U.S: Consumer confidence rises to five-month high in November , a signal the biggest part of the economy may pick up strength. The Conference Board's confidence index increased to 54.1 from a revised 49.9 in October. Measures of employment and income expectations improved. (Source: Bloomberg)
U.S: Home prices in 20 cities rose in September at the slowest pace in eight months, showing the latest slump in sales is destabilizing housing. The S&P/Case-Shiller index of property values climbed 0.6% YoY from September 2009, the smallest gain since January, the last time prices declined year over year. (Source: Bloomberg)
Germany: Unemployment fell for a 17th month in November as business optimism improved , underscoring the gulf between Europe's biggest economy and peripheral nations struggling to cut debt. The number of people out of work declined a seasonally adjusted 9,000 to 3.14 million, the lowest since December 1992. The adjusted jobless rate remained at 7.5 %. (Source: Bloomberg)
Portugal: Rating may be cut by S&P on austerity plan concern . S&P said in a report that it placed Portugal's A- long-term and A-2 short-term foreign and local currency sovereign credit ratings on "CreditWatch" with "negative implications." The lowered growth projection reflects Portugal's inability to reduce its current-account deficit, the New York-based ratings firm said. (Source: Bloomberg)
Japan: Industrial production fell for a fifth month in October as a slowdown in global demand crimps exports and the government's stimulus effects wear off. Factory output declined 1.8% MoM from September, when it dropped 1.6% MoM, the Trade Ministry said in Tokyo. (Source: Bloomberg)
Japan: Unemployment rate in October unexpectedly rose as employers cut payrolls the most since May, indicating a weakening in the job market as the expiry of stimulus programs weighs on domestic demand. The jobless rate climbed to 5.1% from 5% in September, the statistics bureau said in Tokyo. (Source: Bloomberg)
S. Korea: Industrial output rose less than estimated , reducing the case for the central bank to raise interest rates for a third time by year-end. Output advanced 13.5% YoY in October. Production fell 4.2% MoM on a monthly basis, the third straight decline. (Source: Bloomberg)
S. Korea: Consumer prices rose 3.3% YoY in November after increasing 4.1% YoY in October. Prices fell 0.6% MoM from October. (Source: Bloomberg)
China: Hong Kong to face higher inflation on capital inflows
Hong Kong will face higher inflation next year as it attracts more capital because of US monetary easing policies, and the appreciating Chinese Yuan increases food costs, Financial Secretary John Tsang said. The US measures may also boost energy prices, and the city’s government is “closely monitoring” the impact on lowincome residents, Tsang said. Hong Kong, which pegs its currency to the US dollar, imports most of its fresh food from China. Hong Kong policy makers have said the US Federal Reserve’s plan to buy USD600 billion of Treasury securities will contribute to an asset bubble risk in the city because of excess liquidity. (Bloomberg)
Japan:Output drop, jobless rise portend contraction
Japan’s industrial production decreased and the unemployment rate unexpectedly climbed in October, providing early signs that the country’s economy will likely shrink this quarter. Factory output declined 1.8% from September, the sharpest drop since Feb 2009, the Trade Ministry said. The jobless rate increased to 5.1% from 5% and the economy lost 180,000 jobs, the most since May, according to the statistics bureau. Bond prices rose. The figures add to evidence that Japan’s economy may contract for the first time in five quarters, as the expiration of stimulus measures and weak exports prompt companies such as Toyota Motor Corp. to reduce production. (Bloomberg)
India: Economy expands faster-than-estimated 8.9%
India’s economy grew more than economists estimated last quarter, adding to evidence of a strengthening in domestic demand that’s stoked inflation by placing strains on the nation’s transport and power systems. GDP rose 8.9% in the three months through September from a year earlier, matching the revised pace of growth in the previous quarter, the Central Statistical Organization said. That was above the 8.2% median estimate of 30 economists in a Bloomberg News survey. (Bloomberg)
Australia: 3Q current-account deficit widens
Australia’s current-account deficit widened in the three months through September as a strengthening currency lowered exports. The shortfall on goods, services and investment increased to AUD 7.83bn (USD 7.55bn) from a revised AUD 5.41bn in the second quarter, the Bureau of Statistics said. The median estimate in a Bloomberg News survey of 22 economists was for an AUD 6.6bn gap. The value of exports dropped from July through September for the first time in a year as the Australian currency climbed 15% over the period, the secondbiggest quarterly gain in more than three decades. (Bloomberg)
EU: Faces more bailouts as Irish contagion spreads: euro credit
The failure of the Irish rescue to stem a selloff across euro-region bond markets may spell more bailouts to come, starting with Portugal. The costs to insure Portuguese debt against default rose to a record and Spanish bonds extended declines after sliding the most since the euro’s debut, highlighting investor concerns that officials lack the tools to contain a debt crisis threatening the currency’s survival. The extra yield that investors demand to hold Italian debt over German 10-year bonds rose to the highest in more than 13 years. (Bloomberg)
EU: German Unemployment Falls to Lowest Level in 18 Years
German unemployment fell for a 17th month in November as business optimism improved, underscoring the gulf between Europe’s biggest economy and peripheral nations struggling to cut debt. The number of people out of work declined a seasonally adjusted 9,000 to 3.14 million, the lowest since Dec 1992, the Nuremberg-based Federal Labor Agency said. Economists forecast a decrease of 20,000, according to the median of 31 estimates in a Bloomberg News survey. The adjusted jobless rate remained at 7.5%. (Bloomberg)
US: Businesses in US grow at faster pace than forecast
Businesses in the US expanded at a faster pace than forecast in November, signaling the world’s largest economy was speeding up heading into 2011. The Institute for Supply Management-Chicago Inc. said its business barometer rose to 62.5 this month, the highest since April, from 60.6 in October. Figures greater than 50 signal expansion. The median forecast of 63 economists surveyed by Bloomberg News projected the gauge would fall to 59.9. Manufacturing may keep accelerating as exports grow and companies invest in new equipment, sustaining the recovery from the worst recession since the 1930s. (Bloomberg)
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