Wednesday, July 27, 2011

Global Market Weekly Review, 17 - 23 July 2011

US Treasury Secretary Timothy Geithner said he hopes lawmakers can agree on the framework of a debt-limit agreement because the House of Representatives must start deliberations to meet the 2 August 2011 deadline. Geithner told congressional leaders at a White House meeting that delaying a deal risked an adverse reaction from credit-rating companies and financial markets.

German business confidence fell more than economists forecast in July, according to a survey taken before European leaders agreed new aid for Greece as part of an intensification of measures to stem the region’s debt crisis. The Ifo Institute said its business climate index, based on a survey of 7,000 executives, declined to 112.9, the lowest in nine months, from 114.5 in June.

Taiwan’s unemployment rate declined in June, holding below 5% for the ninth straight month and bolstering the case for further interest rate increases as the island’s economy extends export-led growth. The seasonally adjusted rate fell to 4.40% from 4.41% in May. The report matched the median estimate of 11 economists in a survey.

Vietnamese inflation accelerated for an eleventh month in July after the central bank cut key interest rate even as the nation faces the fastest price gains in Asia. Consumer prices rose 22.16% from a year earlier, compared with June’s 20.82% pace. Prices climbed 1.17% from June. The central bank reduced its repurchase rate to 14% from 15% on 4 July 2011 after a spate of increases since November to fight inflation.

Source: ING Funds Berhad

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