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Fundamental News Summary

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Fundamental News Summary

Tue, Nov 3 2009, 13:38 GMT
by ecPulse.com analysis team

ecPulse.com

Italy's Budget Balance Deficit Widens in October

Italy's Budget Balance for October showed a widened deficit of 11.8 billion euros from 10.8 billion euros in September. On the year, the gap also widened to 83.4 billion euros from 72.6 billion euros.

Spanish Consumer Confidence Slips

Spain released its consumer confidence for October at 69.2, which is lower than the prior 70.3, as consumers are worried about rising unemployment and economic conditions. 

Spain Unemployment Rises

Spain released its unemployment monthly NET ('000s) for October at 98.9; higher than the prior 80.4.

UK PMI construction contracts further

The United Kingdom released its PMI construction for October, where it came in at 46.2, lower than the prior and forecasted readings of 46.7 and 47.2 respectively.

The IMF raised its forecasts for economic growth in Hong Kong

The International Monetary Fund raised its forecasts for economic growth in Hong Kong, where it is forecasted to contract 2% this year before it expands 5% in 2010. Hong Kong's economy showed signs of recovery as it was backed by improvements in China, in addition to the government's stimulus spending.

The International Monetary Fund recommended that Hong Kong should continue its stimulus measures through 2010, since recovery appeared to be fragile. Hong Kong's economy expanded 3.3% in the second quarter of this year, the first expansion in a year, as exports and household spending improved along with rising world demand.

The RBA raised interest rates by 25 basis points

The Reserve Bank of Australia decided to raise interest rates by 25 basis points today, reaching 3.50%; worth mentioning that this is the second straight raise in borrowing costs, ever since the bank decided to raise its benchmark from its 49 years low to 3.25% last month.

The second consecutive raise in borrowing costs came along with improving economic activity, with both business and consumer confidence. The RBA said that signs of improvement could be seen in the nation's labor market and unemployment is expected to peak less than expected.

Consumer confidence in Indonesia

Consumer confidence in Indonesia came in at 110 in October from a prior 110.8.

Published on  Tue, Nov 3 2009, 13:45 GMT