Tuesday, October 18, 2011

Global Market Weekly Review, 9 - 15 October 2011

Opponents of President Barack Obama’s US$447biliion jobs plan had enough votes to block the measure in the Senate, with two Democrats joining Republicans to derail his prime proposal to help turn around the struggling economy. More than 40 senators voted against permitting debate on the measure, effectively shelving it. The broad plan includes cuts in payroll taxes for workers and employers and provides new funding for roads, bridges and other infrastructure.

Indonesia’s central bank unexpectedly cut its benchmark interest rate for the first time in more than two years to spur growth as the global recovery weakens and inflation slows. Bank Indonesia lowered the reference rate by a quarter of a percentage point to 6.5%. All of the 15 economists in a survey expected no change.

The Bank of Korea kept interest rates on hold and the Bank of Japan said its board had discussed more monetary easing, in further signs policy makers are moving to protect growth as the global economy weakens. Governor Kim Choong Soo and his board held the benchmark seven-day repurchase rate at 3.25% for the fourth straight month. In Japan, records of a Bank of Japan (BOJ) meeting last month said “a few” members discussed extra stimulus.



Source: ING Funds Berhad

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