Economic News October 25, 2012
Greece's international creditors have not yet finalized a deal to give Athens a two-year extension on its fiscal adjustment program, reports said Wednesday citing remarks by European Central Bank Executive Board member Joerg Asmussen. (Oct 25, 2012) Full Article
Producer confidence in the Dutch industrial sector deteriorated in October, contrary to economists' forecast for a modest improvement, data released by the Central Bureau of Statistics showed Thursday. (Oct 25, 2012) Full Article
Hong Kong's merchandise trade deficit increased more than economists expected in September, data released by the Census and Statistics Department showed Thursday. (Oct 25, 2012) Full Article
Italy's retail sales were flat for the second consecutive month in August, data released by the statistical office ISTAT showed Thursday. Seasonally adjusted Retail sales remained unchanged from the previous month in August. Economists had expected a 0.2 percent decline. (Oct 25, 2012) Full Article
First-time claims for U.S. unemployment benefits fell by slightly more than expected in the week ended October 20th, according to a report released by the Labor Department on Thursday. (Oct 25, 2012) Full Article
After reporting a sharp drop in new orders for U.S. manufactured durable goods in the month of August, the Commerce Department released a report on Thursday showing that durable goods orders rebounded by more than expected in September. (Oct 25, 2012) Full Article
Forex Top Story
The Reserve Bank of New Zealand on Thursday decided to retain the benchmark official cash rate (OCR) unchanged at 2.5 percent as expected, while new central bank governor Graeme Wheeler sounded upbeat over the economy. (Oct 25, 2012) Full Article
A leading indicator of China's economic activity rose at a slower pace in September, weakening expectations for a rapid pick up in economic activity in the near term. The Conference Board said Thursday that its leading economic index (LEI) increased 0.3 percent in September to 241.2, following a 1.7 percent increase in August and a 0.7 percent increase in July. (Oct 25, 2012) Full Article
Singapore's factory output decreased at a faster rate in September, contrary to economists' forecast for an increase, as demand for electronic and pharmaceutical products continued to deteriorate due to global uncertainties, latest data showed. (Oct 25, 2012) Full Article
Sweden's central bank on Thursday decided to hold the benchmark repo rate unchanged after a quarter-point reduction last month. The bank, meanwhile, reduced the interest rate path, saying that the economy is slowing down due to weak developments abroad. The bank's Executive Board decided to hold the repo rate at 1.25 percent, as expected. The board reduced the cash rate twice this year. The bank lowered the repo-rate path "to stimulate the economy" and to keep inflation close to the target. (Oct 25, 2012) Full Article
The Philippine central bank Thursday lowered its interest rates for the fourth time this year to prop up domestic demand as the global downturn and a strong peso continue to threaten the country's export competitiveness. (Oct 25, 2012) Full Article
Underpinned by a surge in services output, the U.K. economy expanded at the fastest pace in five years during the three months to September, ending three straight quarters of contraction, preliminary data from the Office for National Statistics showed Thursday. Officially exiting from a double-dip recession, the economy grew by a bigger-than expected 1 percent sequentially in the third quarter. (Oct 25, 2012) Full Article 
Commodities
The price of gold was rebounding from its seven-week low Thursday morning on bargain hunting and on weak U.S. dollar following the FOMC outcome. (Oct 25, 2012) Full Article
The price of crude oil was moving higher Thursday morning amid recovery hopes after reports revealed that the U.K economy rebounded from recession in the third quarter, recording its strongest quarterly GDP growth in five years. (Oct 25, 2012) Full Article
Political News
The United States has refuted Russian allegation that Washington provided Syrian rebels with Stinger missiles, and retorted by saying that "the equipment seen in Syria has been exclusively of a Soviet Warsaw Pact vintage." (Oct 25, 2012) Full Article
Al-Qaeda is establishing a presence in Mali, and the United States is working with regional and international partners to deal with the terror organization, Defense Secretary Leon E. Panetta said on Wednesday. (Oct 25, 2012) Full Article
China has offered substantial rewards for information about the "black hand" behind four recent incidents of Tibetans setting fire to themselves, and to informants who alert the police on potential self-immolations. (Oct 25, 2012) Full Article
South Korean Defense Minister Kim Kwan-jin says he has noted signs that North Korea will conduct another nuclear test. (Oct 25, 2012) Full Article
The son of South Korean President Lee Myung-bak appeared before a special prosecutor in Seoul on Thursday to face questioning over alleged irregularities in a land deal for his father's retirement residence. (Oct 25, 2012) Full Article
Currency Alerts
The New Zealand dollar outperformed against other major currencies in the early Asian session on Thursday after the country's central bank left interest rate unchanged at 2.5 percent, suggesting modest domestic growth and a "fragile" global economy. (Oct 25, 2012) Full Article
The Japanese yen weakened against other major currencies on Thursday amid market speculations that the Bank of Japan will expand its monetary stimulus. (Oct 25, 2012) Full Article
The pound strengthened against other major currencies in early European deals on Thursday after a report showed that U.K. economy exited from recession in the third quarter. (Oct 25, 2012) Full Article
General News
A motorcycle that was swept away by last year's tsunami in Japan and washed ashore Canada's western coast has gone on display at a museum in the United States. (Oct 25, 2012) Full Article
Prominent businessman and former director at Goldman Sachs (GS) Rajat Gupta, who was found guilty of insider trading, has been sentenced to two years in jail. (Oct 25, 2012) Full Article
Poverty in Japan, the world's third-largest economy with several corporate behemoths, is becoming a more serious problem with the number of people living on welfare steadily increasing. (Oct 25, 2012) Full Article
The Justice and Home Affairs Council of the European Union on Thursday adopted new rules aimed at equipping the EU budget with simpler financial rules while securing sound treatment of European taxpayers' money. The Dutch delegation abstained from the Council meeting. (Oct 25, 2012) Full Article
Japan has unveiled a robot prototype that can monitor a volcano's crater during an eruption. (Oct 25, 2012) Full Article
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