Economic News October 25, 2012
Greece's
international creditors have not yet finalized a deal to give Athens a
two-year extension on its fiscal adjustment program, reports said
Wednesday citing remarks by European Central Bank Executive Board member
Joerg Asmussen. (Oct 25, 2012) Full Article
Producer
confidence in the Dutch industrial sector deteriorated in October,
contrary to economists' forecast for a modest improvement, data released
by the Central Bureau of Statistics showed Thursday. (Oct 25, 2012) Full Article
Hong
Kong's merchandise trade deficit increased more than economists
expected in September, data released by the Census and Statistics
Department showed Thursday. (Oct 25, 2012) Full Article
Italy's
retail sales were flat for the second consecutive month in August, data
released by the statistical office ISTAT showed Thursday. Seasonally
adjusted Retail sales remained unchanged from the previous month in
August. Economists had expected a 0.2 percent decline. (Oct 25, 2012) Full Article
First-time
claims for U.S. unemployment benefits fell by slightly more than
expected in the week ended October 20th, according to a report released
by the Labor Department on Thursday. (Oct 25, 2012) Full Article
After
reporting a sharp drop in new orders for U.S. manufactured durable
goods in the month of August, the Commerce Department released a report
on Thursday showing that durable goods orders rebounded by more than
expected in September. (Oct 25, 2012) Full Article
Forex Top Story
The
Reserve Bank of New Zealand on Thursday decided to retain the benchmark
official cash rate (OCR) unchanged at 2.5 percent as expected, while
new central bank governor Graeme Wheeler sounded upbeat over the
economy. (Oct 25, 2012) Full Article
A
leading indicator of China's economic activity rose at a slower pace in
September, weakening expectations for a rapid pick up in economic
activity in the near term. The Conference Board said Thursday that its
leading economic index (LEI) increased 0.3 percent in September to
241.2, following a 1.7 percent increase in August and a 0.7 percent
increase in July. (Oct 25, 2012) Full Article
Singapore's
factory output decreased at a faster rate in September, contrary to
economists' forecast for an increase, as demand for electronic and
pharmaceutical products continued to deteriorate due to global
uncertainties, latest data showed. (Oct 25, 2012) Full Article
Sweden's
central bank on Thursday decided to hold the benchmark repo rate
unchanged after a quarter-point reduction last month. The bank,
meanwhile, reduced the interest rate path, saying that the economy is
slowing down due to weak developments abroad. The bank's Executive Board
decided to hold the repo rate at 1.25 percent, as expected. The board
reduced the cash rate twice this year. The bank lowered the repo-rate
path "to stimulate the economy" and to keep inflation close to the
target. (Oct 25, 2012) Full Article
The
Philippine central bank Thursday lowered its interest rates for the
fourth time this year to prop up domestic demand as the global downturn
and a strong peso continue to threaten the country's export
competitiveness. (Oct 25, 2012) Full Article
Underpinned
by a surge in services output, the U.K. economy expanded at the fastest
pace in five years during the three months to September, ending three
straight quarters of contraction, preliminary data from the Office for
National Statistics showed Thursday. Officially exiting from a
double-dip recession, the economy grew by a bigger-than expected 1
percent sequentially in the third quarter. (Oct 25, 2012) Full Article 
Commodities
The
price of gold was rebounding from its seven-week low Thursday morning
on bargain hunting and on weak U.S. dollar following the FOMC outcome. (Oct 25, 2012) Full Article
The
price of crude oil was moving higher Thursday morning amid recovery
hopes after reports revealed that the U.K economy rebounded from
recession in the third quarter, recording its strongest quarterly GDP
growth in five years. (Oct 25, 2012) Full Article
Political News
The
United States has refuted Russian allegation that Washington provided
Syrian rebels with Stinger missiles, and retorted by saying that "the
equipment seen in Syria has been exclusively of a Soviet Warsaw Pact
vintage." (Oct 25, 2012) Full Article
Al-Qaeda
is establishing a presence in Mali, and the United States is working
with regional and international partners to deal with the terror
organization, Defense Secretary Leon E. Panetta said on Wednesday. (Oct 25, 2012) Full Article
China
has offered substantial rewards for information about the "black hand"
behind four recent incidents of Tibetans setting fire to themselves, and
to informants who alert the police on potential self-immolations. (Oct 25, 2012) Full Article
South Korean Defense Minister Kim Kwan-jin says he has noted signs that North Korea will conduct another nuclear test. (Oct 25, 2012) Full Article
The
son of South Korean President Lee Myung-bak appeared before a special
prosecutor in Seoul on Thursday to face questioning over alleged
irregularities in a land deal for his father's retirement residence. (Oct 25, 2012) Full Article
Currency Alerts
The
New Zealand dollar outperformed against other major currencies in the
early Asian session on Thursday after the country's central bank left
interest rate unchanged at 2.5 percent, suggesting modest domestic
growth and a "fragile" global economy. (Oct 25, 2012) Full Article
The
Japanese yen weakened against other major currencies on Thursday amid
market speculations that the Bank of Japan will expand its monetary
stimulus. (Oct 25, 2012) Full Article
The
pound strengthened against other major currencies in early European
deals on Thursday after a report showed that U.K. economy exited from
recession in the third quarter. (Oct 25, 2012) Full Article
General News
A
motorcycle that was swept away by last year's tsunami in Japan and
washed ashore Canada's western coast has gone on display at a museum in
the United States. (Oct 25, 2012) Full Article
Prominent
businessman and former director at Goldman Sachs (GS) Rajat Gupta, who
was found guilty of insider trading, has been sentenced to two years in
jail. (Oct 25, 2012) Full Article
Poverty
in Japan, the world's third-largest economy with several corporate
behemoths, is becoming a more serious problem with the number of people
living on welfare steadily increasing. (Oct 25, 2012) Full Article
The
Justice and Home Affairs Council of the European Union on Thursday
adopted new rules aimed at equipping the EU budget with simpler
financial rules while securing sound treatment of European taxpayers'
money. The Dutch delegation abstained from the Council meeting. (Oct 25, 2012) Full Article
Japan has unveiled a robot prototype that can monitor a volcano's crater during an eruption. (Oct 25, 2012) Full Article
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