Thursday, September 15, 2011

Global Market Weekly Review, 4 - 10 September 2011

President Barack Obama said spending to rebuild the nation’s infrastructure is a key component of his plan to reignite the economy and boost hiring. In a speech marking the US Labor Day holiday, Obama told a Metro Detroit Central Labor Council rally that the jobs agenda he’ll unveil in a speech to Congress on Sept. 8 will include proposals that previously have had support from both parties. Obama will unveil his new jobs agenda as unemployment remains at 9.1% more than two years after the recession’s official end.

The Reserve Bank of Australia left its benchmark interest rate unchanged for a ninth straight meeting, citing unstable financial markets and weaker growth prospects at home and abroad. Governor Glenn Stevens held the overnight cash rate target at 4.75%. The extended pause on rates matched the prediction of all 25 economists in a survey.

President Barack Obama plans to propose sparking job growth by injecting more than US$300bn into the economy next year, mostly through tax cuts, infrastructure spending and direct aid to state and local governments. Obama will call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. Obama is set to lay out his plans in an address to Congress on 8-Sep-2011 as unemployment remains at 9.1% more than two years after the official end of the worst recession since the Great Depression.

Source: ING Funds Berhad

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