Taiwan: Unemployment rate rose in July after economy contracted
Taiwan’s jobless rate increased in July for a third month this year after the economy contracted, as a slowdown in China and Europe’s debt crisis hurt exports. The seasonally-adjusted unemployment rate rose to 4.25% from 4.24% in June, the statistics bureau said. The median estimate of 11 economists in a Bloomberg News survey was 4.3%. (Bloomberg)
China needs about Rmb2.4tr (US$373bn) of green investment if it is to meet its energy conservation targets under a five-year plan ending 2015. The spending will reduce China's energy consumption per unit of GDP by 16% by 2015 and save an equivalent of 670m tonnes of coal. (Reuters)
Japan's trade balance left a shortfall of ¥517.4bn in Jul, reversing the surplus of ¥60.3bn in Jun and bigger than a market forecast for a ¥275bn deficit. (AFP)
India: Considers USD35bn debt revamp after biggest blackout
India plans to restructure about USD35bn of loans held by its utilities to boost their ability to supply electricity and avert outages like the one that cut off power to half the nation’s 1.2bn people. Half of the short-term borrowings of the state-owned utilities, which generate or buy and distribute electricity, will be transferred to the books of the regional governments, according to a power ministry draft proposal obtained by Bloomberg News. The rest will be rescheduled by the banks and allowed a three-year moratorium on principal repayments. (Bloomberg)
India: July consumer prices rise at slowest pace in four months
Indian consumer prices increased at the slowest pace in four months in July as the climb in energy costs moderated. The consumer-price index rose 9.86% from a year earlier, compared with a revised 9.93% in June, the Central Statistical Office said. (Bloomberg)
UK: Factory orders decline as export demand weakens, CBI says
An index of UK manufacturing orders fell to its lowest in eight months in August as overseas demand dropped, the Confederation of British Industry said. An index of factory orders declined to -21 from -6 in July, the employers’ group in London said, the lowest since last December. A gauge of export orders also fell to its lowest since January. (Bloomberg)
UK: Unexpectedly posts deficit as tax receipts plunge
Britain unexpectedly posted a budget deficit in July as corporation-tax receipts plunged, partly due to the closure of the Elgin gas field in the North Sea. The shortfall, which excludes government support for banks, was GBP557m (USD878m) compared with a surplus of GBP2.84bn a year earlier, the Office for National Statistics said. The median of 17 forecasts in a Bloomberg News survey was for a surplus of GBP2.2bn. Tax revenue fell 0.8% and corporation tax plunged 19.3%. Government spending rose 5.1%. (Bloomberg)
The pound snapped a two-day decline against the euro before a report this week that analysts said may show Britain’s economy contracted less than previously estimated in the second quarter. The sterling strengthened versus most of its 16 major counterparts. It slid to the lowest level in two weeks against the 17-nation common currency. GDP fell 0.5% from the first quarter, when it shrank 0.7%, according to the median estimate of 30 economists in a Bloomberg News survey. (Bloomberg)
Euro: Christmas decoration sales to US rise on economy
Sales of traditional German Christmas decorations to the US are rising because of the improving US economy and the euro’s decline, the industry association said. Exports of Christmas decorations to the US from the Erzgebirge region in eastern Saxony state will be worth as much as EUR10m (USD12.5m) this year, said Dieter Uhlmann, the industry association’s head. That compares with EUR9.5m in 2011, EUR9m in 2010 and less than EUR6m in 2009. (Bloomberg)
US: Existing-home sales rise from eight-month low
Sales of existing homes climbed in July from an eight-month low, showing that the cheapest mortgage rates on record are underpinning a market struggling to join the US economic recovery that began three years ago. Purchases increased 2.3% to a 4.47m annual rate, figures from the National Association of Realtors showed. The median forecast of 73 economists surveyed by Bloomberg called for a rise to a 4.51m rate. (Bloomberg)
The US MBA purchase applications index rose 0.9% wow in the 17 Aug week (-2.0% in the earlier week), whilst the refinance index fell 9.0% wow (-5.0% in the prior week). (Bloomberg)
The US Congressional Budget Office said that current policies designed to slash the budget deficit after 1 Jan 2013 will plunge the country into recession and push up joblessness. (AFP)
US Federal Reserve policymakers are leaning toward more stimulus action "fairly soon" unless economic data turns around, minutes from their meeting three weeks ago showed. (AFP)
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