Economic News

TOKYO (XFN-ASIA) - Japanese government bond prices ended the morning session lower in cautious trade, with many investors staying on the sidelines ahead of key economic data tomorrow and following remarks by a central bank official that rekindled speculation of an early rate hike in Japan, dealers said. At the break, the yield on the benchmark 10-year bond was at 1.685 pct, up from 1.645 pct at t ...

LONDON (AFX) - UK GDP growth slowed slightly in the three months to November compared with the pace seen earlier in the year, the National Institute of Economic and Social Research said. It predicts that GDP rose by 0.6 pct in the 3-months to November from the previous three months. Meanwhile, NIESR shaved growth in the 3-months to October to 0.6 pct from 0.7 pct previously. "These estimate ...

WASHINGTON (AFX) - Incoming House Financial Services Committee Chairman Barney Frank said Wednesday he plans to delve deeper into why some Americans are not reaping the benefits of a mostly healthy economy, which he called the "No. 1 problem" facing the country. The Massachusetts lawmaker, in a wide-ranging discussion with reporters, highlighted some of his priorities once he takes  ...

LONDON (AFX) - The euro was propped up by the general belief that its recent rally is sustainable, although its gains were limited ahead of the European Central Bank's interest rate meeting tomorrow. The ECB is widely expected to deliver a 25 basis point hike, so the focus will be on any signal from ECB president Trichet regarding the direction of interest rates next year. The dollar was momenta ...

LONDON (AFX) - Chancellor of the Exchequer Gordon Brown's shorter than usual Pre-Budget Report went some way to boost government coffers by going the 'green' way but was otherwise both cautious and benign, analysts said. Some believe Brown is biding his time, waiting for his budget speech in spring to deliver what could possibly be generous and vote-winning giveaways. "The Chancellor's stra ...

Taxes on flights from the UK will double, Chancellor Gordon Brown has announced, in most cases a rise to £10. But long-haul flights beyond the European Economic Area will see taxes increase to as much as £80. Meanwhile the duty on petrol will rise by 1.25p per litre, in line with inflation, although Mr Brown did lower taxes for biodiesel. Environmentalists had called for more drastic moves, saying only higher taxes would help to tackle climate change. Aside from vehicles - which r ...

Business groups have welcomed moves in the pre-Budget report to boost UK skill levels, but there was dismay from the transport sector to rises in duties. The emphasis by the chancellor on new measures for skills, training and planning won broad approval. But there was disappointment that there was no commitment given to reduce the tax burden on business. Transport groups also strongly criticised the rises in fuel duty and air passenger duty. Fuel row The Freight Transport Association said t ...

LONDON (AFX) - European government bonds were lower, tracking US Treasuries following stronger-than-expected US ADP employment data which pointed to a firm reading in Friday's key US non-farm payrolls report. Today's ADP data looked for November payrolls growth of 158,000, well above economists' forecasts for a gain of around 110,000. The news follows yesterday's much stronger-than-expected non-m ...

LONDON (AFX) - Chancellor of the Exchequer Gordon Brown has raised the projection for the UK's trend rate of economic growth for the coming years partly because of migration from Eastern Europe. In documents accompanying today's pre-budget report, the Treasury explained why it is keeping the trend rate -- the level of output growth that puts no upward or downward pressure on inflation -- at 2.75  ...

LONDON (AFX) - Chancellor of the Exchequer Gordon Brown's tenth Pre-Budget Report brought a series of green measures, including a doubling in air passenger taxes, alongside an upgrade to economic growth forecasts, pretty much fulfilling market expectations. Brown, the odds-on favourite to replace Tony Blair as prime minister next year, doubled air passenger duty to 10 stg and ended a freeze on fu ...