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Fed Has Room for more Easing says Boe'd Posen
US federal reserve has more room to ease further, said BoE's Posen, while passing a QE baton to US fed.
BoE's Posen will completes his term at BoE today, was talking at Jackson Hole symposium where Bernanke is scheduled to speak today.
He said that its too early to judge impact of BoE's funding-for -lending program, and US should also consider something which may encourage banks to lend more
He also said that ECB should and probably doing everything to pull down Spanish and Italian debt yield and ECB's Draghi has skipped Jackson Hole, it's an "untrammeled good news
Quotes
"There is no inflation. Unemployment is too high... there is no crowding out in bond markets, the dollar has been perfectly strong. What definition of the Fed's mandate do you have that doesn't say that you should be trying to respond to this?"
- BoE's Posen
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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m
News
Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists
However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July
Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct
But those rises were offset by decline in footwear, holiday travel, computing equipment
Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year
RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting
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Australia Current Account Deficit A$11.8 Billion In Q2
Australia saw a current account deficit of A$11.801 billion in the second quarter of 2012, the Australian Bureau of Statistics said on Tuesday.
That beat forecasts for a shortfall of A$12.2 billion following the A$14.892 billion deficit in the first quarter.
Net exports are expected to contribute 0.3 percentage points to GDP, below forecasts for 0.6 percentage points but up from -0.5 percentage points in the previous three months.
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Euro Trades At 2-week Low Against Canadian Dollar
After moving sideways at the beginning of the session, the European currency resumed downtrend against its Canadian counterpart on Wednesday morning in Asia.
The euro reached a 2-week low of 1.2357 against the Canadian dollar, down almost 0.3 percent from Tuesday's North American session closing value of 1.2393.
The euro-loonie pair is expected to extend its bearish bias as the currency cross reversed direction from the 23.6 percent retracement level of 1.2455 between its February highs and August lows in the daily chart.
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South Korea GDP Downgraded In Q2
South Korea's gross domestic product was up 0.3 percent in the second quarter of 2012 compared to the previous three months, the Bank of Korea said in Thursday's final reading.
That was down from July's preliminary reading that called for a 0.4 percent increase following the 0.9 percent gain in the first quarter.
Real gross national income rose 1.2 percent on quarter, while nominal gross national income eased 0.2 percent.
On the production side, manufacturing declined 0.2 percent owing to the decrease in sub-sectors such as electrical and electronic device and petroleum, coal and chemical products, the bank said.
Construction shed 2.7 percent as buildings construction was sluggish. Services grew by 0.5 percent, with gains for instance in financial intermediation, information and communications, and health & social work.
On the expenditure side, private consumption added 0.4 percent as expenditures on durables and semi-durables increased. Facilities investment dropped by 7.0 percent, particularly in semiconductor manufacturing equipment and communications equipment. Construction investment dipped 0.4 percent, in line with the sluggishness of buildings construction, the bank said.
Exports of goods fell 1.4 percent, led by those of automobiles and petrochemical products. Imports of goods dropped by 1.8 percent as imports for example of electronic equipment and general machinery decreased.
On a yearly basis, GDP came in at 2.3 percent - again slowing from 2.4 percent in the advance estimate. The economy expanded 2.8 percent in the previous three months.
On the production side, the manufacturing sector climbed 2.6 percent on year, due to growth in sub-sectors such as transport equipment and metal products. Construction lost an annual 2.0 percent, with the sluggishness in both building construction and civil engineering. Services grew 2.6 percent on year, centering on health and social work and financial intermediation.
On the expenditure side, private consumption jumped an annual 1.1 percent, buoyed by increased expenditures on recreational products, insurance services, and telecommunication services.
Facilities investment dropped 3.5 percent on year, as investment in machinery such as semiconductor manufacturing equipment and in transport equipment such as ships decreased, the bank noted. Construction investment decreased by 2.1 percent year-on-year, as both buildings construction and civil engineering were sluggish.
Exports of goods spiked 2.1 percent on year centering around those of metal products and semiconductors, but imports of goods dropped by 0.1 percent year-on-year with decreases for instance in steel product and general machinery imports.
Nominal gross national income eased 0.2 percent on quarter, with nominal gross domestic product dipping 0.4 percent and despite higher net factor income from abroad including dividend income.
Real gross national income expanded 1.2 percent, higher than in the previous quarter as, in addition to the decrease in the magnitude of real-term losses from trade on improved terms of trade, real net factor income from abroad increased.
The GDP deflator increased 1.2 percent year-on-year. The gross saving ratio was at 31.2 percent, similar to the previous quarter's 31.3 percent. The gross domestic investment ratio was at 27.7 percent, 1.8 percentage points lower than in the previous quarter.
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IMF Says Ready To Cooperate With ECB On New Program
The International Monetary Fund is ready to work with the European Central Bank in the effective implementation of its new crisis-fighting measures, IMF Managing Director Christine Lagarde said on Thursday.
