Wednesday, August 24, 2011

Global Market Weekly Review, 14 - 20 August 2011

Manufacturers in the US churned out more cars, computers and furniture in July, easing concern that one of the mainstays of the recovery was giving way. The 0.9% increase in production at factories, mines and utilities was almost twice the median forecast of economists surveyed and the biggest gain of the year, according to data from the Federal Reserve.

Builders began work on fewer homes in July, indicating residential real estate is failing to contribute to U.S. growth two years into an economic recovery. Housing starts fell 1.5% to a 604,000 annual rate, in line with the median forecast of economists surveyed, from June’s 613,000 pace that was less than previously estimated. Building permits, a proxy for future construction, also dropped.

UK unemployment claims increased the most in more than two years in July, adding pressure on Prime Minister David Cameron to ease the pace of budget cuts as the economic outlook worsens. Jobless benefit claims rose 37,100 from June to 1.56mn, the biggest gain since May 2009. The median of 23 forecasts in a survey was for an increase of 20,000. Unemployment measured by International Labour Organization methods climbed 38,000 to 2.49mn people in the second quarter.



Source: ING Funds Berhad

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