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Important developments today:
1. U.S. GDP growth for Q4-09 revised up slightly
2. U.S. existing home sales tumble.
3. Japanese indicators shift upward, but deflation remains
Important developments today:
1. Greek bond issuance meets headwinds
2. U.S. initial claims increase in latest week
3. U.S. durable goods orders (x-aircraft) drop in January
Almost a year ago the free fall in production and trade stopped (albeit at very depressed levels) and financial markets normalized. That spring of 2009 motivated many pundits to exhaust the metaphor of green shoots. They continued to do so till at least metaphysically the shoots were completely sapped.
Important developments today:
1. Sovereign credit risk increases as Fitch downgrades Greek banks
2. WTO points to 12% contraction in world trade during 2009
3. U.S. new home sales plummet.
Important developments today:
1. U.S. consumer confidence plummets in February
2. U.S. home prices fall for second month, but annual declines ease
3. European confidence shaken according to latest surveys
Even as Greece continues to struggle with market uncertainty over its debt, some intelligentsia are making pronouncements about how the United States is next in line. Claims such as these are hyperbole. The U.S., after all, remains able to secure debt in its local currency.
Important developments today:
Greece's debt situation grows more difficult.
U.S. Treasuries fall ahead of auction.
Mexico and Thailand report fourth quarter real GDP growth.
What do a confident young Australian woman from Oxfam and two Andrew Bs with long experience in economic analysis (one at the WB and one at the IMF) have in common? All three think the economic crisis could have been far worse if it weren’t for the fact that many developing countries were in decent fiscal shape when the crisis hit. They also agree that volatility is here to stay and that welfare programs and schemes for the newly jobless should be well targeted and easy to scale up.
Important Developments Today:
U.S. CPI inches up marginally, but core inflation falls.
Federal reserve nudges discount rate higher.
European manufacturing sector PMI points to growth.
Important developments today:
China cuts holdings of U.S. Treasuries by record amount
U.S. Leading Economic Indicators point to strengthening recovery
Poland posts strong increase in industrial output
Important developments today:
U.S. Industrial production up sharply in January
Starts on new private housing in the U.S. increases
European exports rise, improving regional trade surplus for 2009
Important developments today:
Political and economic spillovers from Greece's budget and debt plight have intensified.
China remains a net-seller of U.S. Treasuries for a second straight month
New York's Emmpire survey shows strong gains in manufacturing.
The Republic of Korea’s economic history---insofar as financial crises are concerned---has been a mixed bag. It successfully navigated the emerging market debt crises of the early 1980s, but the Asian crisis of 1997/98 hit the economy especially hard.
Important developments today:
Global markets: Stocks and oil down; U.S. treasuries up.
U.S. factory orders increase
German factory orders disappoint
Important developments today:
Corporate bond risks in Europe to fall.
U.S. services sector expands after 3 months.
Poland's budget deficit to reach 7.5 percent of GDP in 2010.
This is a guest post by Célestin Monga, a Lead Economist at the World Bank's Development Operations and Strategy group.
Important developments today:
Global equities bounce back from 3-month lows
German retail sales increased in December
Brazil’s industrial production posts record year-over-year growth in December
Both industrial production and trade declined sharply in the aftermath of the global financial crisis. In February 2009, global industrial production was falling at 23.7 percent annualized pace, while world import volumes were declining at rates in excess of 40 percent (annualized quarterly growth rates, based on 3-month moving averages of monthly data).
Important developments today:
Treasuries fell before reports on jobs and manufacturing.
U.S. Manufacturing expands in January.
China’s manufacturing continued to grow at a sustained rate in January.
