20101026 1020 Global Economics News.

Japan: Export growth slows in sign of cooling demand
Japan’s exports grew at the slowest pace this year in September as overseas shipments increased 14.4% y-o-y, a sign the country is losing its chief engine for growth as demand abroad tempers. Nevertheless, it still beat economists’ median estimate of a 9.6% gain. M-o-m, shipments fell a seasonally adjusted 0.1%. Meanwhile, imports climbed 9.9% y-o-y and the trade surplus rose to JPY797bn (USD9.8bn). (Bloomberg)

South Korea: Economic growth probably slowed
South Korea’s economic expansion probably slowed last quarter as the nation’s currency surged the most in Asia and global growth cooled, imperiling exports and increasing scope to extend a pause in interest-rate increases. GDP is expected to advance 0.8% in the three months through September from the second quarter, when it gained 1.4%, according to median estimates by Bloomberg. (Bloomberg)

EU: Industrial orders increase more than forecast
European industrial orders increased more than twice as much as economists forecast in August, led by demand for capital goods such as machinery. Orders in the euro area jumped 5.3% from July, when they fell 1.8%. Economists had forecast a gain of 2.2%. Y-o-y, industrial orders rose 24% after rising 12% in July. Orders for capital goods rose 8.1% m-o-m while orders for intermediate goods increased 3.4% and demand for durable consumer goods jumped 5.4%. Orders excluding heavy transport equipment such as ships and trains rose 4.1%. (Bloomberg)

US: Existing home sales rise more than forecast in September
Sales of US existing homes rose in September by the most on record, a sign cheaper borrowing costs are helping stabilize an industry that’s battling the headwinds of foreclosures and joblessness. Purchases increased 10% to a 4.53m annual rate from 4.12m in August, beating estimates of a rise to 4.3m. The median price fell 2.4% y-o-y to USD171,700. Purchases of single-family homes rose 10% to a 3.97m annual rate m-o-m. The number of previously owned homes on the market fell 1.9% to 4.04m. At the current sales pace, it would take 10.7 months to sell those houses, compared with 12 months in August. (Bloomberg)

U.S: Bernanke says regulators reviewing foreclosures . U.S. banking regulators are examining mortgage lenders' procedures to see if they are improperly foreclosing on homes and expect preliminary findings soon, Federal Reserve Chairman Ben S. Bernanke said. "We are looking intensively at the firms' policies, procedures, and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," Bernanke said at a housing conference in Arlington, Virginia. (Source: Bloomberg)