U.S: Jobless claims drop to two-year low. Applications for unemployment assistance decreased by 34,000 to 388,000 in the week ended Dec. 25, breaking the 400,000 level for the first time since July 2008. (Source: Bloomberg)
U.K: Home prices unexpectedly rose in December, Nationwide says. The average cost of a home rose 0.4% MoM from November to GBP 162,763 (USD 250,200), the first monthly increase since May, Britain's biggest customer-owned lender said in an emailed report. On the year, prices were 0.4% YoY higher. (Source: Bloomberg)
China: November manufacturing growth cools on tighter policies. The Purchasing Managers' Index fell to 53.9 from 55.2 in November. A measure of manufacturers' input costs also fell. (Source: Bloomberg)
S. Korea: Exports rise for 14th straight month in December. Overseas shipments increased 23.1% YoY, after gaining a revised 21.5% YoY in November. Imports climbed 23.3% YoY, leaving a trade surplus of USD 3.74b. (Source: Bloomberg)
S. Korea: Consumer prices increased 3.5% YoY in December accelerating from 3.3% YoY in November. Prices rose 0.6% MoM from the previous month. (Source: Bloomberg)
China & Taiwan: Tariff cuts start as relations warm
China and Taiwan will lower import taxes on more than 800 products under the first trade treaty between the former civil-war foes, an accord that the island called a “vitamin” for its economy. China will cut duties on 557 items imported from Taiwan including fish and bicycles, an increase from 539 when the agreement was signed in June, China’s Ministry of Commerce said in a statement on its website. Taiwan will lower tariffs on 267 items such as tea and cement from the mainland as part of the “early harvest” accord. (Bloomberg)
China: Inflation may cool as manufacturing slows
China’s inflation may cool after manufacturing growth slowed in December because of a tighter monetary policy and the closure of energy-wasting and highly polluting factories. A purchasing managers’ index fell to 53.9 from 55.2 in November, China’s logistics federation and the statistics bureau said. Manufacturers’ input costs rose at a slower pace, the report showed. (Bloomberg)
US: Employment probably picked up at year-end
Employment probably rose for a third month in December, bringing US payroll growth last year to about 1m and pointing to further improvement in the labor market in 2011, economists said before a report this week. A projected 140,000 gain in December payrolls is the median forecast of 61 economists surveyed by Bloomberg News before the 7 Jan 2011 report from the Labor Department. (Bloomberg)
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