MANILA, Philippines— The Philippine central bank has raised its key interest rate by a quarter percentage point to counter inflation. The rate the central bank charges commercial banks for overnight borrowing was Thursday raised to 5.75 percent.» Read More
Singapore's economy grew at an annualized, seasonally adjusted rate of 4.3 percent in the third quarter, well below market expectations for 6.4 percent, as a series of government cooling measures and the impact of the subprime crisis took hold.
The World Bank on Thursday lifted its economic growth estimate for East Asia this year by a full percentage point after an unexpected strong spurt in China's growth in the first half of 2007.
China's industrial production slowed more than expected in October under the weight of government tightening measures, but growth was still by far the strongest of any major economy.
Soaring food costs drove up China's inflation in October, reinforcing expectations that the Chinese retail sales jumped 18.1 percent in October from a year earlier, the fastest pace on record, propelled by rising incomes, accelerating inflation and windfall gains from the surging stock market.
Japan's economy grew faster than expected in the third quarter, but the Bank of Japan kept interest rates on hold in the face of market turmoil that has sent both stocks and the dollar sliding.
Soaring food costs drove up China's inflation in October, reinforcing expectations that the central bank will raise interest rates again before long to keep a lid on price pressures. Consumer price inflation quickened to 6.5 percent in October, matching the near 11-year peak scaled in August, from 6.2 percent in September.
China on Monday posted a record trade surplus for October, but the total was smaller than expected, as climbing raw material costs and strengthening domestic demand gave a boost to imports.
Japanese wholesale prices rose slightly more than expected in October from a year earlier on rising oil prices, but investors, preoccupied with global markets, stuck to the view that the Bank of Japan will wait until next year to lift rates.
South Korea's central bank held its main interest rate steady at 5.0 percent for the third month in a row on Thursday, as widely expected, amid turbulent global markets and despite growing inflationary pressures.
Unemployment in Australia unexpectedly ticked up from 33-year lows in October but the number of full-time jobs increased by the biggest amount in 16 years, underlining the continued strength of the economy.
Japanese machinery orders rose in the July-September period and are forecast to keep going this quarter, supporting the growth outlook for the economy, but financial market turmoil looks set to keep a lid on interest rates for the next few months.
The Bank of Japan left its policy rate unchanged at 0.5 percent on Wednesday, as widely expected, reflecting caution among central bankers over market uncertainty and the economic fallout from U.S. subprime woes.
Unemployment in Japan rose to 4.0 percent last month, reinforcing expectations the Bank of Japan will delay its next rate rise, but household spending jumped.
Japanese retail sales rose unexpectedly in September from a year earlier, government data showed on Monday, suggesting consumer spending may be picking up in accordance with moderate improvement in workers' income conditions.
The Bank of Japan is seen cutting its growth and inflation forecasts and stressing more the downside risks, as markets push back still further into next year expectations of when the central bank will next increase rates.
Japanese core consumer prices fell from a year earlier in September, as expected, marking the eighth straight month of decline and doing little to change expectations that the Bank of Japan's monetary policy will be on hold for now.
China's annual gross domestic product growth eased to 11.5 percent in the third quarter, but the slowdown from a 12-year high of 11.9 percent in the second quarter was not enough to dispel expectations of fresh policy curbs to stave off overheating.
South Korea's economy grew less than expected in the third quarter as companies cut investment in facilities by the most in nearly seven years in the face of an increasingly uncertain global economy, data showed on Thursday.
New Zealand's central bank held interest rates steady at 8.25 percent on Thursday, as expected, but said rising food prices and increased government spending were adding to persistent inflation pressures.
Underlying inflation in Australia speeded past expectations last quarter to hit the very top of the central bank's target range, sharply lifting the risks of a hike in interest rates as early as next month.
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