Economics Europe >>>
NEWS: Angela Merkel warned against the perils of excessive debt. India increased efforts to stem the rupee’s plunge and stop capital outflows. Egypt’s security forces broke up sit-ins by Islamist protesters, sparking violence that left hundreds dead. To read more, click here.
NEWS: Germany expects to cut planned 2014 bond sales. U.K. unemployment will hit Mark Carney’s 7 percent threshold faster than the BOE forecasts, a survey shows. The RICS U.K. house-price gauge rose to the highest in almost seven years in July. To read more, click here.
NEWS: Japan’s economy slowed more than forecast last quarter. The SNB will abolish its franc cap once it starts raising rates, Vice President Jean-Pierre Danthine said. Job vacancies at London’s financial-services companies fell by more than a third last month. To read more, click here.
BOE policy makers held three votes for the first time at their meeting this month. German chancellor candidate Peer Steinbrueck criticized Angela Merkel for misleading voters over the true cost of the debt crisis. Japan’s national debt exceeded 1 quadrillion yen (1,000 trillion yen) for the first time. To read more, click here.
NEWS: The Bank of Japan refrained from adding to stimulus. Gilt yields rose to the highest in more than a month after BOE Governor Mark Carney pushed to restrain expectations of an increase in interest rates. (See page 3.) Emerging-market currencies are trailing their peers in advanced economies by the most since 2009. To read more, click here.
WHAT TO WATCH: BOE publishes quarterly inflation report. Mark Carney press conference on forward guidance. 10.30 a.m. (See page 2.) German industrial output may have risen 0.3 percent in June from May, a survey shows. 11 a.m. Silvio Berlusconi’s Senate membership to be questioned by lawmaker committee. 7 p.m. To read more, click here.
NEWS: Australia’s central bank cut its policy rate 25 basis points to a record 2.5 percent. The French government needs to continue freeing up its labor market and avoid new taxes, an IMF staff report said. To read more, click here.
NEWS: Silvio Berlusconi lost his final appeal against a tax-fraud conviction. U.K. growth forecasts for this year and next were rasied by Niesr. Australia’s government cut its growth estimate for this fiscal year to 2.5 percent from 2.75 percent seen on May 14 and said the 2015-16 budged will no longer be in balance. To read more, [...]
NEWS: The Fed warned of persistently low inflation and pledged to keep buying $85 billion in bonds a month. China’s manufacturing PMIs gave a mixed picture. Europe’s leaders should brce for four more years of unbendig German policies, a senior lawmaker said. To read more, click here.
NEWS: China’s Politburo pledged to stabilize growth while pressing on with economic reforms. Silvio Berlusconi’s prosecutor asked judges to ease the maximum sentence. The $20 billion potash market is set to be freely traded after Uralkali, the biggest supplier, decided to end production restrictions that underpinned prices. To read more, click here.