20100628 0932 Global Economic News.

G-20 : Agrees to cut deficits once recoveries cemented. Advanced economies will aim to at least halve deficits by 2013 and stabilize their debt-to-output ratios by 2016, according to a statement released as leaders finished meeting in Toronto. The G-20 said banks need to raise capital "significantly" and countries will be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012. (Source: Bloomberg)

U.S : Consumer confidence hits two-year high in June. The Thomson Reuters/University of Michigan final index of consumer sentiment increased to 76, from 73.6 in May. The index has averaged 84.5 over the past decade. (Source: Bloomberg)

U.S : Economy expands 2.7% annual rate in 1Q10, less than forecast, reflecting a smaller gain in consumer spending and a bigger trade gap. The revised figure in GDP was smaller than the median forecast of economists 3% annual rate estimate issued last month. (Source: Bloomberg)

France : Jobless claims increase as manufacturers trimmed payrolls in May. The number of unemployed actively looking for work rose by 22,600 last month, an increase of 0.8%. The total number of jobseekers was 2.7 million, the highest since May 2005. (Source: Bloomberg)

Japan : Consumer prices declined at slower pace in May, a moderation that may be insufficient to ease government pressure on the central bank to fight deflation. Prices excluding fresh food slid 1.2% YoY, easing from a 1.5% YoY decline in April, the statistics bureau said in Tokyo. (Source: Bloomberg)

China : Industrial profits jump 82% YoY in first five months, underscoring the strength of an economic comeback that is prompting officials to wind back stimulus measures. Net income rose to CNY1.54tr (USD227b) from a year earlier, the statistics bureau said on its website. Profits climbed 120% YoY in the first two months. (Source: Bloomberg)

Singapore : Industrial output unexpectedly accelerated in May. Output at factories climbed 58.6% YoY after a revised 49.7% YoY surge in April. (Source: Bloomberg)

New Zealand : Trade surplus widens in May as a seasonal increase in farm production and China's demand for logs and milk boosted exports to a record. The surplus increased to NZD814m (USD576m) from a revised NZD665m in April. (Source: Bloomberg)