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International Monetary Fund Chief Christine Lagarde said global economic growth remains subdued despite signs of recovery taking hold in the U.S., emphasizing the point that economies are moving at different speeds. The stake of U.S. in the global recovery is greater than ever in a world of increasing economic interconnections, Lagarde said.
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The U.K. budget deficit narrowed slightly more than expected in August, suggesting that economic recovery started to bring positive developments in public finances. Data published by the Office for National Statistics on Friday showed that public sector net borrowing, excluding temporary effects of financial interventions, came in at GBP 13.2 billion.
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China will on Monday see September results for the HSBC/Markit flash manufacturing PMI, highlighting a modest day for Asia-Pacific economic activity.
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An indicator of China's factory sector performance rose to its highest level in six months in September as new export orders rebounded, preliminary results of a survey by Markit Economics and HSBC revealed Monday. The headline purchasing managers' index rose to a six-month high of 51.2 in September from 50.1 in August. A PMI reading above 50 indicates expansion of the sector.
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Singapore's inflation edged up to 2 percent in August on account of higher costs of accommodation, services and food, data published jointly by the Ministry of Trade and Industry and the Monetary Authority of Singapore showed Monday.
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While the data may be taken with a grain of salt in light of recent technical issues, the Labor Department released a report on Thursday showing that first-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended September 21st. The report said initial jobless claims fell to 305,000, a decrease of 5,000 from the previous week's revised figure of 310,000.
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Economic activity in the U.S. increased at an unrevised rate in the second quarter, according to the Commerce Department's final estimate on gross domestic product in the quarter. The Commerce Department said GDP increased by 2.5 percent in the second quarter, unchanged from the previous estimate. Economists had expected the pace of growth to be upwardly revised to 2.6 percent.
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Pending home sales in the U.S. fell by more than expected in the month of August, according to a report released Thursday by the National Association of Realtors, which cited tight inventory conditions, higher interest rates, rising home prices and continuing restrictive mortgage credit. NAR said its pending home sales index dropped by 1.6 percent.
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Core consumer prices in Japan gained 0.8 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday - suggesting a possible end to the deflationary problems that have plagued the nation for more than a decade.
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The growth in British house prices accelerated unexpectedly in September, the results of a key survey revealed Friday, fueling concerns that the government's new 'Help To Buy' scheme could trigger a property market boom if demand continues to outstrip supply. The Nationwide Building Society said that its house price index rose 0.9 percent month-on-month in September.
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