Welcoming the ECB decision, she said "the IMF stands ready to cooperate within our frameworks."
Decisive implementation of the new intervention program will help repair monetary transmission, and support countries' efforts to secure finance at a reasonable cost while they undertake sustained macroeconomic adjustment, Lagarde said.
"We see the ECB's action as an important step toward strengthening stability and growth in the Euro Area," she added.
Meanwhile, in a regular press briefing on Thursday, IMF External Relations Department Director Gerry Rice said the IMF mission will go back to Athens around the middle of next week.
Confirming earlier reports, Rice said a conversation did take place between Lagarde and Greek Prime Minister Antonis Samaras and they discussed the current economic situation in Greece and developments in the euro area.
Responding to a query on a possible Spain bailout, he clarified that Spain has not requested IMF financial support and the Fund is not working on any plan in this regard.
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Japan Final Q2 GDP +0.2% On Quarter
Japan's gross domestic product added just 0.2 percent in the second quarter of 2012 compared to the previous three months, the Cabinet Office said on Monday in a revised reading - again suggesting that the recovery from the March 2011 earthquake and tsunami remains stuck in neutral.
The headline figure was down from last month's preliminary reading of 0.3 percent, and it was significantly lower than the 1.2 percent gain in the first quarter.
Nominal GDP was down 0.3 percent on quarter, revised from -0.1 percent in the preliminary ready and missing forecasts for -0.2 percent.
Capital spending was up 1.4 percent on quarter, down from the original read of 1.5 percent but still topping forecasts for a 0.9 percent increase. Its contribution to growth was unchanged at 0.2 percentage points.
But private sector inventories removed 0.2 percentage points from growth and net exports took off 0.1 percentage point.
On a yearly basis, GDP was up 0.7 percent - cut in half from the preliminary reading that showed a 1.4 percent increase, and missing forecasts for a slide to 1.0 percent. GDP had surged 4.7 percent in the previous three months.
The GDP deflator fell 0.9 percent on year, beating forecasts for a 1.1 percent contraction, which would have been unrevised.
Also on Monday, the Ministry of Finance said that Japan posted a current account surplus of 625.4 billion yen in July, down 40.6 percent on year. The headline figure blew away forecasts for a surplus of 485.6 billion yen and an annual decline of 52.0 percent. That follows the 433.3 billion yen surplus and the 19.6 percent annual contraction in June.
The trade balance came in at a deficit of 373.6 billion versus forecasts for a shortfall of 439.5 billion after posting a surplus of 112.0 billion in June. Exports were down 7.4 percent on year to 5.118 trillion yen, accelerating from the 1.5 percent annual contraction in June. Imports collected 1.9 percent on year to 5.491 trillion yen after easing an annual 1.2 percent in the previous month.
The adjusted current account reflected a surplus of 335.4 billion yen, missing forecasts for a surplus of 389.0 billion yen following the 773.6 billion yen surplus in June.
Also, the Bank of Japan said that overall bank lending in Japan was up 1.1 percent on year in August, coming in at 396.432 trillion. That was in line with expectations following the downwardly revised 0.9 percent annual increase in July - which was originally pegged at 1.0 percent higher.
Including trusts, bank lending added 0.9 percent on year to 458.219 trillion yen - up from the 0.7 percent increase in the previous month. Lending from foreign banks plummeted 21.7 percent on year to 2.147 trillion yen, after plunging an annual 22.4 percent a month earlier.
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UK House Price Balance Rises To -19 In August - RICS
An index measuring the average asking price for a home in the United Kingdom came in at -19 in August, the Royal Institution of Chartered Surveyors revealed on Tuesday in its month balance.
That beat forecasts for a score of -22 after coming in at an upwardly revised -23 in July (originally -24).
Among the individual components of the survey, the newly agreed sales balance jumped to 5 from -18 in July, while the new vendor instructions balance rose to 0 in August from -12.
The three-month price expectations balance rose to -13 from -21, while the 12-month price expectations balance was up to -17 from -24.
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Japan Tertiary Industry Index Falls 0.8% In July
An index measuring tertiary industry activity in Japan was down a seasonally adjusted 0.8 percent on month in July, the Ministry of Economy, Trade and Industry said on Wednesday - coming in at 98.7.
That missed forecasts for a contraction of 0.5 percent following the upwardly revised 0.2 percent increase in June.
Industries that contributed to the decrease included wholesale and retail trade, transportation, finance, personal services, accommodations and learning support.
Industries that contributed to the increase included utilities, real estate, communications, scientific research and health care.
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The New Zealand dollar edged down against major opponents after the announcement of Reserve Bank of New Zealand's interest rate decision in early Asian trading on Thursday. The Reserve Bank of New Zealand left its Official Cash Rate (OCR) unchanged at 2.5 percent.
The OCR has held steady at 2.50 percent since March 2011.
At present, the NZ dollar is trading near 63.84 against the Japanese yen, 1.5746 versus the euro, 1.2775 against the Australian dollar and 0.8198 versus the US dollar.
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