US: Consumer comfort hits 10-week high on gas price drop
Consumer confidence rose to the highest level in 10 weeks, as falling gasoline prices provided relief to Americans contending with 9.1% joblessness. The Bloomberg Consumer Comfort Index increased to minus 43.9 for the period ended 26 June after dropping to minus 44.9 the previous week. (Bloomberg)
US: Jobless claims decreased 1,000 last week to 428,000
Jobless claims in US fell by 1,000 to 428,000 in the week ended 25 June, its Labor Department figures showed. Nonetheless, the number reported came in higher than previous economists’ forecast at median of 420,000, indicating little progress in the labor market. (Bloomberg)
US: Geithner will be doing job for foreseeable future
US Treasury Secretary Timothy Geithner downplayed reports Thursday that he was on the verge of leaving his post due to family concerns. "I am going to be doing it for the foreseeable future," Geithner said. An earlier report by Bloomberg News said Geithner had signaled that he was considering leaving the administration after a deficit deal is reached. (MarketWatch.com)
US stocks rally on optimism Greece will avoid debt default
US stocks rallied, giving the Standard & Poor’s 500 Index its biggest four-day gain since September, amid increased optimism Greece will avoid default and after American business activity improved. Industrial, energy and technology companies led gains in the S&P 500, rising at least 1.4%, as investors bought stocks tied to economic growth. Caterpillar Inc., United Technologies Corp. and 3M Co. climbed at least 1.8% to help the Dow Jones Industrial Average erase its quarterly loss. Hewlett-Packard Co. added 2.4% after a report that private-equity firms want the computer maker to split up. The S&P 500 advanced 1% to 1,320.64 at 4pm in New York, rising 4.1% in four days. The Dow average gained 152.92 points, or 1.3%, to 12,414.34 yesterday. (Bloomberg)
U.S: Businesses expand in June, signals that economic growth may pick up in the second half of the year. The Institute for Supply Management-Chicago Inc.'s business barometer climbed to 61.1 from 56.6 in May. Readings greater than 50 signal expansion. (Source: Bloomberg)
E.U: Growth of loans to households and companies quickened in May as faster economic growth fueled demand for credit. Loans to the private sector rose 2.7% YoY after advancing an annual 2.6% YoY in April, the European Central Bank said. The rate of growth in M3 money supply, which the Frankfurt-based ECB uses as a gauge of future inflation, climbed to 2.4% YoY from 2% YoY in April. (Source: Bloomberg)
EU: Papandreou clinches votes for second Greek budget bill
Greek Prime Minister George Papandreou’s drive to stave off the euro area’s first sovereign default stayed on track after lawmakers backed a bill to authorize an austerity plan required to keep rescue aid flowing. The premier won the vote by 155 to 136, allowing him to implement a EUR78bn (USD112bn) package of tax increases and asset sales that was a condition of receiving further European Union aid. Those steps were approved in a vote which was marred by street violence as police fired tear gas on crowds. That ballot was carried by 155 votes to 138. (Bloomberg)
Germany: Unemployment declined for a 24th straight month in June, underscoring the resilience of Europe's largest economy amid the euro region's debt crisis. The number of people out of work fell a seasonally adjusted 8,000 to 2.97 million, the Nuremberg-based Federal Labor Agency said. The jobless rate held at 7%, the lowest since records for a reunified Germany began in 1991. (Source: Bloomberg)
Germany: Retail sales unexpectedly fell in May as oil-driven inflation sapped household incomes. Sales, adjusted for inflation and seasonal swings, fell 2.8% MoM from April, when they stagnated. Sales rose 2.2% YoY. (Source: Bloomberg)
Japan: Unemployment rate unexpectedly fell to 4.5% in May as more people stopped looking for work after the nations largest earthquake on record. The jobless rate fell from 4.7% in April. (Source: Bloomberg)
S. Korea: Inflation breaches BOK target for sixth month in June, adding pressure on the bank to boost borrowing costs again. Consumer prices rose 4.4% YoY, after a 4.1% YoY gain in May. Prices rose 0.2% MoM from May. (Source: Bloomberg)
S. Korea: May output growth rebounds from seventh-month low as chip, machinery and car makers boosted output. Output climbed 8.3% YoY after gaining a revised 6.9% YoY in April. Production rose 1.7% MoM from April, when it declined a revised 1.7% MoM. (Source: Bloomberg)
South Korea: Growth forecast cut as inflation to top target
South Korea cut its 2011 growth forecast and raised an inflation estimate to beyond President Lee Myung Bak’s target after global demand weakened and energy costs climbed. The economy will expand 4.5%, the Finance Ministry said, down from a 5% estimate in December. Consumer prices are expected to rise 4%, exceeding the previous 3% projection. (Bloomberg)
Taiwan: Lifts interest rate a fifth time as home prices gain. The central bank raised the discount rate on 10-day loans to banks to 1.875% from 1.75%. (Source: Bloomberg)
Russia: Leaves rates unchanged on prices, global economy
Russia’s central bank left interest rates unchanged, refraining from monetary tightening for the first time since November as inflation slows and Europe’s debt crisis threatens to sap a rebound in global growth. “This decision was based on the assessment of inflation risks and risks to the sustainability of economic growth,” the central bank said. (Bloomberg)
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