Economic News
Inflation in the Philippines climbed to its highest level in six months in July, data from the National Statistics Office showed Wednesday. (Aug 8, 2012) Full Article
Japan's economy watchers' assessment of the future economic conditions declined again in July, a key survey revealed Wednesday. (Aug 8, 2012) Full Article
Switzerland's consumer confidence deteriorated between April and July, contrary to economists' forecast for an improvement, mainly due to more pessimistic expectations with regard to future economic development and unemployment, a survey by the State Secretariat for Economic Affairs (SECO) showed Wednesday. (Aug 8, 2012) Full Article
France business confidence weakened marginally as expected by economists for July, survey results from the Bank of France revealed Wednesday. (Aug 8, 2012) Full Article
Labor productivity in the U.S. rose by more than expected in the second quarter, according to a report released by the Labor Department on Wednesday, although the report also showed a sharper than expected jump in labor costs. (Aug 8, 2012) Full Article
Forex Top Story
Japan posted a current account surplus of 433.3 billion yen in June, the Ministry of Finance said on Wednesday - down 19.6 percent on year and falling for the 16th consecutive month. (Aug 8, 2012) Full Article
Standard and Poor's downgraded the credit rating outlook on Greece to 'negative' and said worsening economic activity would make it difficult for the government to make further spending cuts, which is crucial to secure the next disbursement under the international bailout program. (Aug 8, 2012) Full Article
The number of home loans approved in Australia in June rose at the fastest pace so far this year, supported by strong increase in finance extended for the purchase of new dwellings, the latest figures from the Australian Bureau of Statistics showed Wednesday. (Aug 8, 2012) Full Article
German trade surplus unexpectedly increased in June as imports declined at a pace double than that of exports, indicating that the sovereign debt crisis and the economic slowdown has dampened both domestic and foreign demand. (Aug 8, 2012) Full Article
The Bank of England cut U.K.'s growth estimate as fiscal consolidation and Eurozone debt crisis weigh on demand. Moreover, a below-target inflation forecast added hopes of more asset purchases by the year end. (Aug 8, 2012) Full Article
Germany's industrial production decreased more-than-expected in June, adding to fears that the economy may have contracted in the second quarter, preliminary data showed Wednesday. (Aug 8, 2012) Full Article
Commodities
The price of gold was ticking lower Wednesday morning as the euro was struggling to sustain gains after weak trade data out of Germany. (Aug 8, 2012) Full Article
The price of crude oil was leveling off from near its 3-month high Wednesday morning as traders await cues from the official inventories data from the Energy Information Administration, due out later today. (Aug 8, 2012) Full Article
Political News
Egypt on Wednesday launched air strikes in the Sinai region bordering Israel killing more than 20 people suspected to have been involved in the attack on a checkpoint in which 16 Egyptian border guards were killed on Sunday last, state media reported. (Aug 8, 2012) Full Article
The Pakistan Supreme Court on Wednesday summoned Prime Minister Raja Pervez Ashraf to appear in person later this month over his failure to comply with a standing court order to reopen corruption cases against President Asif Ali Zardari. (Aug 8, 2012) Full Article
The United States on Tuesday rejected Iranian claims that it was directly responsible for the fate of a group of Iranians held hostage by Syrian rebels since the weekend. (Aug 8, 2012) Full Article
Japanese Prime Minister Yoshihiko Noda is facing a censure as well as a no-confidence motion against his Cabinet over his proposal to raise the consumption tax. (Aug 8, 2012) Full Article
A young woman self immolated in Tibet in protest against China curtailing freedom in the region that is seeking autonomy. (Aug 8, 2012) Full Article
Currency Alerts
The Japanese yen climbed against other major currencies in Asian deals on Wednesday ahead of the Bank of Japan's monetary policy decision due tomorrow. (Aug 8, 2012) Full Article
The pound strengthened to 5-day highs against the euro and franc in European deals on Wednesday despite the Bank of England lowered its growth estimate for the U.K. economy as fiscal consolidation and Eurozone debt crisis weigh on demand. Meanwhile, the pound recovered its recent losses against the yen and dollar. (Aug 8, 2012) Full Article
The euro slipped against other major currencies in the European session on Wednesday as sentiment waned after German exports and industrial production data for June declined more than forecast. (Aug 8, 2012) Full Article
The current heat wave sweeping South Korea has claimed hundreds of thousands of livestock, the government said on Wednesday. (Aug 8, 2012) Full Article
Jared Lee Loughner, the lone suspect in last year's deadly shooting rampage outside a supermarket in the U.S. state of Arizona, pleaded guilty on Tuesday to the charges pressed against him under a deal reached with the prosecution. (Aug 8, 2012) Full Article
Torrential rains from a typhoon and seasonal monsoon have left at least 53 people dead in Philippines as President Benigno Aquino called for the public's co-operation telling them that the government does not have "infinite capabilities" to deal with natural disasters. (Aug 8, 2012) Full Article
United Nations Secretary-General Ban Ki-moon on Tuesday urged the Great Lakes regional grouping to help in resolving the current security crisis in the eastern Democratic Republic of the Congo (DRC). (Aug 8, 2012) Full Article
In the first six months of 2012, conflict-related violence in Afghanistan continued to take a devastating toll on civilians, but recorded a marginal 15 per cent decrease in overall civilian casualties compared with the same period in 2011. (Aug 8, 2012) Full Article
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