Singapore’s economy shrank less than initially estimated last quarter as a surge in pharmaceutical production supported manufacturing at the year end. GDP fell an annualized 2.5% in the fourth quarter of 2011 from the previous three months, less than an initial estimate of a 4.9% decline, the trade ministry said in a report yesterday. Non-oil domestic exports will probably rise 3% to 5% in 2012, the trade promotion agency said in a separate statement, reiterating an earlier forecast. (Bloomberg)
China: Foreign investment, trade outlook ‘grim,’ ministry says
China’s commerce ministry said the outlook for foreign investment and trade is “grim,” after slowing economic growth and Europe’s debt crisis spurred the third monthly decline in spending by overseas companies. Foreign direct investment in China fell 0.3% in January from a year earlier to USD9.997bn, the Ministry of Commerce said yesterday. The drop in investment adds to drags on growth in the world’s second-biggest economy from slumping home sales and slowing output gains as Premier Wen Jiabao sustains curbs on real estate. (Bloomberg)
UK: Nationwide consumer confidence climbs to five-month high
UK consumer confidence rose in January to the highest in five months on signs of strength in the economy, according to Nationwide Building Society, which said the increase may be a “temporary bounce.” An index of sentiment rose to 47 from 38 the previous month, the Swindon, England-based customer-owned lender said in a report yesterday. The reading was down 2 points from a year earlier. A gauge of consumers’ outlook for the economy jumped by 14 points. Pressure on consumers eased last month as inflation dropped to a 14-month low of 3.9%. (Bloomberg)
US: New housing construction exceeds forecast in January
Builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the US residential real estate market is stabilizing. Starts rose 1.5% to a 699,000 annual rate from December’s 689,000 pace that was stronger than previously reported, Commerce Department figures showed yesterday. Beazer Homes USA Inc and D.R. Horton Inc are among builders reporting more orders as a pick-up in hiring, cheaper properties and borrowing costs close to a record low attract buyers. (Bloomberg)
US: Jobless claims drop points to spending gains
Americans filed the fewest claims for jobless benefits since 2008, surprising forecasters and signaling that an improving labor market will give the world’s largest economy a boost. Claims dropped by 13,000 in the week ended 11 Feb to 348,000. Other reports yesterday showed consumer confidence improved, housing starts climbed and manufacturing in the Philadelphia area accelerated. The decline in claims for jobless benefits coincides with a pickup in hiring that pushed the unemployment rate down to a three-year low last month, giving consumers the confidence to increase spending. (Bloomberg)
US stocks rise on economic data as Greece optimism lifts banks
US stocks advanced, sending the Standard & Poor’s 500 Index near the highest level in about three years, amid better-than-estimated economic reports and optimism that Greece will receive a second bailout. The S&P 500 rose 1.1% to 1,358.04. The benchmark gauge for American equities is 0.4% away from its peak nine months ago of 1,363.61, which was the highest level since June 2008. The Dow Jones Industrial Average increased 123.13 points, or 1 %, to 12,904.08. (Bloomberg)
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