Friday, January 11, 2013

20130111 1112 Global Economy Related News.

Indonesia: Holds rate as IDR decline stokes price pressure
Indonesia kept its benchmark interest rate unchanged for an 11th straight meeting as a slide in the nation’s currency threatens to stoke price pressures. Bank Indonesia Governor Darmin Nasution and his board held the reference rate at a record-low 5.75%, the central bank said. The decision was predicted by all 22 economists surveyed by Bloomberg News. It last cut the benchmark in February 2012. (Bloomberg)

China: Exports accelerate with credit in recovery boost
China’s exports rose more than forecasted last month and a broad measure of credit surged 28%, helping the nation’s new leaders to sustain a pickup in economic growth after a seven-quarter slowdown. Overseas shipments increased 14.1% from a year earlier, the most since May, customs administration data showed, compared with the 5% median forecast in a Bloomberg News survey of 40 economists. (Bloomberg)

UK: Bank of England maintains stimulus as credit plan shows results
Bank of England policy makers refrained from adding further stimulus to the UK economy today after their new credit-boosting program showed signs of success. The nine-member Monetary Policy Committee led by Governor Mervyn King kept the target for quantitative easing at GBP375bn (USD602bn), in line with the forecast of all 39 economists in a Bloomberg News survey. They also held the key interest rate at a record low of 0.5%. (Bloomberg)

US: Consumer comfort falls as US payroll tax bites
Consumer confidence waned last week and firings unexpectedly climbed, the first sign that higher US payroll taxes will slow the economic expansion at the start of this year. The Bloomberg Consumer Comfort Index fell to minus 34.4 in the seven days ended 6 Jan from -31.8 the prior period, the biggest one-week drop since August. Jobless claims increased by 4,000 to 371,000 in the week ended 5 Jan, according to Labor Department figures. (Bloomberg)

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