Thailand

• Oct GDP ‘presages better Q4’ – The economy last month – the first in the fourth quarter – revived as targeted and this quarter should be better than the third thanks to the expected improvements in all sectors, according to the Fiscal Policy Office. (The Nation, 28/11/14)
• Thailand, Vietnam set US15bn trade target – Thailand and Vietnam yesterday set a target to increase trade between the two countries to US$15bn (Bt491bn) by 2020. (Bangkok Post, 28/11/14)
• October sees exports rebound – The Commerce Ministry expects exports to grow by 0.05-0.5% this year, after the strongest rebound in 21 months in October. Exports rose by 3.97% during the month. (The Nation, 27/11/14)

• International Headquarters program – Deputy Prime Minister MR Pridiyathorn Devakula said the International Headquarters or IHQ program should attract multinational corporations to set up head offices in Thailand. (Post Today, 27/11/14)
• Board backs investment applications worth B79bn – The Board of Investment (BoI) yesterday approved investment applications for 23 projects worth a combined Bt79.2bn. They included applications for the second phase of the government’s eco-car project by four companies that will invest more than Bt34bn. (Bangkok Post, 26/11/14)
• Cabinet okays draft of MoU between Thailand and China for the construction of the 734km dual-track railway. The deal is expected to be signed by December and later be proposed to the National Legislative Assembly for consideration. (Thai Post, 26/11/14)
• Business registrations rise 2% in Oct – The number of newly registered businesses in October increased 2% and their registered capital rose by 6% YoY the Department of Business Development said Tuesday. Department director-general Pongpan Jiarawiriyapan said registrations grew to 5,384 while registered capital jumped to Bt20.2bn. (Bangkok Post, 25/11/14)
• The Finance Ministry is preparing a stimulus package that is expected to be released within three weeks, designed to support Thai citizens and SMEs. The Ministry said that the new stimulus policies will not create more household debt like the first car scheme. Banks are being urged to lower their interest rates for SMEs and to set up a “nano-finance” service. (Bangkokbiznews, 24/11/14)
• Economists and foreign analysts expect Thai GDP to grow by 4% next year if the government is able to increase the country’s productivity, developed skilled workforce and accelerate the disbursement of the infrastructure budget. However, their concern is the low interest rates environment that has as a result increased household debt, which can later affect Thai spending power and pressure the economy. GDP growth this year is expected at only 1% dragged down by the slumped in tourism sector. (Bangkokbiznews, 24/11/14)
• Property tax figures finalized – Land and buildings valued at more than Bt1mn will be subject to tax, with unused or vacant land to be charged at a progressive rate every three years but not exceeding a maximum level of 4% of the appraised value, according to the draft of the land and buildings tax bill. (Bangkok Post, 22/11/14)

