Economic News

- (Adds further quotes/details, background) MELBOURNE (XFN-ASIA) - The world economy is in the best shape for nearly two generations but a slump in the US housing market could hurt global growth, International Monetary Fund head Rodrigo de Rato said. Speaking ahead of the opening of the Group of 20 meeting of finance ministers and central bank chiefs here, De Rato said the IMF was not expect ...

MELBOURNE (XFN-ASIA) - The world economy is in the best shape for nearly two generations but a slump in the US housing market could hurt global growth, International Monetary Fund head Rodrigo de Rato said. Speaking ahead of the opening of the Group of 20 meeting of finance ministers and central bank chiefs here, De Rato said the IMF was not expecting a sharp slowdown in the US economy. "Wh ...

LONDON (AFX) - The dollar suffered a bout of selling as investors squared up positions following a data-filled week, in which the US currency managed to brush aside a raft of disappointing US economic news. The dollar has managed to rise throughout the week in the face of weak US economic data and even brushed aside a much bigger than expected 14.6 pct decline in US housing starts in October to  ...

The dollar fell against other major currencies Friday, surrendering early gains after a U.S. government report showed starts of new homes plunged to more than a six-year low last month. The Commerce Department said housing starts fell 14.6% in October to a seasonally adjusted annual rate of 1.486 million homes, the largest percentage decline in permits in seven years. In addition, building p ...

Treasury prices were higher early Friday, pressing yields lower, after news that U.S. housing starts plunged more than 14% to a six-year low last month. The new evidence of housing sector deterioration will reduce pressure on the Federal Reserve to continue lifting rates, which would please fixed-income investors. It also subtracts from the view that the housing sector's decline was leveling of ...

(Adds details, background) FRANKFURT (AFX) - European Central Bank vice-president Lucas Papademos said "strong vigilance" on inflation risks in the euro zone is essential and that the ECB will need to raise interest rates further if the economy continues to recover in line with its expectations. "We are now in a situation where strong vigilance is of the essence and where risks to ...

FRANKFURT (AFX) - European Central Bank vice-president Lucas Papademos said "strong vigilance" on inflation risks in the euro zone is essential and that the ECB will need to raise interest rates further if the economic recovery progresses as expected by the central bank. "We are now in a situation where strong vigilance is of the essence and where risks to price stability are, over ...

The number of new US homes being built fell to a six-year low last month as housing activity slowed significantly, a Commerce Department report has shown. About 1.48 million houses were started in October, 14% down from the previous month and 27.4% lower than a year ago. At the same time, the number of permits awarded for future housing projects fell to its lowest level since 1997. Successive interest rate rises since 2005 have dampened the market, as has a slowdown in the economy, analysts s ...

U.S. stocks are expected to open lower on Friday after a plunge in October housing starts revived fears of a hard landing for the U.S. economy. Futures for the Dow Jones Industrial Average (DJI) were down points at 12,323 after the data. Futures for the S&P 500 Index (SPX) lost 4.50 points to 1,400.60, while the Nasdaq 100 futures dropped 9.75 points to 1,800.50. Starts of new homes p ...

LONDON (AFX) - UK data in the coming week are expected to show an improvement in UK public finances for October and to confirm that the UK economy grew at slightly above its trend rate in the third quarter. The latest industrial trends survey from the Confederation of British Industry should show some improvement in manufacturing orders, while a string of mortgage lending data and a survey from R ...