Vietnam’s growth held near 6% this quarter, reducing the pressure for further monetary tightening after higher interest rates limited the boost to the economy from exports and domestic consumption. Gross domestic product increased 6.1% in the fourth quarter from a year earlier, the General Statistics Office said yesterday. The preliminary estimate compares with a revised 6.07% growth rate for the three months through September. For the full year, Vietnam’s economy expanded 5.89%, down from the 6.78% rate for 2010. Vietnam’s government has struggled this year to steady its economy, devaluing the dong as the currency weakened on the black market and raising borrowing costs to contain the fastest inflation in Asia. (Bloomberg)
Hong Kong: Trade deficit is biggest since ’52 as exports cool
Hong Kong’s trade deficit swelled to the biggest on record in November as export growth slowed on faltering European demand for Asian goods. Overseas shipments rose 2% from a year earlier to HKD278.6bn (USD35.8bn), and imports gained 8.8%, the government said yesterday. The deficit of HKD44.1bn was the highest since records began in 1952, according to Bloomberg data. The outlook for exports is also clouded by a slowdown in China’s economy as Premier Wen Jiabao prolongs a crackdown on property speculation. (Bloomberg)
US: Pending sales of existing homes rose 7.3% in November
The number of Americans signing contracts to buy previously owned homes rose more than forecast in November as falling prices and low borrowing costs boosted demand. The index of pending home sales increased 7.3% to the highest level since April 2010 after climbing 10.4% the prior month, figures from the National Association of Realtors showed yesterday. The industry that triggered the 18-month recession that ended in June 2009 is showing signs of stabilizing as construction picks up, builder confidence improve and the number of houses on the market declines. Nonetheless, another wave of foreclosures may weigh on real-estate values next year. (Bloomberg)
US: Jobless claims drop to three-year low in past month
Fewer Americans filed applications for unemployment benefits over the past month than at any time in the past three years, a sign the US labor market is on the mend heading into the new year. The four-week moving average for claims, a less volatile measure than the weekly figures, dropped to 375,000 last week, the lowest level since June 2008, Labor Department figures showed yesterday. Applications rose for the first time in a month in the week ended 24 Dec, climbing by a more-than-forecast 15,000 to 381,000. Their recent decline has stoked speculation the world’s largest economy was on the cusp of showing bigger gains in employment. (Bloomberg)
US stocks rise on bets economy will weather Europe’s crisis
US stocks rose, restoring the 2011 gain in the Standard & Poor’s 500 Index, as data signaled the world’s largest economy is weathering Europe’s debt crisis. The S&P 500 rose 1.1% to 1,263.02, almost wiping out yesterday’s slump. The Dow Jones Industrial Average climbed 135.63 points, or 1.1%, to 12,287.04. (Bloomberg)
No comments:
Post a Comment