Economic News October 17, 2012
The possibility of Spain requesting financial aid through a precautionary credit line from the EUR 500 billion rescue fund, the European Stability Mechanism, is currently under discussion, the Financial Times reported Wednesday. (Oct 17, 2012) Full Article
Investor confidence in Switzerland improved in October amid less pessimistic view of the economy's prospects in the coming six months, a survey by the Center for European Economic Research (ZEW) showed Wednesday. (Oct 17, 2012) Full Article
There should be prudential regulation to cap banks' leverages and to maintain them properly capitalized, Bank of England deputy governor Paul Tucker said Wednesday. (Oct 17, 2012) Full Article
Hungary's Economy Minister Gyorgy Matolcsy on Wednesday announced new fiscal consolidation measures worth HUF 367 billion to bring the budget deficit below 3 percent of gross domestic product in 2013. (Oct 17, 2012) Full Article
The German government on Wednesday lowered its 2013 economic growth forecast to 1 percent from 1.6 percent. (Oct 17, 2012) Full Article
New residential construction in the U.S. showed a substantial increase in the month of September, according to a report released by the Commerce Department on Wednesday, with housing starts coming in well above economist estimates. (Oct 17, 2012) Full Article
Forex Top Story
A leading indicator of Australia's economic activity rose at a faster pace than its long-term trend in August, for the first time in a year, a survey by Westpac and the Melbourne Institute revealed Wednesday. (Oct 17, 2012) Full Article
Offering some respite to the Spanish government that is under pressure to officially request a European bailout, Moody's Investors Service on Tuesday left its Spanish sovereign rating unchanged at investment grade, but with a 'negative' outlook. (Oct 17, 2012) Full Article
Singapore's non-oil domestic exports (NODX) unexpectedly contracted in September due to declining demand for its electronic products, data released by International Enterprises (IE) Singapore showed Wednesday. (Oct 17, 2012) Full Article
A two-day summit of the European Union heads of States and Governments will begin in Brussels on Thursday, with discussions focusing on the Economic and Monetary Union. (Oct 17, 2012) Full Article
Thailand's central bank on Wednesday decided to lower its key policy rate by a quarter point as majority of members assessed that policy easing was warranted to shore up domestic demand amid soft foreign demand. (Oct 17, 2012) Full Article
Jobless rate in the U.K. declined unexpectedly in the three months through August, to the lowest level in more than a year as the labor market absorbed record number of workers during the Olympics, data from the Office for National Statistics revealed Wednesday. (Oct 17, 2012) Full Article
Bank of England policymakers unanimously decided to leave the current size of asset purchases unchanged in early October, but they split over whether to add more stimuli over the next month. (Oct 17, 2012) Full Article
Commodities
The price of gold was extending gains Wednesday morning amid weak U.S. dollar, with traders focus turning to developments in the euro zone as the rating agency Moody's Investors Service left its Spanish sovereign rating unchanged at investment grade, but with a 'negative' outlook. (Oct 17, 2012) Full Article
The price of crude oil was ticking higher Wednesday morning as traders await cues from the official inventories data from the EIA. Reports showed the Spanish government is inching closer to officially request a European bailout also lifted trader sentiment to some extent. (Oct 17, 2012) Full Article
Political News
The United State has responded cautiously to Cuba's decision to scrap exit permit as well as the Letter of Invitation for Cubans traveling abroad from January 14. (Oct 17, 2012) Full Article
Russian President Vladimir Putin sacked Regional Development Minister Oleg Govorun on Wednesday and appointed Igor Slyunyaev in his place. (Oct 17, 2012) Full Article
Senior officials from Japan, the United States and South Korea have agreed to cooperate in dealing with North Korea's nuclear program and abductions issue. (Oct 17, 2012) Full Article
Currency Alerts
The euro showed mixed performance against its major counterparts in early deals on Wednesday. (Oct 17, 2012) Full Article
The pound edged higher in early deals Wednesday (Oct 17, 2012) Full Article
The U.S. dollar fell against other major opponents on Wednesday's European session as stocks gained after Moody's retained Spain's rating at investment grade and speculation grew of a Spanish bailout. (Oct 17, 2012) Full Article
General News
British author Hilary Mantel has won this year's Man Booker Prize for her tale of Tudor treachery, 'Bring up the Bodies.' (Oct 17, 2012) Full Article
Japanese Defense Minister Satoshi Morimoto has termed "extremely heinous" the alleged rape of a young Japanese woman in Okinawa by two U.S. servicemen. (Oct 17, 2012) Full Article
The European Commission has opened an in-depth investigation to examine whether Italian measures to reduce taxes and contributions due by companies in areas affected by natural disasters, mainly earthquakes and floods, are in line with EU state aid rules. (Oct 17, 2012) Full Article
Afghanistan has completed the targeted troop surge ahead of se
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