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Fundamental News Summary

Asian Session News Summary

Tue, Aug 4 2009, 03:24 GMT
by ecPulse.com analysis team

ecPulse.com

Pakistan tax collection inclined in the first month of the fiscal year

Tax collection in Pakistan inclined by 2.4% in the first month of the fiscal year, as taxes collected reached 74.1 billion rupees during July compared with 72.4 billion rupees in the same month last year.

However, Pakistan is in a need of finding new sources to finance infrastructure projects including power plants, dams and roads in order to help the economy to realize recovery, worth mentioning that Pakistan had to take a $7.6 billion loan from the International Monetary Fund to avoid delaying the pay of its debts.

One million jobs available for university and high school graduates in China

The Chinese human resources ministry's vice director said that university and high school graduates can find one million jobs through employment fairs that the government organizes. He also added that the Ministry of human resources is providing about 2 million vacancies every year.

Retail sales in Australia declined

Monthly retail sales SA in Australia declined by 1.4% in June compared with a prior incline by 1.0% and it was forecasted to climb 0.5%. Quarterly retail sales excluding inflation gained 2.0% in the second quarter compared with the previous 1.0%, while it was anticipated to gain 1.3%.

This is the first drop in retail sales in four months as consumer spending weakened despite the A$12 billion that the government spent in the form of cash handouts, worth mentioning that consumer spending managed to help the Australian economy to avoid technical recession in the first quarter as the economy grew by 0.4%.

House prices in Australia improved

House prices in Australia inclined by 4.2% in the second quarter from a prior -2.2% that was revised to -1.5% and it was forecasted to incline by 2.0%. House prices declined by 1.4% in the second quarter compared with a year earlier from a prior revised -6.2% from -6.7%, while it was expected to decline by 4.9%.

This is the first gain for house prices in five quarters as the interest rates that reached the low record of 3.00% the lowest in 49 years, spurred demand for new houses. Also unemployment inclined less than forecasts that boosted consumer confidence.

Published on  Tue, Aug 4 2009, 04:31 GMT