Malaysia: Export growth eased in August
Malaysia’s exports rose at the slowest pace in nine months in August, adding to evidence that weakening growth in the world’s largest economies is hurting demand for Asian goods. Overseas shipments climbed 10.6% from a year earlier to RM52.9bn ringgit (USD17.1bn) after gaining 13.5% in July, the International Trade and Industry Ministry announced. (Bloomberg)
US: Payrolls decline more than forecast
The US lost more jobs than forecasted in September as local governments fired educators and other workers to make up for declining tax revenue. Payrolls fell by 95,000 workers after a revised 57,000 decrease in August, the Labor Department said. Companies added 64,000 jobs, less than the forecast, while the unemployment rate held at 9.6%. (Bloomberg)
US: Retail sales probably rose in September
Retail sales in the US probably increased in September for a third month, easing concerns consumer spending will weaken and endanger the recovery, economists said before reports this week. A projected 0.4% gain in sales would match the prior month’s advance and is based on the median estimate of 57 economists surveyed before the Commerce Department’s 15 October report. (Bloomberg)
U.S: Lost more jobs than forecast in September as local governments fired teachers and other workers in response to declining tax revenue. Payrolls fell by 95,000 workers after a revised 57,000 decrease in August, Labor Department figures in Washington showed. Private employers added 64,000 jobs, less than forecast. Wages and the workweek stagnated. (Source: Bloomberg)
U.S: Wholesale inventories rose more than forecast in August as companies kept stockpiles in line with demand. The 0.8% increase in the value of inventories followed a revised 1.5% gain in July that was more than initially estimated, Commerce Department figures showed in Washington. Sales rose 0.5% after a 0.8% gain a month earlier. (Source: Bloomberg)
Canada: Employment and housing figures released confirm that economy is cooling faster than the central bank had forecast , indicating the Bank of Canada will refrain from raising interest rates until next year. Employment in Canada unexpectedly fell by 6,600 jobs in September, the second drop in the past nine months, Statistics Canada said. Housing starts slowed to an annual pace of 186,400 units from 189,300 in August, Canada Mortgage and Housing Corp. said. (Source: Bloomberg)
Germany: Exports declined for a second month in August as a strengthening euro and slowing global growth curbed demand. Sales abroad, adjusted for working days and seasonal changes, slipped 0.4% from July, when they fell 1.6%, the Federal Statistics Office in Wiesbaden said. Imports rose 0.9% from July, when they fell 2.2%.(Source: Bloomberg)
France: Bank of France?s business confidence rose in September as industrial production picked up. The Bank of France's Business Sentiment Indicator for manufacturers gained to 102 in September, after holding at 101 for the previous five months, the Paris-based central bank said in a statement. (Source: Bloomberg)
U.K: Producer prices increased more than economists forecast in September as raw-material costs jumped, feeding inflation into the economy. The cost of goods at factory gates rose by 0.3% on the month, the Office for National Statistics said in London. Raw material costs climbed by 0.7% from August. (Source: Bloomberg)
China: Sold a record amount of Japanese debt in August , snapping a seventh-straight month of purchases. China cut Japanese debt holdings by a net JPY2.02tr (USD24.5b), the Ministry of Finance said in Tokyo, the biggest monthly sale in data going back to 2005. (Source: Bloomberg)
Japan: Kan's cabinet endorsed a JPY5.1tr (USD62b) stimulus plan to safeguard an economic recovery and help local governments and small businesses cope with the surging yen. About JPY3.1tr will go toward assisting regional economies and small businesses, the finance ministry said in a statement. The package also includes an undefined amount to find new sources of rare earth metals after Japan said China disrupted shipments following a territorial dispute. (Source: Bloomberg)
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