Economics: Malaysia to benefit from QE2, says Templeton. Emerging market such as Malaysia are set to benefit from monetary inflows as the US looks to investing in developing countries as a result of the second round of quantitative easing (QE2), said a global asset manager. Franklin Templeton Investments international chief investment officer Stephen Dover said a big portion of the money from QE2 would go into emerging markets, but these markets are at risk of overheating if not managed well. (Source: The Edge Financial Daily)
U.S: Fed says banks eased lending standards over 3 months . Banks were more willing to make consumer installment loans and eased standards on credit-card loans, the central bank said in its quarterly survey of senior loan officers through the middle of October. At the same time, demand for mortgages remained weak, while demand for business lending fell, after having been unchanged in the previous survey. (Source: Bloomberg)
Ireland: EU's Rehn endorses budget plan amid bond 'buyers strike' . European Union Economic and Monetary Affairs Commissioner Olli Rehn said he endorses the Irish government's plan to cut spending and raise taxes by as much as EUR 6b (USD 8.4b) in 2011. The Irish government hasn?t requested "financial backstops" and needs to be given space to work out a four-year budget program, Rehn said at a joint press conference in Dublin with Irish Finance Minister Brian Lenihan. Rehn was speaking at the start of a two-day trip to Ireland to show support for the government after the nation's bonds tumbled for a 10th consecutive day and the extra yield investors demand to hold the debt reached a record. (Source: Bloomberg)
Portugal: China willing to support the country's efforts to come through the economic crisis that has prompted its borrowing costs to spiral this year. "We are available to support, through concrete measures, Portuguese efforts to face the impacts caused by the international financial crisis, and deepen and broaden our economic and commercial cooperation," Chinese President Hu Jintao said in Lisbon. (Source: Bloomberg)
Australia: Job advertisements rose in October for a sixth straight month , reinforcing evidence the nation's economic expansion will accelerate next year. Jobs advertised in newspapers and on the Internet climbed 0.6% MoM from September, when they rose a revised 1.1% MoM, according to an Australia & New Zealand Banking Group Ltd. Report released in Melbourne. (Source: Bloomberg)
Australia: Strengthening currency will crimp tax revenue , especially levies on resources companies, and influence the midyear budget forecast , Treasurer Wayne Swan said. The rise of Australian dollar, the best-performing major currency against the greenback since July, is cutting into tax receipts as the value of export earnings declines, Swan said in a statement. (Source: Bloomberg)
EU: German industrial production unexpectedly fell in September
Industrial production in Germany unexpectedly declined in September, adding to signs Europe’s largest economy is losing momentum. Output declined 0.8% from August, when it rose 1.5%. Economists had forecast a 0.4% gain. Y-o-y, production increased 7.9% when adjusted for the number of work days. Manufacturing output fell 0.9%. Production of investment goods was unchanged in the month and consumer goods production fell 0.6%. Energy production increased 1.2% and construction output rose 0.4%. (Bloomberg)
EU: Swiss jobless rate declines
The Swiss jobless rate fell to the lowest in more than 1.5 years in October as companies boosted their workforce to meet global export demand. The jobless rate dropped to 3.6% from 3.7% in September when adjusted for seasonal swings, the lowest since May 2009. The unadjusted jobless rate held at 3.5%. (Bloomberg)
UK: First-time homebuyers return on price drop
The number of Britons planning to buy a home for the first time has increased as the prospect of falling prices bolsters demand. The proportion of people who intend to buy a home in the coming 12 months and who will be making their first purchase rose to 26% in October, compared to 22% in July. The number of first-time buyers expecting values to drop in the next year surged to 32% from 20% in July. (Bloomberg)
US: Household debt shrank 0.9% in third quarter
US households cut their debt last quarter, borrowing less against homes and closing credit card accounts. Consumer indebtedness totaled USD11.6trn at the end of September, down USD110bn, or 0.9% q-o-q. Households have slashed about USD1trn from outstanding consumer debts since the peak in the third quarter of 2008. The report also showed that consumers are succeeding in improving their household finances as delinquency rates continued to decline, with 11.1% of outstanding debt in “some stage of delinquency,” down from 11.4% q-o-q and 11.6% y-o-y. (Bloomberg)
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