China: Hardens opposition over yuan gains, tells EU to back off
China stiffened its opposition to a rapid appreciation of the yuan, setting the stage for a confrontation over exchange rates at this week’s international monetary meetings in Washington. Premier Wen Jiabao said China will stick to its policy of gradually increasing the currency’s flexibility and lashed out at European Union leaders for teaming with the US to pressure the Chinese government. (Bloomberg)
EU: Greek 2006-2009 deficit to be revised up
Greek budget deficit and public debt figures will be revised up for 2006-2009, following audits of the crisis-hit country by the European Union's statistical office, the European Commision said. "Whether it will be a large increase or a moderate one, I cannot say. There will be a clear upward revision." (Starbiz)
EU: Exports spur growth as consumers hold back spending
Europe’s economy expanded at the fastest pace in four years in the second quarter as surging exports countered a smaller-than-estimated increase in consumer spending. Household expenditure in the 16-nation euro region rose 0.2% in the three months through June. Exports climbed 4.4%, revised from 4.3%, while GDP jumped 1%, in line with the previous estimate. (Bloomberg)
UK: Food prices climb at fastest pace in 15 months
UK food-price inflation accelerated to its fastest pace in 15 months in September because of higher crop and energy costs, the British Retail Consortium (BRC) said. Food prices rose an annual 4%, up from 3.8% the previous month and the most since June 2009. Overall shop prices rose 1.9% from a year earlier, the most in five months. (Bloomberg)
US: Companies unexpectedly cut jobs
Companies in the US unexpectedly cut jobs in September, data from a private report based on payrolls showed. Employment decreased by 39,000, the biggest drop since January, after a revised 10,000 rise in August, according to figures from ADP Employer Services. The median estimate of 37 economists surveyed by Bloomberg News called for a 20,000 gain. (Bloomberg)
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