Globally

• Industrial output edges up 0.2% pct in October in Japan – Industrial output in Japan inched up a seasonally adjusted 0.2% in October on month, according to the Japanese Industry Ministry Friday. The index of output at factories and mines stood at 98.2 against the base of 100 in 2010, the ministry said in a preliminary report. The index of industrial shipments gained 0.4% to 98.4, while that of inventories was down 0.4% at 111.4. (Xinhua, 28/11/14)
• Japan’s consumer prices rise 2.9% on year in October – Japan’s consumer prices rose 2.9% in October from a year earlier for the 17th straight monthly gain, the government said Friday. (Kyodo News, 28/11/14)
• Eurozone economic sentiment rises for second month – Eurozone economic sentiment unexpectedly strengthened for a second consecutive month in November. The economic sentiment indicator rose to 100.8 from 100.7 in October. Economists had expected the index to ease to 100.3. (RTT News, 27/11/14)
• German unemployment in November falls to record low level – The number of Germany’s unemployed population in November fell to about 2.87mn, pushing the unemployment rate in the Europe’s largest economy hit a record low of 6.6%, the Federal Employment Agency announced Thursday in Nuremberg. (Xinhua, 27/11/14)
• German inflation dips to five-year-low level – When measured by harmonized index of consumer prices (HICP), European Central Bank’s yardstick, German inflation fell to 0.5% in November from the 0.7% in October. (Xinhua, 27/11/14)
• U.S. consumer spending continues to soar in October – Personal spending rose 0.2% from September to hit US$27.3bn last month, while personal income increased 0.2% to US$32.9bn. (Xinhua, 27/11/14)
• U.S. durable goods orders rebound in October – Orders for durable goods went up 0.4% last month from the previous month to US$243.8bn, driven by rising demand for transportation equipment, the U.S. Commerce Department reported Wednesday. (Xinhua, 27/11/14)
• U.S. new home sales on rise in October – The sales of new single-family houses in October were at a seasonally adjusted annual rate of 458,000, up 0.7% from the revised September rate and 1.8% above the September 2013 estimate as property market recovery kept going, the Commerce Department said Wednesday. (Xinhua, 27/11/14)
• U.S. pending home sales slow in October – The National Association of Realtors (NAR) said its index of pending home sales, which measures the number of contracts that have been signed but not yet closed for purchasing previously- owned homes, fell 1.1% to 104.1 in October from September. (Xinhua, 27/11/14)
• U.S. initial jobless claims rise to a three-month high – In the week ending Nov. 22, the advance figure of seasonally adjusted initial claims for jobless benefits rose to 313,000, a rise of 21,000 from the revised level of the previous week, the U. S. Labor Department said Wednesday. (Xinhua, 27/11/14)
• Chicago PMI drops in November to a reading of 60.8 from 66.2 in October, MNI Indicators reported. (Xinhua, 27/11/14)
• U.S. consumer sentiment sets seven-year high in November – The final reading of the consumer sentiment index in November increased to 88.8 from 86.9 in October, the fourth straight monthly gain, according to the monthly Thomson Reuters/University of Michigan survey of consumers. (Xinhua, 27/11/14)
• U.S. economy grows 3.9% in Q3 – U.S. real gross domestic product (GDP) increased at an annual rate of 3.9% in the third quarter this year, higher than the initial estimate of 3.5%, according to the second estimate released on Tuesday by the Commerce Department. (Xinhua, 25/11/14)
• U.S. home price growth slows in September – U.S. home prices posted a slower growth in September, according to S&P/ Case-Shiller Home Price Indices released Tuesday. The 10-City Composite gained 4.8% YoY, down from 5.5% in August. The 20-City Composite gained 4.9% YoY, compared to 5.6% in August. (Xinhua, 25/11/14)
• U.S. consumer confidence declines in November – U.S. consumer confidence, which had rebounded in October, declined in November, the New York-based research group Conference Board said Tuesday in a report. The Conference Board Consumer Confidence Index registered 88.7 in November, down from 94.1 in October. (Xinhua, 25/11/14)
• EU estimates whopping decrease on current account surplus in Q3 – The EU seasonally adjusted external current account recorded a surplus of €7.8bn (about US$9.70bn) in the third quarter of this year, showing a massive drop compared with the second quarter, according to preliminary estimates from the EU statistical office. (Xinhua, 25/11/14)
• OECD estimates modest global growth in morose business climate in eurozone – In its latest outlook report released on Tuesday, the Organization for Economic Cooperation and Development (OECD) saw modest growth of the global economy in the coming two years with high risks of a volatile financial market and high joblessness in the eurozone. The OECD projected global GDP growth to reach 3.3% this year before accelerating to 3.7% in 2015 and 3.9% in 2016. The growth momentum is modest compared with the pre-crisis period and somewhat below the long-term average of 4.0%, it said. (Xinhua, 25/11/14)
• Indonesia raises 2015 GDP target to 5.8% after fuel price hike – Indonesia will see a faster economic growth of 5.8% next year from an initial forecast of between 5.2-5.3% following the government hike in fuel price, a minister said on Tuesday. (Xinhua, 25/11/14)
• Iran to allow UN inspectors access to Marivan nuclear site – Iran decided to allow UN nuclear inspectors access to its Marivan nuclear site, Atomic Energy Organisation of Iran (AEOI) said Saturday. The Marivan nuclear site, close to the Iraqi border, is suspected of being used to develop explosive weapons, and was referred to by the International Atomic Energy Agency (IAEA) in a 2011 report on Iran’s alleged pursuit of nuclear weapons. (Firstpost.com, 23/11/14)
• Bank of China ready to inject liquidity into the Chinese financial system if deemed necessary. (IQ Biz, 21/11/14)
• PBOC’s surprise interest rates cut likely to further boost bond rally – The People’s Bank of China (PBOC), China’s central bank, cut the benchmark 1-year deposit and loan rates by 0.25% and 0.4% to reinforce financial support to fight against downturn of real economy and instill confidence into the monetary and capital markets. (Xinhua, 21/11/14)
• ECB to raise inflation as fast as possible: president – The European Central Bank (ECB) President Mario Draghi said on Friday that the ECB would continue to meet its responsibility and try to raise inflation. (Xinhua, 22/11/14)
• Europe not at risk of full-blown deflation: ECB’s Constancio – Europe is not at risk of sliding into “full deflation” but the current rate of inflation is dangerously low, European Central Bank Vice President Vitor Constancio said on Saturday. Many fear the euro zone, where annual inflation fell far short of the ECB’s medium-term target in October, could be set for a Japanese-style lost decade of deflation and recession. (Reuters, 22/11/14)