U.S: Consumer credit rises in February on student loans. Credit climbed USD 7.62b, the most since June 2008, to USD 2.42tr after increasing a revised USD 4.45b in January, the Fed said in Washington. (Source: Bloomberg)
U.K: BOE holds rate at 0.5% as MPC puts recovery before inflation. The Bank of England kept its benchmark interest rate at a record low as policy makers judged the need to aid the recovery took precedence over the fastest inflation in more than two years. The Monetary Policy Committee, led by Governor Mervyn King, set the key rate at 0.5% for a 26th month. It also left its bond-purchase program at GBP 200b (USD 327b). (Source: Bloomberg)
Spain: Sold EUR4.13b (USD5.9b) of three-year bonds and its borrowing costs fell after Portugal said it would seek a European Union bailout. Spain sold the bonds at an average yield of 3.568%, compared with 3.592% when it sold debt of similar maturity on March 3, the Treasury said. Demand was 1.79 times the amount offered, compared with 3.04 times on March 3, and the amount sold compared with a maximum target of EUR4.5b. (Source: Bloomberg)
Japan: BOJ unveiled a lending program to help companies in areas affected by the nation's record earthquake, while voicing concern the disaster may depress economic growth in coming months. The BOJ unveiled the JPY1tr (USD12b) facility as board members downgraded their economic assessment for the first time since October. The bank held the benchmark overnight rate at a range of zero to 0.1% and kept unchanged a credit program and an asset-purchase fund that represent its main policy tools. (Source: Bloomberg)
Australia: Employers added more workers than economists forecast in March, led by hiring in the mineral- and energy-rich states of Western Australia and Queensland and sending the local currency to a record. The number of people employed rose by 37,800, rebounding from a revised decline of 8,600 in February. The jobless rate fell to 4.9% from 5%, matching a two-year low set in December. (Source: Bloomberg)
South Korea: Producer prices rose 7.3%, biggest gain in 28 months
South Korea’s producer prices rose at the fastest pace in more than two years, bolstering the case for the central bank to raise interest rates for a third time this year. Prices increased 7.3% in March from a year earlier, the biggest gain since Nov 2008, after climbing 6.6% in February. (Bloomberg)
Europe: Portugal to start talks on bailout as Spain threat eases
Portugal is set to start hammering out a bailout package that may total EUR75bn as it becomes the third euroregion country to seek European Union aid. The Portuguese government will make a formal aid request to the European Commission today. (Bloomberg)
Europe: Trichet keeps door open to more rate moves to tame inflation
European Central Bank President Jean-Claude Trichet left the door open for further interest rate increases to tame inflation after raising borrowing costs for the first time in almost three years. “You know from our own doctrine that we always do what is necessary to deliver price stability over the medium term,” Trichet said. The central bank has just raised interest rate by 25bps to 1.25% yesterday. (Bloomberg)
US: Jobless claims fell 10,000 last week to 382,000
Fewer Americans filed first time claims for unemployment insurance last week, indicating the labor market is recovering. Applications for jobless benefits fell 10,000 in the week ended 2 April to 382,000, the fewest since 26 Feb. (Bloomberg) US: Consumer credit rises in February on student loans US consumer borrowing rose for a fifth straight month in February on an increase in non-revolving credit as education loans expanded. Credit climbed USD7.6bn, the most since June 2008, to USD2.4trn after increasing a revised USD4.5bn in Jan 2011. (Bloomberg)
Global: WTO expects trade to grow 6.5% in 2011 after 14.5% last year
Global commerce will grow 6.5% this year after expanding a record 14.5% in 2010 as economies from China to Brazil recover from the worst recession in six decades, WTO said. It sees a “greater degree of uncertainty to any forecast” for 2011 as growing inflation, unrest in the Middle East and the March earthquake in Japan have “tilted the balance of risk towards the downside”. (Bloomberg)
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