Philippine: Inflation rate holds near 11-month low in November as the peso's gains helped cap increases in food and clothing prices. Consumer prices rose 3% YoY compared with October's 2.8% YoY gain, which was the smallest increase since November 2009. (Source: Bloomberg)
Vietnam: Says will fight inflation, prices aren't under control . Vietnam will focus on fighting inflation in 2011 as the prices of some goods in the country aren't yet under control and growth has created risks to macroeconomic stability, the government said. Inflation accelerated to 11.09% YoY in November, the fastest pace since March 2009. Economic growth for 2010 may reach 6.7% YoY and accelerate to as much as 7.5% YoY next year. (Source: Bloomberg)
Vietnam: Foreign reserves at 'low' level, IMF says . Vietnam's foreign reserves were at a "low" level at the end of September, covering 1.8 months of imports, amid an erosion of market confidence in government economic policy, the International Monetary Fund said. The reserves have stabilized this year, the IMF said in a statement posted on its website, without giving an overall number. In September, it said they were projected to rise to USD 15.4b by the end of this year from USD 14.1b at the end of 2009. They were less than 2 1/2 months of imports in December last year, the IMF said at the time. (Source: Bloomberg)
China: Rate rise talk builds as loans, prices rise
China is likely to raise interest rates in the coming days in a demonstration of the government’s resolve to tame inflation, an official newspaper said. In a banner headline across its front page, the China Securities Journal said this weekend offered a “sensitive window” for a rate rise, which would be the country’s second after a surprise increase in October, the central bank’s first rate hike since 2007. (Financial Daily)
New Zealand: Construction, manufacturing signal weak recovery
New Zealand construction and manufacturing contracted in the third quarter, government reports showed, adding to the case for the nation’s central bank to keep interest rates unchanged until a recovery strengthens. The value of residential construction excluding inflation fell 5.3% from the second quarter, Statistics New Zealand said. Non-residential construction dropped 0.7%. Manufacturing sales volumes fell for a third straight quarter, declining 1.4%, according to a separate report. A weakening housing market and sluggish manufacturing signal that GDP probably didn’t perform much better than a 0.2% expansion in the second quarter. (Bloomberg)
EU: Rules out aid boost, banks on ECB to fight crisis
European finance ministers ruled out immediate aid for Portugal and Spain or an increase in the EUR750bn (USD1tn) crisis fund, counting on European Central Bank bond purchases to calm debt-spooked markets. A week after handing Ireland a EUR85bn lifeline, the finance chiefs voiced confidence that Spain and Portugal will tame their budget deficits and said the existing credit line is enough to defend them in an emergency. (Bloomberg)
EU: Ireland raises taxes, cuts spending to narrow deficit
Irish Finance Minister Brian Lenihan cut spending and raised taxes by EUR6bn (USD8bn) to deal with what he called the “worst crisis in our history” as the government seeks to seal an international aid package. Lawmakers will begin voting on the measures, including cuts in child payments, tax credits and some unemployment benefits, in parliament in Dublin. Prime Minister Brian Cowen has the support of 82 lawmakers in the parliament compared with 80 for the opposition, including independents. (Bloomberg)
U.K: Factory production grows more than forecast in October . Manufacturing output rose 0.6% MoM from September, the most in seven months. Overall industrial output fell 0.2% MoM as utilities and mines cut production. (Source: Bloomberg)
UK: Retail sales rose in November on food, clothing, BRC says
UK retail sales climbed in November as higher food-price inflation pushed up values and cold weather boosted demand for clothing and footwear, the British Retail Consortium said. Sales at stores open at least 12 months, measured by value, rose 0.7% from a year earlier, compared with a 0.8% gain in October, the London-based BRC said in an e-mailed statement. Excluding the impact of a sales-tax increase in January, underlying volume sales growth is “virtually zero,” it said. While the UK economy posted its strongest two consecutive quarters of growth in a decade this year, Britons are bracing for the biggest fiscal squeeze since World War II to tame the record budget deficit. (Bloomberg)
US: Job openings in US rise, pointing to payroll gains
Job openings in the US rose in October for the first time in three months, a sign gains in payrolls will accelerate in early 2011. The number of positions waiting to be filled increased by 351,000 to 3.36 million, the most since Aug 2008, the Labor Department said. Excluding a drop among government agencies, the 369,000 increase in openings at companies was the biggest in four years. Combined with declining claims for jobless benefits and surveys showing hiring at manufactures and service providers is picking up, report may help ease concern the labor market lost momentum in November. The government reported last week that the world’s largest economy created 39,000 jobs for the month, fewer than the most pessimistic forecast of economists surveyed by Bloomberg News. (Bloomberg)
U.S: Consumer credit increases for second month in October , led by an increase in non-revolving credit, including student loans held by the federal government. Credit climbed by USD 3.38b after increasing a revised USD 1.23b in September. Non-revolving loans rose for a third month as federal government education-related lending jumped an unadjusted USD 31.8b. (Source: Bloomberg)
U.S: Tax cuts may fuel economy, limit need to extend Fed purchases . President Barack Obama's agreement to extend Bush-era income-tax cuts may give U.S. economic growth a boost while reducing pressure on the Federal Reserve to prolong its USD 600b bond-purchase program. (Source: Bloomberg)
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