Deeper Analysis
The Deep British Economic Slump
January 26, 2010
U.K. real GDP only edged 0.1% higher on a strict fourth quarter-over-third quarter basis not annualized, according to the advanced report on the national income accounts. It was the first quarter of positive growth since the first quarter of 2008 but compared unfavorably to street expectations of a 0.4% increase. The last eight quarters depict […] More
Central Bank Watch
Polish 3.5% Central Bank Reference Rate Left Unchanged
January 26, 2010
Narodowy Bank’s interest rates has been at 3.5% since mid-2009 and will remain at that level. As with other central bank rate announcements today, this was the expected outcome. Growth is improving, and CPI inflation of 3.5% in the year to December is at the upper end of the central bank’s 1.5 – 3.5% target […] More
Central Bank Watch
South African Reserve Bank Keeps 7.0%Repo Rate As Forecast
January 26, 2010
A statement from South Africa’s central bank looks for sustained in-target CPI inflation from this March through end-2011 with evenly balanced risks. Positive growth resumed in the third quarter, but GDP remains below year-earlier levels. CPI inflation decelerated from 6.1% in September to 5.8% in November, and producer prices have been lower than a year […] More
Central Bank Watch
Malaysian Monetary Policy Unchanged As Forecast
January 26, 2010
Bank Negara Malaysia retained a 2.0% key interest rate as was expected and released a statement predicts a continuing accommodative monetary policy but balances that goal against the need to avoid a buildup of financial imbalances. On-year GDP growth was still negative in 3Q09. Recovery is being promoted by supportive macroeconomic policies, better financial conditions, and […] More
Central Bank Watch
Bank of Israel Key Rate Kept Steady at 1.25%
January 26, 2010
Following three 25-basis point rate increases implemented last August, November and December, analysts had been split over whether a fourth increase would be announced this week. The Bank of Israel instead kept policy steady and released a statement that ties the timing of future increases to inflation, domestic and global growth, and the trend in […] More
Central Bank Watch
Bank of Japan: New Quarterly Forecasts But No Policy Changes
January 26, 2010
The target interest rate on uncollateralized overnight money was voted by a unanimous 7-0 decision to remain at 0.1%, its level since December 2008. No new unconventional policy measures were taken by the Policy Board following five hours and 38 minutes of deliberations over two days. Growth and price forecasts, last made in October, were […] More
New Overnight Developments Abroad - Daily Update
Asian Stocks Clobbered
January 26, 2010
Stock markets fell by 3.5% in Taiwan, 2.6% in China, 2.5% in Singapore, 2.4% in Hong Kong, 2.0% in South Korea and 1.8% in Japan. Australia’s market closed 0.7% lower, and the Paris Cac, British Ftse and German Dax have traded 0.7%, 0.6% and 0.5% weaker. Currency movements also reflect a new wave of risk […] More
