Thai 2016 GDP Growth Still Seen at 3.3 Percent: Finance Ministry. Thailand’s economy is still expected to grow 3.3 percent this year, with July-September’s annual pace seen at 3.5 percent thanks to government spending, a senior finance ministry official said on Thursday (29/09).
Despite the drag from falling exports, growth will be supported by high government spending later this year, Krisada Chinavicharana, head of the ministry’s Fiscal Policy Office, told reporters. (Jakarta Globe, 30/9/16)
Cabinet approved Bt29.8bn dual track project (Mabkabao-Jira Junction). It is expected to put up for bid in Oct after completing the bid for the first dual track route PrachuabkirikhanChumpon (valued at Bt17.2bn). The cabinet expects to get the final three routes approved in Oct. ( Khao Hoon, 28/09/16)
Shafik Says BOE Could Ease Before Hammond Outlines Brexit Plan. Bank of England Deputy Governor Minouche Shafik said officials could ease policy as early as their next meeting on Nov. 3, even before the government announces any fiscal measures in response to Britain’s Brexit vote. The BOE has previously said most officials expect to act again this year, after the Monetary Policy Committee cut their key interest rate for the first time in seven years in the wake of the decision to quit the European Union. The timing of the central bank’s judgment is complicated by the fact that U.K. Chancellor Philip Hammond won’t deliver his end-of-year fiscal statement until Nov. 23. (Bloomberg, 30/9/16)
BOJ’s Kuroda sees no big rise or fall in bond buying for now. The pace at which the Bank of Japan buys bonds will depend on what is needed to achieve its yield curve target but no big increases or decreases were expected for now, Governor Haruhiko Kuroda said on Monday, dampening speculation that the BOJ was considering tapering asset purchases. (Reuters, 27/9/16)
OPEC deal shows Saudi oil strategy has backfired, says John Kilduff. The concessions offered by Saudi Arabia in its bid to lock down a deal to limit the globe’s oil supply show the world’s largest crude exporter is getting pinched by its own policy, Again Capital founding partner John Kilduff said Wednesday. Sources told Reuters that OPEC hammered out a deal on Wednesday to reduce the cartel’s production to 32.5 million barrels per day from around 33.24 million, with output levels for each member to be determined in November. (CNBC, 29/9/16)
N.Y. Fed lowers outlook on U.S. GDP growth for third and fourth quarters. The New York Federal Reserve on Friday lowered its forecast on U.S. economic growth in the third quarter and fourth quarters from what it estimated a week earlier following weaker-than-expected housing starts data for August. The regional central bank said it saw gross domestic product in the third quarter growing at 2.26 percent on Sept. 20, compared with 2.38 percent as of Sept. 16. It downgraded its fourth-quarter GDP outlook to 1.22 percent from 1.37 percent. (Reuters, 23/09/16)
Economic imbalances risk ‘destabilising’ euro zone: ECB’s Draghi. Economic imbalances within the euro zone risk destabilising the currency bloc, top European Central Bank officials said on Monday, stressing the responsibility of governments to help boost growth while respecting EU rules. ECB President Mario Draghi and board member Benoit Coeure also acknowledged the limitations of the ECB’s ultra-expansionary policy of low interest rates and money printing. (Reuters, 27/9/16)
Post-debate poll: Hillary Clinton takes round one. Hillary Clinton was deemed the winner of Monday night’s debate by 62% of voters who tuned in to watch, while just 27% said they thought Donald Trump had the better night, according to a CNN/ORC Poll of voters who watched the debate. (CNN, 28/9/16)
China’s toxic debt pile may be 10 times official estimates: Fitch. Toxic loans in the Chinese financial system could be 10 times as high as official estimates suggest, Fitch Ratings has warned. (CNBC, 23/09/16)
