20110210 1437 Global Economic Related News.

Australia: Consumer confidence rebounds
Australian consumer confidence rebounded in February from a seven-month low on expectations that damage to the economy from flooding in the nation’s northeast will be short-lived. The sentiment index climbed 1.9% to 106.6 m-o-m, according to a survey conducted from 31 Jan to 6 Feb. After floods inundated much of Queensland state last month, Cyclone Yasi last week cut a destructive path through banana- and sugarproducing areas in the region. (Bloomberg)

UK: Trade gap widens to record
The UK trade deficit unexpectedly widened to a record in December as aircraft imports surged before the government introduced a change in tax last month. The goods-trade gap rose to GBP9.25bn from a revised GBP8.46bn pounds in November. Economists had expected a GBP8.6bn deficit. Imports rose 3.5%, outpacing a 1.5% increase in exports. For the full year, the deficit also widened to a record as imports of oil and basic materials jumped by about one third. The goods trade gap for 2010 rose to GBP97.2bn from GBP82.4bn. The total trade gap, which includes services, was GBP46.2bn. (Bloomberg)

UK: Food-price inflation soars
UK food inflation accelerated to the fastest pace in 19 months in January, pointing to strengthening price pressures in the economy. Food prices rose an annual 4.6%, up from 4% the previous month and the most since June 2009. Overall shop prices increased 2.5% y-o-y. Non-food prices rose 0.1% m-o-m. Inflation for nonfood items accelerated to 1.3% y-o-y in January from 1.1% in December. M-o-m, overall shop prices rose 0.6%, led by a 1.6% surge in food prices. (Bloomberg)

EU: German exports increased in December
German exports increased for a second month in December as the global recovery boosted demand for goods and services from Europe’s largest economy. Exports, adjusted for work days and seasonal changes, rose 0.5% m-o-m after a 0.5% increase in November. Economist had forecasted a 1% gain. Imports dropped 2.3% m-o-m, after jumping 4.1% in November. Germany’s economy expanded a record 3.6% in 2010 as companies boosted output and hiring to meet orders. German exports rose 21% y-o-y in December. Shipments to countries within the EU advanced 20% for the full year of 2010 while sales to countries outside the EU increased 21%. In 2010, exports gained 18.5% y-o-y. (Bloomberg)