

US: Manufacturers grow a little faster in October
American manufacturers grew at slightly faster pace in October as orders showed marked improvement, according to a closely followed survey. The Institute for Supply Management’s index of purchasing managers edged up to 51.7% from 51.5% in September and a three-year-low of 49.6% in August. (MarketWatch)

US stocks rally most in seven weeks amid economic optimism
US stocks rose, giving benchmark indexes their biggest advance in seven weeks, as reports on employment and manufacturing topped estimates while consumer confidence climbed in October to a more than four-year high. The S&P 500 gained 1.1% to 1,427.59 in New York. The Dow advanced 136.16 points, or 1%, to 13,232.62. Both gauges posted their biggest advance since 13 Sept. Volume for exchange-listed stocks in the US was about 6.8bn shares, or 14% above the three-month average. (Bloomberg)

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