Week of October 9, 2011 thru October 15, 2011
PARIS (MNI) - The following is the text of the Bank of France's survey on retail trade for September:
September: +0.8% m/m, +3.0% y/y (unrevised) August: +0.2% m/m, +2.5% y/y July: -0.6% m/m, +2.5% y/y June: flat m/m, +2.7% y/y May: flat m/m, +2.7% y/y
LONDON (MNI) - Construction output picked up in August after a sharp fall in July, rising 0.4% on the month following July's monthly, revised 2.2% fall, National Statistics said.
The data are not seasonally adjusted, and their impact on Q3 GDP will depend in large part on the assumption made for seasonal adjustment. The data show August construction output 4.1% below year ago levels on a constant price basis.
On a current price basis construction output was up 0.6% on the month in August.
BEIJING (MNI) - The global flight to safety triggered by Europe's deepening debt crisis and associated euro weakness resulted in Chinese foreign exchange reserves falling by $60.82 billion in September, the first month that reserves have fallen since May 2010.
BEIJING (MNI) - Yields on bonds traded in China's interbank market fell further this week as liquidity conditions continued to improve, while signs that the worst of the inflation cycle may have passed also gave a lift to bond prices.
BEIJING (MNI) - China's National Bureau of Statistics will release January-September economic data on October 18 at 10:00 local (02:00 GMT).
The release -- which is expected to include the latest GDP, fixed-asset investment, industrial output and retail sales data -- will be followed by a press briefing, the State Council Information Office said in a statement.
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Foreign exchange reserves in billions of US dollars:
End-Month Monthly 3M Moving 3M/3M Y/Y Total Change Avg Chg Percent Percent USD USD USD Change Change
Sep-11 3201.683 -60.816 1.397 0.13% 20.90% Aug-11 3262.499 17.216 32.167 3.05% 28.05% Jul-11 3245.283 47.792 33.147 3.16% 27.82% Jun-11 3197.491 31.494 50.939 5.02% 30.28% May-11 3165.997 20.154 58.204 5.84% 29.78% Apr-11 3145.843 101.169 71.390 7.31%
BEIJING (MNI) - Chinese inflation may have peaked, but still-elevated price levels mean significantly looser policy is unlikely for now.
September's price report from the National Bureau of Statistics Friday saw the consumer price index rising 6.1% y/y, down from August's 6.2% and the 6.2% expected by economists, according to the m
For its part, the IMF, ever eager to expand its portfolio, has floated proposals to buy European bonds and to offer new short-term credit lines to fiscally challenged member governments, in addition to the long-term loans it is already making.
Against this complex and constantly changing backdrop, Geithner has been vocal in sending urgent messages from his Washington perch at every opportunity. In recent weeks he has hammered away at European authorities, urging them to "do more" to get a grip on the debt crisis.
Geithner has not only urged an effective expansion of the EFSF, he has called for EU governments to work more closely with the ECB, to backstop their banks and to bring down borrowing costs.
PARIS (MNI) - For U.S. Treasury Secretary Timothy Geithner and Federal Reserve Vice Chairman Janet Yellen, who have been wrestling with economic weakness, fiscal recklessness and financial volatility at home, coming to this weekend's Group of 20 finance meeting might almost seem like a vacation from their problems -- except that Europe's problems are America's too.
But at least Geithner and Yellen have the luxury of representing a country not directly involved in the European debt crisis whose currency is still the world's numeraire. They can play the role of rich, if not always welcome, uncle -- spouting advice to the Europeans on how to proceed, something the Treasury Secretary has been abundantly willing to do.