CHINA: Non-manufacturing gains bolster signs economy to rebound
China’s non-manufacturing industries rebounded from the slowest expansion in at least 19 months, adding to manufacturing gains that indicate the world’s second- biggest economy is recovering from a seven-quarter slowdown. The purchasing managers’ index rose to 55.5 in October from 53.7 the previous month, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing on 3 Nov. The growth follows two reports last week that showed a pickup in manufacturing industries. (Bloomberg)
AU: Swan says G-20 views global recovery as ‘fragile’
Australian Treasurer Wayne Swan said most of his Group of 20 counterparts see the global recovery as “fragile” and called on Europe to press ahead with closer financial integration and the US to cut its budget deficit. “From my initial meetings, it’s clear most of my G-20 colleagues view the global recovery as fragile,” Swan said in his weekly economic note yesterday. “It’s critical that leaders of many major economies now get on with the necessary structural reforms needed to underpin growth.” (Bloomberg)
US: Services probably sustained expansion
Service industries in the US probably kept growing in October, lifted by gains in consumer spending that are helping bolster the expansion, economists said before a report this week. The Institute for Supply Management’s non-manufacturing index, which covers almost 90% of the economy, was at 54.5 last month, little changed from 55.1 in September, according to the median forecast in a Bloomberg survey before tomorrow’s figures. Readings above 50 signal growth. Another report this week may show the trade deficit widened in September as exports cooled. (Bloomberg)
EU: Euro area resolve to secure single currency faces Greek test
European leaders’ determination to keep Greece in the euro area will be tested this week as Prime Minister Antonis Samaras struggles to secure political support for measures to assure the country’s financial lifeline. Samaras pledged on Saturday that the raft of wage and pension cuts in the latest austerity package will be the last and that Greek society won’t tolerate any more, according to comments made to lawmakers of his New Democracy party. The first parliamentary vote in Athens may come as early as 7 Nov. (Bloomberg)
EU: Debt crisis seen hindering closer trade ties with Asia
European and Asian leaders will this week discuss a stalled trade agenda between the world’s fastest and slowest-growing regions, as the debt crisis undermines expansion of commercial ties. Europe’s economic woes may exacerbate protectionist tendencies that make it harder to expand trade with its biggest commerce partner at a time when the US and Australia are forging new agreements, according to Fredrik Erixon, head of the European Centre for International Political Economy in Brussels. (Bloomberg)
US Equity-index futures slip while gold snaps two-day decline
US equity futures fell, signaling the Standard & Poor’s 500 Index may erase last week’s advance, while gold rose for the first time in three days. S&P 500 slipped 0.9% to 1,414.20, while the Dow Jones slid 1.1% to 13,093.16 last Friday. European and Asian leaders will discuss a stalled trade agenda between the world’s fastest and slowest-growing regions as the debt crisis undermines expansion of commercial ties. Data released over the weekend showed China’s non-manufacturing industries rebounded from the slowest expansion in at least 19 months. (Bloomberg)
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