Wednesday, August 10, 2011

Global Market Weekly Review, 31 July - 6 August 2011

Last week, Moody’s placed Spain’s “Aa2” sovereign rating on review for a possible downgrade.

Eurozone’s seasonally adjusted jobless rate remained high at 9.9% for a fourth straight month in June 2011, as economic growth in the region showed signs of cooling and governments struggled to convince investors that they can contain the debt crisis.

The Reserve Bank of Australia kept the benchmark interest rate unchanged, holding the overnight cash rate target at 4.75% as uncertainty in financial markets became the main factor for inaction.

Companies in the US added 114,000 workers to payrolls in July. The increase followed a revised 145,000 gain the prior month, according to data from ADP Employer Services. A slowdown in hiring means consumers are unlikely to boost the spending that fuels 70% of the economy, raising the risk the recovery may stumble.

The Philippines’ budget deficit narrowed in June after revenue from tax collections increased and government spending declined. The shortfall was 7.69 billion pesos ($181 million), compared with a deficit of 9.6 billion pesos in May, the government said.

Source: ING Funds Berhad

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