Economic News September 20, 2012
The Bank of Japan on Thursday reiterated that the economy's recovery from last year's earthquake has come a pause, while overseas economies have "moved deeper into a deceleration phase." (Sep 20, 2012) Full Article
The European Central Bank's new government bond purchase program may last only for a few years, ECB Governing Council member Christian Noyer told Frankfurter Allgemeine Zeitung in an interview published Thursday. (Sep 20, 2012) Full Article
U.K. manufacturers forecast improvement in output over the coming three months as new orders strengthened in September, a survey from the Confederation of British Industry showed Thursday. (Sep 20, 2012) Full Article
The Irish economy recorded zero growth in the second quarter, after contracting in the previous quarter, preliminary data released by the Central Statistics Office showed Thursday. (Sep 20, 2012) Full Article
Taiwan's central bank on Thursday retained its benchmark interest rate unchanged for the fifth consecutive quarter, citing risks to growth from weakening external demand. The decision was in line with economists' expectations. (Sep 20, 2012) Full Article
While the Labor Department released a report on Thursday showing a modest drop in first-time claims for U.S. unemployment benefits in the week ended September 15th, jobless claims still came in above economist estimates. (Sep 20, 2012) Full Article
High external financing risks and inflation concerns would limit the scope for Turkey's central bank to engage in further monetary loosening, after it stepped into the easing mode this week by narrowing the `interest rate corridor' with a 150-basis point cut in the lending rate, Capital Economics Emerging Markets Economist William Jackson said Thursday. (Sep 20, 2012) Full Article
Forex Top Story
New Zealand's gross domestic product expanded 0.6 percent in the second quarter of 2012 compared to the previous three months, Statistics NZ said on Thursday. (Sep 20, 2012) Full Article
Japan posted a merchandise trade deficit of 754.127 billion yen in August, the Ministry of Finance said on Thursday - sinking into the red for the ninth time in 11 months. (Sep 20, 2012) Full Article
An indicator of China's manufacturing performance rose marginally in September from August's nine-month low, but continued to suggest deterioration in activity with production falling at the fastest pace in ten months. Flash results of a survey by Markit Economics and HSBC revealed Thursday that the purchasing managers' index (PMI) rose to 47.8 in September from 47.6 in August. A PMI reading below 50, however, suggests contraction of the sector. (Sep 20, 2012) Full Article
Eurozone private sector activity fell to a 39-month low in September, a survey showed, and the deterioration witnessed over the last few months signal that the single currency region is clearly heading into a severe recession. The composite output index, which measures activity in the manufacturing sector and the service sector, fell unexpectedly to 45.9 from 46.3 in August, preliminary data released by Markit Economics showed Thursday. (Sep 20, 2012) Full Article
Spain conducted a successful bond auction on Thursday, with borrowing costs falling amid hopes the country will request aid paving the way for the European Central Bank to purchase sovereign debt. In the first bond auction held by Spain after the European Central Bank announced its new bond purchase plan earlier this month, the treasury raised EUR 4.8 billion from the sale of its benchmark 10-year bond and a new 3-year bond, exceeding the top target of EUR 4.5 billion set for the sale. (Sep 20, 2012) Full Article
U.K. retail sales declined as the London Olympics discouraged online shopping in August, and further dampened prospects of support from consumer spending to the economy. (Sep 20, 2012) Full Article
Commodities
The price of gold was leveling off from its seven-month high Thursday morning as traders book profits to cash in on recent gains. (Sep 20, 2012) Full Article
The price of crude oil was extending losses Thursday morning as trader fret over demand growth after data revealed contraction in Chinese manufacturing activity. (Sep 20, 2012) Full Article
Political News
The United States has denied allegation that U.S. Agency for International Development (USAID) tried to influence Russian elections. (Sep 20, 2012) Full Article
The results of a Gallup/USA Today poll released Wednesday indicate that 36 percent of voters are less likely to vote for Republican Presidential candidate Mitt Romney considering his controversial comment that 47% of voters are with Obama, and dependent on the government. (Sep 20, 2012) Full Article
Sweden's public finances are expected to show a limited deficit in both 2012 and 2013, the Finance Ministry said in the Budget Bill for 2013, published on Thursday. (Sep 20, 2012) Full Article
The European Union's Internal Market Commissioner Michel Barnier reportedly said on Thursday that he will work to find a compromise with Germany on the proposal for a banking union. (Sep 20, 2012) Full Article
15th European Union-China Summit opened in Brussels on Friday. On the opening day, the European Commission's competition department and China's antitrust authorities signed a Memorandum of Understanding to increase cooperation between the two sides. (Sep 20, 2012) Full Article
Currency Alerts
In the early Asian session on Thursday, the New Zealand dollar reversed its direction and traded higher against other major currencies following the release of nation's better-than-expected gross domestic product report for the second quarter. (Sep 20, 2012) Full Article
The Australian dollar slipped against its major opponents in the Asian session on Thursday as traders sold high-yielding currency after data showed that Chinese manufacturing contracted and Japanese exports dropped for the third successive month. (Sep 20, 2012) Full Article
During the Asian session on Thursday, the Japanese yen spiked up against other major currencies amid concerns of China slowdown after Chinese manufacturing activity showed continued contraction in September. (Sep 20, 2012) Full Article
The euro edged lower in early deals Thursday as negative data from China and the eurozone stoked concerns about global growth. (Sep 20, 2012) Full Article
General News
Oil firms must be held liable for the costs of any potential environmental damage - and have the means to pay - or else be denied licenses to drill in EU waters, said environment committee MEPs voting on draft offshore oil and gas safety legislation on Wednesday. (Sep 20, 2012) Full Article
The US State Department has warned U.S. citizens to defer all non-essential travel to Pakistan. In a Travel Warning update issued on Wednesday, it reminded U.S. citizens of ongoing security concerns in Pakistan. (Sep 20, 2012) Full Article
The United States will open additional consular facilities in China and Brazil to increase visa processing capacity in those countries. (Sep 20, 2012) Full Article
The United States will close all its diplomatic mission offices in Indonesia on Friday over the threat of potential demonstrations that might be held in front of those facilities. (Sep 20, 2012) Full Article
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