Global: Lagarde says IMF may get G-20 help to counter Europe crisis
IMF chief Christine Lagarde said Group of 20 nations are prepared to boost the fund’s resources as the European debt crisis threatens the global recovery. “If circumstances require, the G-20 will commit the resources that are necessary for the IMF to play its systemic role,” she said. “That gives you a range that is almost without a cap, without a limitation.” Lagarde has indicated that the USD390bn the IMF currently has available for lending may not suffice should the global outlook worsen. (Bloomberg)
China: November home prices in biggest drop this year
Housing prices in 100 major cities in China dropped on a monthly basis for a third consecutive month in November and posted their biggest m-o-m decline this year, according to the privately compiled China Real Estate Index System. The decline provides further evidence that the government's two-year tightening campaign is cooling the property market amid signals it is now trying to slow the decline and its impact on the rest of the economy. (Bloomberg)
China: Chinese manufacturing activity slows
Chinese manufacturing activity contracted for the first time in almost three years in November, adding to fears about the health of the global economy. Chinese government data released on Thursday showed the official purchasing managers’ index fell to 49.0 in November from 50.4 in October, with a reading below 50 indicating a fall-off in manufacturing. November’s contraction was the first since February 2009. (Bloomberg)
Brazil: Slashes taxes to protect growth from Europe crisis
Brazil suspended a levy on foreign stock purchases as part of USD1.5bn in tax cuts intended to safeguard Latin America’s biggest economy from the spreading European debt crisis. The package of government measures announced targeting 5% growth next year also include a reduction in levies on consumer loans, home appliances, homebuilding and foreign purchases of corporate bonds tied to infrastructure projects. The stimulus measures come a day after the central bank cut the benchmark interest rate for a third consecutive meeting amid signs the world’s sixth-largest economy is stalling. GDP expanded 0.3% in the three months through September, the slowest pace in 10 quarters, the Finance Ministry estimates. (Bloomberg)
US: Pace of manufacturing growth picks up
The pace of growth in the US manufacturing sector in November reached its strongest rate since June, a survey has indicated. The Institute for Supply Management said its index of factory output rose to 52.7 from 50.8 the month before. Its index of new orders also rose from 52.4 to 56.7, its highest level since April. (Bloomberg)
US: Consumer comfort little changed from recession levels
Consumer confidence in the US was little changed last week from levels typically reached during past recessions. The Bloomberg Consumer Comfort Index was minus 50.2 in the period ended 27 Nov, after minus 50.1 the prior week. The gauge has been at minus 50 or worse for 10 of the past 11 weeks. (Bloomberg)
US: Jobless claims climb in holiday week
More Americans than forecast filed applications for unemployment benefits during the holiday-shortened week, signaling limited recovery in the labor market. Jobless claims climbed by 6,000 to 402,000 in the week ended 26 Nov that included the Thanksgiving holiday. The number of people on unemployment benefit rolls and those getting extended payments increased. (Bloomberg)
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