Friday, October 21, 2016 - 06:51 China Outstanding Loans to Property Developers Rise 7.6% 0
--Mortgage lending in first 9 months up 95% from year earlier
BEIJING (MNI) - Outstanding bank loans to property developers rose 7.6% y/y to CNY7.04 trillion at the end of September, the PBOC said Friday, easing from an 8.0% growth rate in the year to August.
The PBOC said loans for housing development were up 9.6% y/y at CNY5.47 trillion end-September, compared with 9.5% growth end August while loans for land clearance, preparation and development edged up 0.9% to CNY1.57 trillion, down from a pace of 3.1% growth y/y in the year through August.
The PBOC also said outstanding mortgage loans at the end of September were 33.4% higher than a year earlier at CNY17.93 trillion, up from 32.5%...
Friday, October 21, 2016 - 05:52 BOJ Kuroda: Japan Needs Higher Labor Mobility, New Work Styles 0
TOKYO (MNI) - Japan must increase its labor market mobility and seek a better work-life balance to overcome labor shortages and compete in global markets, Bank of Japan Governor Haruhiko Kuroda said Friday.
Whether Japan's economy will grow in the long-run depends on whether the country's labor market can adapt to advances in technological innovation, globalization and demographic change, he told an economic conference.
BOJ officials have been saying raising the economy's low growth potential and turning people's deflationary mindset into higher inflation expectations are crucial in boosting Japan's zero inflation to the bank's 2% price stability target.
Technological progress increases income and purchasing power,...
Friday, October 21, 2016 - 04:30 UK Analysis: Sept Borrowing Up As Corporation Tax Falls 0
-UK Sept PSNB ex Banks Stg10.613 billion vs Stg9.271 billion Sept 2015
London (MNI) - UK public sector borrowing rose in September over the same period a year earlier, courtesy of a sharp fall in corporation tax, leaving borrowing over the first half of the financial year only slightly below the full-year target set by the previous government.
Borrowing, excluding public sector banks, increased to Stg10.613 billion in September, compared to the MNI median forecast of Stg8.5 billion, after hitting a revised Stg9.271 billion in August of 2015.
That left net debt at 83.3% of gross domestic production down from 84.3% a year earlier.
Friday, October 21, 2016 - 03:12 BOJ Kuroda: To Continue Easing To Hit 2% CPI Target Early 0
TOKYO (MNI) - The Bank of Japan will maintain its monetary easing stance in order to achieve its 2% inflation target as soon as possible, Governor Haruhiko Kuroda said Friday without specifying a timeframe.
He didn't repeat the BOJ's latest statement that the bank will make policy adjustments as appropriate in quest of stable 2% inflation.
In a speech at a credit union meeting, Kuroda also said the domestic financial system is stable.
Friday, October 21, 2016 - 01:58 Japan Officials Hold Routine Market Meeting Friday 0
TOKYO (MNI) - Japan's senior financial policymakers held a routine meeting from 1330 to 1430 JST (0430 to 0530 GMT) Friday to discuss the latest developments in international and domestic markets, a person familiar with the matter said.
There was a similar top working-level meeting on Sept. 22, involving the Financial Services Agency, the Ministry of Finance and the Bank of Japan, in the wake of the yen's rise after the U.S. Federal Reserve decided to stand pat on monetary policy.
There have been nine such regular meetings so far between March and September.
Two of the BOJ's six executive directors attended Friday's meeting.
Thursday, October 20, 2016 - 11:10 US NAR: Sept Exist Home Sales Rebound 3.2%, 5.47M; Supply Lags 0
--Homes Available Drop 6.8% From Year Ago; 4.5 Months Supply
--'Very Disappointing' No 'Meaningful Gain' in Housing Starts
WASHINGTON (MNI) - A welcome rebound in home resales, up 3.2% in September to an above-expectations annual rate of 5.47 million, was accompanied by more lagging production of new homes which is taking the anticipated strength out of third quarter GDP, the National Association of Realtors said Thursday.
The turnaround from two months of declining sales was a relief, nevertheless, NAR Chief Economist Lawrence Yun told reporters, suggesting there is no change in the underlying trend of...