Australia: Business confidence jumped in August to the highest level in four months . The confidence index rose to 11 points from 2 points in July, according to a National Australia Bank Ltd. (Source: Bloomberg)
India: August inflation eases, rate hike expected
India's annual headline inflation eased in August but remained well above the comfort zone of a central bank that is still expected by many economists to raise interest rates at its policy review. Inflation remains stubbornly high and the Reserve Bank of India has cautioned that capacity constraints in the rapidly-expanding economy will keep up pressure on prices. (StarBiz)
China: Leading economic index rose for a third month in July , adding to evidence the cooling of the nation's expansion has stabilized. The leading economic index climbed 0.5% to 147.6 in July, The Conference Board's report showed. The reading compared with a revised 0.7% gain in June and a 0.9% increase in May, the New York based research group said in a preliminary report on its website. (Source: Bloomberg)
China: May delay rate increase to 2011, economists’ survey shows
China’s accelerating inflation may fail to convince policy makers to raise interest rates this year because food costs, not surging credit, are fueling price gains. The benchmark one-year lending rate will remain at 5.31%, with the deposit rate at 2.25%, according to the median estimates in Bloomberg News surveys of economists after August economic data released 10-11 Sept. The yuan may gain about 1.4% to 6.65 per dollar, the forecasts also show. (Bloomberg)
China: Yuan at new high, Beijing seen under pressure
The yuan hit a fresh post-revaluation high against the dollar, with Beijing seen conceding to let the yuan rise as US lawmakers call for a vote on a bill to get tough with China over its slow exchange rate reform. The People's Bank of China fixed the mid-point to the dollar at its highest level since the yuan's landmark revaluation in July 2005.(StarBiz)
Germany: Investor confidence in September falls to 19 month low as budget cuts across the euro region and slowing global growth clouded the outlook for Europe's largest economy. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict developments six months ahead, dropped to minus 4.3 from 14 in August. That's the fifth monthly decline and the lowest since February 2009. (Source: Bloomberg)
Japan: Production fell in July, revised data show
Japan’s industrial production fell in July, the government said in revised figures, reversing an initial estimate that showed output rose. Factory output fell 0.2% from a month earlier, compared with the previously reported 0.3% gain, the Trade Ministry said in Tokyo. Production fell 1.1% in June. (Bloomberg)
EU: Industrial production unexpectedly stagnated
European industrial production unexpectedly stagnated in July, adding to signs that the euro region’s export-led recovery is losing momentum. Economists had projected a gain of 0.1% in July, the median of 35 forecasts in a Bloomberg survey showed. In June, output in the economy of the 16 euro nations fell 0.2%, the European Union’s statistics office in Luxembourg said. (Bloomberg)
UK: Inflation unexpectedly exceeds 3% on air fares
UK inflation unexpectedly exceeded the government’s 3% limit for a sixth month in August as higher costs of items from air fares to food stoked price pressures in the economy. Consumer prices rose 3.1% from a year earlier, the same pace as in July, the Office for National Statistics said in London. On the month, prices increased by 0.5%. (Bloomberg)
UK: Consumer confidence increases in August, Nationwide Says
UK consumer confidence rose in August for the first time in four months as Britons’ optimism about the future economic situation increased, Nationwide Building Society said. The index of sentiment rose 5 points from the previous month to 61, the London-based customer-owned lender said. A gauge of expectations rose 7 points to 84. (Bloomberg)
US: Retail sales climbed in August for a second month Sales at US retailers climbed in August for a second consecutive month, allaying concern the economy will stumble in the second half of the year. Purchases increased 0.4% following a 0.3% gain in July, Commerce Department figures showed in Washington. Sales excluding automobiles advanced 0.6%, twice as much as the median forecast of economists surveyed by Bloomberg News. (Bloomberg)
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