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Fundamental News Summary

Asian Session News Summary

Tue, Nov 24 2009, 05:57 GMT
by ecPulse.com analysis team

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Consumer confidence in South Korea

Consumer confidence in South Korea came in at 113.0 in November compared with a previous 117.0 in October to record the first decline in eight months as a result of concerns about the strength of recovery in the world economy. The Bank of Korea decided to keep borrowing costs at the low record of 2.0% for the ninth meeting as the bank aims at supporting economic recovery and avoiding more won gains against the dollar.

However, the South Korean economy expanded in the third quarter by 2.9% from the previous three months that is the fastest pace in seven years, worth mentioning that the Korean economy was one of few major economies managed to avoid technical recession when it expanded 0.1% in the first quarter.

Domestic investment in Indonesia increased

Domestic investment in Indonesia inclined to 32.47 trillion rupiah in the 10 months to October compared with 15.88 trillion rupiah in the same period last year. Foreign investments in the first 10 moths of this year declined to $9.92 billion compared with $13.93 billion in a year earlier.

BOJ monthly report

The Bank of Japan released its monthly report for recent economic and financial developments today. The bank raised its assessment for economic conditions saying that the economy is picking up after it was "the economy is recovering". The Japanese economy was backed by stimulus measures taken in Japan and around the world, while the bank said that domestic demand remains weak.

The BOJ added that public investments are increasing, while exports and production continued to advance supporting economic recovery. The drop in business fixed investments is about to halt and private consumption is increasing due to policy measures, the bank said.

Published on  Tue, Nov 24 2009, 06:04 GMT