Malaysia: FTA with Australia possible by mid-2011
The free trade agreement (FTA) talks between Australia and Malaysia are likely to be concluded by mid-2011. The eighth round of FTA talks between Australian and Malaysian officials ended last Friday in Canberra. According to Australia Malaysia Business Council national president Larry Gould, both countries are likely to come to an agreement in the middle of next year. (StarBiz)
Japan: Bank of Japan to cut economic forecasts
The Bank of Japan was expected to trim its economic forecast and predict a very slow exit from deflation, signaling it is ready to ease policy further if the strong yen threatens to stunt growth. The central bank would also detail its JPY5trn (USD61.46bn) asset buying programme announced early this month and might say that it would kick off before its next rate review in November, sources familiar with the BOJ’s thinking said. (StarBiz)
Australia: RBA records largest-ever valuation loss on currency
The Reserve Bank of Australia said it recorded a valuation loss of AUD3.8bn (USD3.7bn) in fiscal 2010, its largest ever, as the nation’s currency surged. The RBA said in its annual report released that underlying earnings in the 12 months ended 30 June were AUD866m, leaving a net loss of AUD2.9bn for the year, after an AUD8.8bn profit a year earlier. As a result, no dividend will be payable to the government for the year, it said. A 12% rise in the Australian dollar against other currencies held in its reserves meant that foreign interest earnings were worth less in local dollars, the report showed. Underlying earnings were AUD1.28bn less than the yearearlier period and were the lowest since 1983, the report showed. (Bloomberg)
UK: House prices fell to eight-month low in October
UK house prices fell in October to the lowest level in eight months as the deepest government spending cuts since World War II sapped confidence, a report by Nationwide Building Society showed. The average cost of a home dropped by 0.7% from September to GBP164,381(USD259,000), the lowest since February, Britain’s biggest customer-owned lender said. From a year earlier, prices increased 1.4%, the least since September 2009. (Bloomberg)
EU: Economic confidence improves more than forecast
European confidence in the economic outlook improved more than economists forecast to the highest in almost three years in October, led by manufacturing sentiment. An index of executive and consumer sentiment in the 16 euro nations rose to 104.1 from 103.2 in September, the European Commission in Brussels said. That’s the highest since December 2007 and exceeded economists’ forecast for a reading of 103.5, based on the median of 26 estimates in a Bloomberg News survey. (Bloomberg)
US: Jobless claims fall in sign US job market mending
Claims for jobless benefits unexpectedly dropped last week to a three-month low, a sign the US labor market may be starting to mend. Initial jobless claims decreased by 21,000 to 434,000 in the week ended 23 Oct, the lowest since early July when fewer auto plants than normal closed for retooling, Labor Department figures showed in Washington. The total number of people receiving unemployment insurance dropped to a two-year low, while those getting extended payments also fell. (Bloomberg)
US: Fed asks dealers to estimate size of debt purchases
The Federal Reserve asked bond dealers and investors for projections of central bank asset purchases over the next six months, along with the likely effect on yields, as it seeks to gauge the possible impact of new efforts to spur growth. The New York Fed survey, obtained by Bloomberg News, asks about expectations for the initial size of any new program of debt purchases and the time over which it would be completed. It also asks firms how often they anticipate the Fed will re- evaluate the program, and to estimate its ultimate size. (Bloomberg)
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