Deeper Analysis
Canadian Budget Highlights
March 29, 2012
The annual 2012 Canadian budget, presented late Thursday conceivably might restore a balanced budget by the fiscal year that starts in April 2014, a mere two years from now. The deficit in fiscal 2010-11 equaled C$ 33.4 billion, by comparison. Today’s budget projects a deficit of C$ 1.3 billion in fiscal 2014-15 but embodies a […] More
Central Bank Watch
South African Reserve Bank Keeps Status Quo Despite Cost Push Pressure
March 29, 2012
South Africa’s key repurchasing rate of 5.5% was last changed on November 18, 2010. A 50-bp cut then culminated a nine-step 650-basis point easing cycle that was begun in December 2008. A statement from central bank officials concedes that cost-push pressures, mainly from wages, persist but errs on the side of supporting economic growth. Latitude […] More
Central Bank Watch
Czech Monetary Policy Stance Stays on Hold
March 29, 2012
In its second policy meeting of 2012, the Czech National Bank Board voted to leave the key two-week repo rate at 0.75%, its level since a 25-basis point cut on May 6, 2010 that culminated a 7-move, 300-basis point easing. Czech GDP contracted 0.5% annualized in the final quarter of 2011 and was merely 0.3% […] More
Central Bank Watch
Another Romanian Interest Rate Cut
March 29, 2012
Romania’s monetary policy rate has been reduced to 5.25% from 5.5%. This move by the National Bank of Romania was not a big surprise and follows similar 25-bp cuts announced November 2, January 5, and February 2. CPI inflation subsided to 2.6% in February from 3.1% in December and 8.0% at end-2010. Weak growth in […] More
New Overnight Developments Abroad - Daily Update
Share Prices Sinking on a Thursday Crammed with New Information
March 29, 2012
Equities fell 1.3% in China and Hong Kong, 1.5% in Vietnam, 2.1% in Taiwan, 0.9% in South Korea, 0.7% in Japan and 0.4% in India. The German Dax, Paris Cac and British Ftse have already lost 1.1%, 1.0%, and 0.9% today. Continuing the motif of greater risk aversion, the yen has advanced 0.8% against a […] More
