Malaysia: August exports expected to show 13.8% growth
August exports may have expanded although it is likely due to the base effects of low export sales in the same period a year ago, said economists. The strengthening ringgit (against the USD) is also expected to affect the flow of imports, they added. The Ministry of International Trade and Industry will release the data today. (BT)
Japan: says it won’t join currency devaluation race
Japan won’t weaken the Yen to become more competitive with other countries in trade and any currency intervention would be aimed at restraining excessive moves, Vice Finance Minister Fumihiko Igarashi said. Igarashi spoke as Japan’s currency reached its highest against the dollar since 1995, surpassing the level at which the nation’s authorities last month intervened for the first time since 2004. (Bloomberg)
UK: Manufacturing Output Rises More Than Forecast
UK manufacturing rose more than economists forecast in August as Bank of England policy makers debate whether they need to boost stimulus to sustain the recovery. Output climbed 0.3% from the previous month, when it gained a revised 0.4%, the Office for National Statistics said in London. The forecast was for an increase of 0.2%. On the year, production rose 6%, the most since December 1994. (Bloomberg)
UK: Home prices plunge most on record
UK house prices plunged in September by the most since at least 1983, adding to evidence that the housing market faces a renewed slump as the government readies the biggest spending cuts since World War II. The average cost of a home fell 3.6% from August to GBP162,096 (USD258,000). (Bloomberg)
US: Job openings rose in August to 3.2 million
Job openings in the US rose in August as more companies prepared to add staff amid signs demand was holding up, a government report showed. Openings increased by 60,000 to 3.2m, the Labor Department said in Washington. The number of people hired dropped from the prior month and separations also decreased. (Bloomberg)
US: Consumer borrowing falls on drop in credit cards
Consumer borrowing declined in August as Americans trimmed credit-card balances, showing consumers remained reluctant to take on more debt as joblessness climbed. Credit declined by USD3.34b after falling a revised USD4.09b in July, more than the previous estimate, according to a Federal Reserve report released. Credit-card debt decreased for the 24th consecutive month. (Bloomberg)
US: Jobless claims decrease to three-month low
Applications for US unemployment benefits unexpectedly fell last week to the lowest level in three months, indicating the labor market may be thawing. Jobless claims dropped by 11,000 to 445,000 in the week ended 2 October, the fewest since 10 July, Labor Department figures showed. (Bloomberg)
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