Economic News

China targets 2007 M2 growth of around 16 pct - PBoC BEIJING (XFN-ASIA) - The People's Bank of China said it is targeting M2 money supply growth of 16pct this year, matching its 2006 goal. "The growth target of M2 money supply is around 16 pct given the consideration of expected GDP growth at around 8 pct and CPI growth of no more than 3 pct in 2007," the central bank said in a state ...

LONDON (AFX) - The dollar edged higher after a stronger-than-expected reading in a US consumer confidence survey. The University of Michigan consumer confidence indicator rose to 98.0 points in January compared to 91.7 in December. Analysts had been expecting a much smaller rise in the index to 92.0 points. "Along with initial jobless claims for the last two weeks, this report points to a f ...

LONDON (AFX) - At least one further rise in interest rates from the Bank of England is now practically a given after this week's raft of strong UK data pointed to surging inflation, a solid pick-up in consumer spending and falling unemployment. The Bank of England took markets by surprise last week when it raised interest rates to a five and a half year high of 5.25 pct, but the increasing deluge ...

(Updates with more detail, analyst comments) LONDON (AFX) - The University of Michigan consumer confidence indicator in the US rose to 98.0 points in January compared to 91.7 in December. Analysts had been expecting a much smaller rise in the index to 92.0 points. The subindex for consumer views on current conditions rose to 112.5 in January from 108.1 in December and consumer expectations impr ...

LONDON (AFX) - The dollar remained steady, with investors eyeing a US consumer confidence number as the last potential driver before the weekend. The University of Michigan consumer sentiment index is seen rising to 92.0 in January from 91.7 previously, which would confirm recent data showing resilient labour and housing markets. The dollar strengthened earlier this month on views that the econo ...

(Updating with more details, quotes) WASHINGTON (AFX) - The President of the Richmond Federal Reserve Bank said the possibility of resurgent inflation remains the biggest risk to policymakers. "The risk that core inflation surges again, or does not subside as desired, clearly remains the predominant macroeconomic policy risk," Jeffrey Lacker said in a speech to the Richmond Risk Manage ...

WASHINGTON (AFX) - The President of the Richmond Federal Reserve Bank said the possibility of resurgent inflation remains the biggest risk to policymakers. "The risk that core inflation surges again, or does not subside as desired, clearly remains the predominant macroeconomic policy risk," Jeffrey Lacker said in a speech to the Richmond Risk Management Association. Lacker, who unsucce ...

(Updating to add details, analyst comment) LONDON (AFX) - The UK owes more than half a trillion pounds for the first time ever, but Chancellor of the Exchequer Gordon Brown will be pleased to see that the amount the government borrowed in December was not as much as feared, keeping him on track to meet his revised projections for the current fiscal year. Figures from the Office of National Stati ...

(updating with comments on money growth, politicians' criticisms of ECB) BUDAPEST (AFX) - European Central Bank board member Juergen Stark said the ECB retains the freedom to move interest rates whenever it considers it necessary to control inflation pressures, irrespective of guidance on possible rate moves at ECB news conferences. ECB president Jean-Claude Trichet's introductory statements at  ...

The Trafford CentreTRAFFORD Centre bosses today predicted continued growth on the back of a record Christmas for visitors, despite toughening economic conditions set to hit consumer confidence this year. The giant shopping and leisure mall, the jewel in the crown of Peel Holdings - billionaire John Whittaker's property investment company - is expanding this year with the opening of a £26m upmarket food hall, housing seven new eateries including Carluccio's, adding to centre's existing 55 bars a ...