The Reserve Bank of India is widely expected to reduce its policy rate
by a quarter-point in its third quarter monetary policy review due on
Tuesday, supporting the government's relentless efforts to jump-start
the economy. Economists expect the RBI to lower the repurchase rate or
repo, the rate at which the central bank lends to banks, by 25 basis
points to 7.75 percent.
The Japanese government on Monday upwardly revised its economic growth
forecast, as Prime Minister Shinzo Abe's ambitious policy measures aimed
at ending deflation and reviving growth are expected to take hold in
the coming months. A report from the Cabinet Office revealed that the
government now expects GDP to rise 2.5 percent in the fiscal year
starting April 2013.
South Korean consumer confidence jumped to its highest level in eight
months in January as households turned more upbeat about the prospects
of their own living conditions as well as the domestic economic outlook.
The consumer confidence index rose to 102 in January from 99 in
December. This is the highest reading since May 2012.
The dollar has dropped sharply in comparison to the Euro at the end of
the trading week, but is little changed against the pound sterling. The
dollar has also added to its recent strength against the Japanese Yen.
The European Central Bank announced on Friday that banks next week will
make more-than-forecast...
New home sales in the U.S. unexpectedly decreased in December,
according to a report released by the Commerce Department on Friday,
although the report strikes a rare negative note following a recent
string of upbeat housing data. The report showed that new home sales
fell 7.3 percent to a seasonally adjusted annual rate of 369,000 in
December from the revised November rate of 398,000.
The European Central Bank announced on Friday that banks next week will
make more-than-forecast repayments of the three-year emergency aid
provided to them in late 2011. According to the central bank, 278
financial institutions will return EUR 137.2 billion in 3-year loans at
the first opportunity, which is on January 30. Economists had expected
repayments of EUR 60 billion-EUR 100 billion.
The British economy contracted in the final three months of last year
after third quarter's modest recovery proved to be short-lived, adding
to fears that the economy could be heading for a triple-dip recession,
latest data showed Friday.
Sentiment among German businesses improved more than forecast in
January to its highest level since June last year with the domestic
economic prospects brightening amid signs of debt crisis in the euro
area abating. A survey by the Ifo Institute revealed Friday that the
headline business climate index rose to a seven-month high of 104.2 in
January from 102.4 in December.
Preliminary gross domestic product figures from the U.K. and business
confidence survey results from Germany's IFO Institute are on tap for
Friday, an otherwise light day for European economic news.
At 3 am ET, Spanish statistical office Ine is scheduled to release the
industrial producer price figures...
Members of the Bank of Japan's monetary policy board said that a high
degree of uncertainty remains for the Japanese economy, minutes from the
central bank's monetary policy meeting on December 19 and 20 revealed
on Friday.
As a result, the Bank of Japan judged it appropriate to undertake
further...
Suggesting that a pickup in domestic growth is now more likely than a
few months ago, the Conference Board released a report on Thursday
showing that its index of leading U.S. economic indicators rose by
slightly more than expected in the month of December. The Conference
Board said its leading economic index rose by 0.5 percent in December
after coming in unchanged in November.
After falling by much more than expected in the previous week,
first-time claims for U.S. unemployment benefits unexpectedly fell to a
new five-year low in the week ended January 19th, according to a report
released by the Labor Department on Thursday. The report showed that
initial jobless claims dipped to 330,000, a decrease of 5,000 from the
previous week's unrevised figure of 335,000.
The euro area private sector activity contracted at a slower than
expected pace in January, preliminary data from Markit Economics showed
on Thursday. Although the economy remains in recession territory, the
survey figures have lifted hopes of a modest recovery. The composite
output index, which combines manufacturing and service sectors, rose to a
10-month high of 48.2 in January from 47.2 in
Spain's jobless rate increased to a record high in the fourth quarter,
leaving nearly six million people unemployed as the government engaged
in sharp spending cuts after the the economy plunged deeper into
recession, latest data showed.
Flash Purchasing Managers' survey results from major Eurozone economies
are due on Thursday, headlining a busy day for the European economic
news.
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