Singapore: Inflation rate climbs to 18-month high
Singapore’s inflation accelerated to an 18-month high as record economic growth in the first half of the year spurred demand for goods and services, sustaining pressure on the central bank to allow currency gains. The consumer price index climbed 3.3% in August from a year earlier, Singapore’s Department of Statistics said. That matched the median estimate of 10 economists surveyed by Bloomberg News. (Bloomberg)
Taiwan: Industrial output rises as joblessness falls
Taiwan’s industrial production rose more than estimated, gaining for a 12th straight month, while the jobless rate fell to a 20-month low, increasing the central bank’s scope to boost borrowing costs. Output advanced 23.4% in August from a year earlier, after rising a revised 20.93% in July, the Ministry of Economic Affairs said. The median of 11 estimates in a Bloomberg News survey was for a 21.6% increase. (Bloomberg)
China: Wen warns 20% yuan gain would cause ‘major’ upheaval
Chinese Premier Wen Jiabao said a 20% rise in the yuan would cause severe job losses and trigger social instability, putting the nation on course for a clash with US lawmakers demanding a stronger currency. “We cannot imagine how many Chinese factories will go bankrupt, how many Chinese workers will lose their jobs, and how many migrant workers will return to the countryside” should China acquiesce to demands for a 20% to 40% gain, Wen said in New York. “China would suffer major social upheaval.” (Bloomberg)
EU: European services, manufacturing growth weakens
Growth in Europe’s services and manufacturing industries weakened more than economists forecast in September, adding to evidence the recovery in the region is losing steam. A composite index based on a survey of euro-area purchasing managers in both industries declined to 53.8 from 56.2 in August, London-based Markit Economics said. Economists expected a reading of 55.7, according to the median of 15 forecasts in a Bloomberg News survey. A reading above 50 indicates expansion. (Bloomberg)
US: Existing home sales, leading index rise
Sales of US previously owned homes climbed from a record low in August and a gauge of the outlook for the economy increased, confirming the Federal Reserve’s forecast for a “modest” pace of expansion. Purchases of existing houses climbed to a 4.13m annual pace, the second-lowest on record, the National Association of Realtors said. The New York- based Conference Board said its index of leading economic indicators rose 0.3%, exceeding forecasts. (Bloomberg)
No comments:
Post a Comment