Economic News August 24, 2012
The Chinese government is closely monitoring the developments in the real estate market and is studying new measures to "strengthen" the property market controls, Xinhua reported Thursday citing unnamed official with the Ministry of Housing and Urban-Rural Development. (Aug 24, 2012) Full Article
Spain's producer price inflation rose to 2.6 percent annually from 2.5 percent in June, the statistical office INE said Friday. (Aug 24, 2012) Full Article
Consumer confidence in Brazil deteriorated for the fourth successive month in August, data released by the Getulio Vargas Foundation showed Friday. (Aug 24, 2012) Full Article
Bank of England policymaker Martin Weale said he would prefer interest rate reduction to more quantitative easing. (Aug 24, 2012) Full Article
The transportation sector continued to power a strong increase in U.S. durable goods orders in July, marking the third consecutive month of growth in a critical sector of the economy. According to figures released Friday by the Commerce Department, new orders for durable goods in July came in at $230.7 billion, a 4.2 percent increase from June levels. The increase was much higher than most economists had expected, with most forecasting growth of 1.9 percent, much closer to the 1.6 percent (Aug 24, 2012) Full Article
Forex Top Story
New Zealand saw a seasonally adjusted merchandise trade surplus of NZ$15 million in June, Statistics New Zealand said on Friday - representing 0.4 percent of exports. (Aug 24, 2012) Full Article
Reserve Bank of Australia Governor Glenn Stevens said the ongoing mining boom will likely see its peak within the next year or two and the central bank is prepared to respond to significant deviations from this central forecast. (Aug 24, 2012) Full Article
Germany and France retained pressure on Greece to strictly implement the reforms demanded by its international creditors ahead of this week's crucial meeting between its leaders. Greek Prime Minister Antonis Samaras is set to meet German Chancellor Angela Merkel on Friday and French President Francois Hollande on Saturday. The Greek premier will urge the leaders to consider extending the fiscal consolidation program. (Aug 24, 2012) Full Article
Singapore' manufacturing production increased at a significantly slower pace in July, and the rate of growth was far below economists' forecast, as the export-dependent economy remained under pressure from falling demand for its products, especially in the biomedical and electronics industries, latest data showed Friday. (Aug 24, 2012) Full Article
Bank of Japan Governor Masaaki Shirakawa on Friday reiterated his warning against prolonged gains in the yen, saying chronic upward pressure on the yen is placing downward pressure on Japan's economy. (Aug 24, 2012) Full Article
The U.K. economy contracted less than initially estimated in the second quarter on smaller declines in construction and production sectors. (Aug 24, 2012) Full Article
Commodities
Gold was paring gains Friday morning after advancing to a fresh four-month high in the previous session as stimulus is expected to raise the inflation outlook, benefiting the yellow metal, which is seen as a hedge against rising prices. (Aug 24, 2012) Full Article
The price of crude oil was ticking lower Friday morning as traders await further cues over the likelihood of more economic stimulus for the U.S. economy. (Aug 24, 2012) Full Article
Political News
The United States has made it clear that its missile defense cooperation plans in the Pacific Rim are not directed at China and that its defensive systems will not respond unless missiles have been fired. (Aug 24, 2012) Full Article
A group of U.N. human rights experts have called on the Bahraini authorities to comply with the rights to peaceful assembly and expression and immediately release those arbitrarily detained for exercising their legitimate freedoms." (Aug 24, 2012) Full Article
The United States and Macedonia have signed an Open Skies air services agreement that will formalize liberalization of their bilateral aviation relationship. (Aug 24, 2012) Full Article
The Commander of the NATO-led International Security Assistance Force (ISAF) says he does not believe pulling troops away from their Afghan partners is the best way to go about preventing insider attacks. (Aug 24, 2012) Full Article
In escalating diplomatic row between Seoul and Tokyo, South Korea on Friday protested Japanese Foreign Minister Koichiro Gemba's claim that South Korea is illegally occupying a set of disputed islets in the Sea of Japan. (Aug 24, 2012) Full Article
Currency Alerts
The initial direction for the U.S. dollar is rather bullish in early Asian deals Friday (Aug 24, 2012) Full Article
The Australian dollar remained a clear underperformer among major currencies in Asian deals Friday (Aug 24, 2012) Full Article
The euro lost ground against most major currencies in the European session on Friday as stocks fell on global growth worries. (Aug 24, 2012) Full Article
General News
The U.S. State Department has welcomed the approval by the Securities and Exchange Commission of final rules implementing Sections 1502 and 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Aug 24, 2012) Full Article
A new bridge built less than an year ago in China's north-eastern Heilongjiang province collapsed early on Friday killing three people and injuring another five. (Aug 24, 2012) Full Article
A Norwegian court has sentenced to 21 years in jail a right-wing extremist, who admitted killing of 77 people in a car bombing and shooting rampage in Norway last year. (Aug 24, 2012) Full Article
Six environmental activists led by the head of Greenpeace International Kumi Naidoo stormed a Russian oil platform in the northern Pechora Sea on Friday to protest against oil drilling in the Arctic. (Aug 24, 2012) Full Article
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