Higher-than-expected inflation prompts another downgrade of Brazilian growth August 21, 2013 Brazilian bank Itau BBA has become the latest bank to cut Brazil’s growth forecast after reports that inflation rose at by more than expected – generating further speculation the central bank will increase the pace of increase in borrowing costs. The IPCA-15 consumer price index rose at a monthly rate of 0.16 per cent and [...]
US existing home sales increase at fastest rate in three years August 21, 2013 More homes than expected were sold in the US in July, according to data from the National Association of Realtors (NAR) (release). Existing home sales – which are completed transactions including single-family homes, townhomes, condominiums and co-ops – rose to a seasonally adjusted annual rate of 5.39m in July – up from a downwardly revised [...]
ECB’s Asmussen says Greece must continue reforms as fears about third rescue package intensify August 21, 2013 The European Central Bank's (ECB) Jorg Asmussen has said that Greece must continue to implement reforms, saying that the country will have a sound banking system once recapitalisation is complete. Saying that he "came to Athens to take stock of the current programme" and "to see what the situation is", Asmussen said that he had [...]
Bloomberg steps up privacy reforms August 21, 2013 Bloomberg has made further changes to its data policies following an external review into how its journalists were accessing client log-in activity on the company's trading data terminals (release). While the review by law firm Hogan Lovells and regulatory compliance firm Promontory Financial Group found that the news agency already had appropriate client data policies [...]
Merkel confirms details of potential Greece bailout will not be decided until mid-2014 August 21, 2013 German chancellor Angela Merkel has confirmed that any decision on the details of a potential third bailout for Greece will not be made before the middle of next year. Speaking to SAT.1 television, she said she could not say today what amount Greece would evenutually need – echoing earlier comments made by her spokesman Steffen [...]
India may be forced to tighten monetary policy as it faces financial crisis August 21, 2013 As emerging markets including India tank with the rupee hitting record lows against the pound and the dollar, Shweta Singh of Lombard Street Research suggests that expectations of quantitative easing withdrawal are now "baked in". It now looks as if Raghuram Rajan will have a tough start at India's central bank (a stark contrast to [...]
Press freedom body calls for Cameron to investigate Miranda detention August 21, 2013 The Committee to Protect Journalists, an international media freedom organisation, has written to prime minister David Cameron urging him to lauch a “thorough and transparent” investigation into the detention of David Miranda at Heathrow Airport. Miranda is the partner of Guardian journalist Glenn Greenwald, thought to have been carrying journalistic material related to the story [...]
German government looks to moderate growing Greece tensions ahead of elections August 21, 2013 Germany's finance ministry is attempting to diffuse growing tensions over Greek aid in the run-up to next month's elections. Spokesman Martin Kotthaus said today that Greece is fulfilling the terms of its aid programme, and that the situation will be reviewed in 2014. He ruled out another restructuring of Greek sovereign debt, but added that [...]
US weekly mortgage applications index falls to two year low August 21, 2013 The Mortgage Banker’s Association's index for US mortgage applications fell to a two-year low last week, it was revealed today. Mortgage applications in the week to 16 August fell by 4.6 per cent, following a 4.7 per cent fall the week before. The index hit 450.4 from 471.9 the week before. The weekly purchase index [...]
UK manufacturing order books in best shape for two years August 21, 2013 The UK's manufacturing output order book is in its best state since August 2011, according to new CBI figures. The order book balance indicator has improved from -12 to zero in July. Economists had predicted an improvement to just -8. Other measures also improved, with the manufacturing output expectations balance at +25 from +12. The [...]