Economic News July 25, 2012
The Bank of Japan will not hesitate to implement additional monetary easing, if necessary, Deputy Governor Hirohide Yamaguchi said Wednesday. (Jul 25, 2012) Full Article
Consumer Confidence in Italy improved from the previous month in July, contrary to economists' forecast for a modest deterioration, data released by statistical office Istat showed Wednesday. (Jul 25, 2012) Full Article
Thailand's central bank on Wednesday decided to keep its benchmark interest rate unchanged at 3 percent for the fourth time in a row, citing stable economic growth and moderation in inflationary pressures. (Jul 25, 2012) Full Article
The degree of net tightening in credit standards for loans to enterprises in Eurozone is likely to remain unchanged in the third quarter, the European Central Bank said in its quarterly Bank Lending Survey published Wednesday. (Jul 25, 2012) Full Article
Germany sold its 30-year debt at a record-low yield at an auction on Wednesday, in a sign that the safe haven demand has recovered. The safe haven appeal of German debt suffered a blow after Moody's downgraded the outlook of the triple A rated sovereign to 'negative' from 'stable' late Monday, pushing the country's 10-year yield higher yesterday. (Jul 25, 2012) Full Article
There are arguments in favor of providing a banking license to Europe's permanent bailout fund, European Central Bank Governing Council member Ewald Nowotny told Bloomberg in an interview. (Jul 25, 2012) Full Article
Forex Top Story
New Zealand posted a seasonally adjusted merchandise trade surplus of NZ$331 million in June, Statistics New Zealand said on Wednesday, representing 7.9 percent of exports. (Jul 25, 2012) Full Article
Japan posted a merchandise trade surplus of 61.7 billion yen in June, the Ministry of Finance said on Wednesday - bouncing into the black for just the second time in nine months. (Jul 25, 2012) Full Article
Inflation in Australia slowed in the June quarter to reach its lowest level in 13 years, leaving more room for the central bank to ease monetary policy. (Jul 25, 2012) Full Article
The pace of economic activity in China has slowed amid intesifying downside risks, the International Monetary Fund said in a report on Tuesday. (Jul 25, 2012) Full Article
Moody's Investors Service on Tuesday cut the outlook on the triple A ratings of the Eurozone's bailout fund to 'negative' from 'stable', in yet another blow to the region's efforts to contain the escalating debt crisis. (Jul 25, 2012) Full Article
Confidence among German firms deteriorated for the third successive month in July to the lowest level in more than two years as heightened tensions surrounding the debt crisis weighed on business expectations, more notably in the manufacturing sector, results of a key survey revealed Wednesday. (Jul 25, 2012) Full Article
The U.K. economy contracted at the fastest pace in more than three years due to widespread weakness in construction, manufacturing and services output in the second quarter. The gross domestic product was down by a more than expected 0.7 percent sequentially, marking the biggest fall since the first quarter of 2009, preliminary estimate from the Office for National Statistics showed Wednesday. Economists expected a more modest 0.2 percent decline for the second quarter. (Jul 25, 2012) Full Article
Commodities
The price of gold was moving higher Wednesday morning as the euro spiked after reports quoted European Central Bank council member Ewald Nowotny as saying that there are arguments in favor of giving Europe's rescue fund a banking license. (Jul 25, 2012) Full Article
The price of crude oil was extending gains Wednesday morning as traders await cues from the official inventories data, due out later during the session. (Jul 25, 2012) Full Article
Political News
Vice-President John Dramani Mahama has taken over as Ghana's interim President following the death of President John Atta Mills due to throat cancer. (Jul 25, 2012) Full Article
Two former aides to South Korean President Lee Myung-bak have been arrested on court warrants as part of an investigation into bribe-taking from ailing savings banks. (Jul 25, 2012) Full Article
Former Finance Minister Pranab Mukherjee was on Wednesday sworn in India's new President. (Jul 25, 2012) Full Article
Myanmar Opposition leader Aung San Suu Kyi on Wednesday called for legislations to protect the rights of the country's ethnic minorities. (Jul 25, 2012) Full Article
Belarusian President Alexander Lukashenko, who is in the "black list" of the European Union, has been denied accreditation to attend the London 2012 Olympic Games opening in two days. (Jul 25, 2012) Full Article
A Philippine court on Wednesday ordered the release of former President Gloria Macapagal Arroyo on bail noting that the evidence presented against her in an electoral fraud case was weak. (Jul 25, 2012) Full Article
Currency Alerts
The Australian dollar strengthened to a 6- 1/2 -month high against the New Zealand dollar in Asian deals on Wednesday after a government report showed that Australia's consumer price index rose less than expected in the second quarter of 2012. (Jul 25, 2012) Full Article
The euro strengthened against most major currencies at 3 am ET Wednesday after reports quoted European Central Bank council member Ewald Nowotny as saying that there are arguments in favor of giving Europe's rescue fund a banking license. (Jul 25, 2012) Full Article
In early European deals on Wednesday, the U.S. dollar and the Japanese yen declined against their most major counterparts as investors reacted to European Central Bank council member Ewald Nowotny's comments that there are arguments in favor of giving Europe’s rescue fund a banking license. (Jul 25, 2012) Full Article
The British pound fell against other major currencies in the European session on Wednesday after a report showed that the country's economy contracted at a faster than expected pace in the second quarter. (Jul 25, 2012) Full Article
General News
Insurgent violence that left at least 100 people dead across Iraq on Monday poses a potential challenge to the Baghdad government, but U.S. defense officials believe Iraq's military is capable of handling it. (Jul 25, 2012) Full Article
A new decontamination device that can remove a large variety of radioactive substances, including strontium, has been developed for the tsunami-wrecked Fukushima nuclear power plant in Japan. (Jul 25, 2012) Full Article
One person was killed when a 6.4-magnitude earthquake struck off the west coast of Indonesia's Sumatra island on Wednesday morning, reports said. (Jul 25, 2012) Full Article
Ethnic violence in India's eastern state of Assam has claimed 32 lives so far on Wednesday since clashes between indigenous Bodo tribals and Muslim settlers broke out in Kokrajhar and Chirang districts four days ago. (Jul 25, 2012) Full Article
China plans to have a high-speed rail network covering almost all its cities with a population of more than half-a-million by 2015. (Jul 25, 2012) Full Article
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