UN : United Nations backs no-fly zone, strikes in Libya
The United Nations Security Council voted 10 to 0 supporting the use of "all necessary measures" including the use of a no-fly zone to protect civilians and rebel forces in Libya from forces loyal to Gadhafi. Russia and China, which held veto powers, abstained from the vote, along with three other council members. The passing of the measure is expected to lead to UN-backed military strikes in Libya within hours, according to sources. (MarketWatch.com)
U.S: Consumer prices rose 0.5% MoM in February; Core up 0.2% MoM. Retailers from Wal-Mart Stores Inc. to Gap Inc. are facing rising raw materials costs, which may erode profits and prompt businesses to try and recoup some of the expenses. While bigger grocery and fuel bills also strain household budgets, Federal Reserve policy makers this week said the upward pressure on inflation is expected to be "transitory." (Source: Bloomberg)
US: Stocks reclaim part of recent decline
US stocks made a broad, sharp rebound Thursday, ending three straight days of losses, as economic data and an upbeat forecast from FedEx helped the market shift its focus from Japan’s nuclear crisis to the domestic recovery. Dow ended up 161.29 points, or 1.4%, to 11,774.59, with 24 of its 30 components gaining. It was the Dow’s biggest one-day gain in two weeks. (MarketWatch.com)
US : Industrial Production in U.S. Falls 0.1% (Bloomberg)
Manufacturing Boosts U.S. Expansion as Fuel Prices Dent Consumer Sentiment Production at U.S. factories increased for a sixth month in February, indicating manufacturing will keep stoking the economy and underscoring the Federal Reserve’s view of a stronger expansion.
US : Leading Indicators in U.S. Rise 0.8% in Eighth Consecutive Monthly Gain (Bloomberg)
The index of U.S. leading indicators rose in February, the eighth consecutive gain and a sign supporting the Federal Reserve’s statement that the recovery has gained traction.
US : Initial Unemployment Claims in U.S. Fall 16,000 as Labor Market Improves (Bloomberg)
Fewer Americans filed first-time claims for unemployment insurance payments for a third week in the last four, indicating progress in the labor market.
US : Consumer Comfort in U.S. Drops to Lowest Since August (Bloomberg)
Consumer confidence plunged last week to the lowest level since August as rising gasoline prices made Americans more pessimistic about the economic outlook and their finances.
US: Manufacturing strengthens, bolstering expansion
Production at US factories increased for a sixth month in February, indicating manufacturing will keep stoking the economy and underscoring the Federal Reserve’s view of a stronger expansion. The 0.4% rise in manufacturing output, which makes up 75% of all industrial production, followed a 0.9% January gain that was three times as large as initially estimated, Fed figures showed. (Bloomberg)
US: Index of leading economic indicators rises 0.8%
The index of US leading indicators rose in February, the eighth consecutive gain and a sign supporting the Federal Reserve’s statement that the recovery has gained traction. The Conference Board’s gauge of the outlook for the next three to six months increased 0.8% after rising 0.1% in January, the New York-based group said. (Bloomberg)
UK : Ireland’s Kenny Says Taxpayers Shouldn’t Bear All Bailout Cost (Bloomberg)
Irish Prime Minister Enda Kenny said it’s “grossly unfair” that taxpayers alone should carry the cost of bailing out the country’s banks as he pushed for lower rates on a European-led rescue loan.
UK : Britons’ Inflation Expectations Reach 4%, the Highest Since August 2008 (Bloomberg)
Britons’ inflation expectations rose to the highest level in 2 1/2 years in February, adding pressure on the Bank of England to raise interest rates.
E.U: Construction output in January rises for first time in 7 months, led by a rebound in Germany following frigid weather in the prior month. Construction in the euro region rose 1.8% MoM from December, when it declined 2% MoM. That is the first increase since June 2010. From a year earlier, January construction decreased 4.5% YoY. (Source: Bloomberg)
E.U : Spain Sells Bonds in First Test of Confidence in Rescue Fund: Euro Credit (Bloomberg)
Spain sold bonds today in the first test of whether Europe’s efforts to boost the firepower of its rescue fund are persuading investors to become more discriminating about which countries will avoid bailouts.
E.U : Swiss Central Bank Keeps Rate on Hold as Japan Aftermath Strengthens Franc (Bloomberg)
The Swiss central bank today kept borrowing costs near zero as policy makers assess increased global uncertainty that pushed the franc to a record in the aftermath of Japan’s earthquake.
India: Braces for inflation risks from oil after rate increase
India faces pressure to step up its battle against price gains even after the steepest interest-rate increases among Asia’s major economies, as oil costs rise and consumer demand strengthens. The Reserve Bank of India raised its inflation forecast for the second time since late January as it lifted the benchmark repurchase rate by a quarter-point to 6.75%, the eighth move in a year. (Bloomberg)
India : India Raises Interest Rates for Eighth Time in a Year to Reduce Inflation (Bloomberg)
India’s central bank increased interest rates for the eighth time in a year after raising its inflation forecast twice in three months. Stocks and bonds fell.
Japan : Japan Restraint on Yen Intervention Threatens Deeper Slump as G-7 Confers (Bloomberg)
Japanese policy makers, battling their country’s worst crisis since World War II, may need to move faster to weaken the yen and shore up stocks if they are to avoid a deeper economic slump.
Japan: Says theres no evidence insurers are repatriating assets from abroad and that the yen's climb was driven by speculation. "The speculation was that Japanese life and casualty insurers will repatriate dollar-denominated assets to secure funds in wake of the earthquake," Economic and Fiscal Policy Minister Kaoru Yosano told reporters in Tokyo. "But they have ample cash, deposits and other liquid assets," he said, adding that the Financial Services Agency and Bank of Japan have confirmed insurers aren't selling their dollar assets. (Source: Bloomberg)
Japan: Injects more funds to calm post-quake chaos
Japan pumped more funds into its shaky financial system after stocks fell and the yen surged to a record high, which Tokyo blamed on currency speculators following a huge earthquake. The central bank injected another JPY6trn (USD76bn), increasing to JPY34trn the total amount of funds added to money markets since Monday to soothe jitters after last week's devastating quake and tsunami. (BT)
Singapore: Export growth slowed as electronics, drug sales ease
Singapore’s export growth slowed more than economists expected in February as electronics shipments fell after the Lunar New Year holidays curbed demand from China for manufactured parts. Non-oil domestic exports climbed 7.8% from a year earlier, after a revised 20.7% gain in January, the island’s trade promotion agency said in a statement. The median forecast of 11 economists surveyed by Bloomberg News was for an increase of 10.5%. (Bloomberg)
No comments:
Post a Comment