S.Korea drafts aggressive spending plan for 2022, taking debt to 50% of GDP
South Korea’s government on Tuesday unveiled an aggressive spending increase in the final annual budget of President Moon Jae-in’s five-year term, pushing out any prospect of achieving balanced budgets amid a worsening fiscal deficit.
Australian economy likely already slowing in Q2 before Delta downturn
Australia’s economy was likely already slowing before wide-scale coronavirus restrictions shuttered swathes of business and jobs, setting the stage for a vicious contraction this quarter.
South Korea’s youth debt binge shows no sign of slowing as rate hike looms
When South Korea announced new lending curbs last month, Joe Park, a 34-year-old grocery chain purchasing manager, scrambled to borrow more money before the tighter rules took effect.
China c.bank increases cash injections to soothe tightening worries
China’s central bank increased short-term fund injections into the financial system on Wedneday, in a bid to soothe market worries over tightening liquidity.
German private sector stays on growth path in August -PMI
Activity in Germany’s manufacturing and services sectors expanded in August, a survey showed on Monday, pointing to recovering employment levels, strong demand and a rosier business outlook even though the pace of growth fell slightly.
Asian shares move off near year lows, NZ holds rates steady
Asian shares edged off near year-to-date lows on Wednesday despite Wall Street’s overnight declines, while New Zealand’s central bank defied expectations by not raising interest rates as the country is in lockdown due to cases of the COVID-19 Delta variant.
Japan’s economy rebounds in Q2, COVID clouds outlook
Japan’s economy rebounded more than expected in the second quarter after slumping in the first three months of this year, data showed, a sign consumption and capital expenditure were recovering from the coronavirus pandemic’s initial hit.
Malaysia c.bank slashes 2021 growth outlook on COVID-19 surge, lockdowns
Malaysia’s economy expanded more quickly than expected on an annual basis in the second quarter, but the central bank slashed its 2021 growth forecast as rising COVID-19 cases and new lockdown measures weighed on the outlook.
Dubai Expo in focus as UAE racks up $700 mln of trade with Israel since normalisation
Israel and the United Arab Emirates, which normalised relations a year ago, are looking to Dubai’s Expo world fair in October to boost bilateral trade, which now stands at around $712 million.
Dollar holds firm near 4-month high on Fed tapering bets
The dollar held firm on Friday, staying near its highest level in four months against a basket of currencies as investors looked for more hints from the Federal Reserve on its plans to reduce monetary stimulus.
