Global Indices & Markets News
Global Equity Market
Global equity market seems directionless last week with new catalyst to send the equity indices to higher levels. U.S. S&P 500 Index rose by 0.12 percent, Japan Nikkei 225 Index rose by 0.19 percent and Hong Kong Hang Seng Index rose by 0.99 percent.
G20 Meeting
The Group of 20 nations declared on Saturday there would be no currency war and deferred plans to set new debt-cutting targets, underlining broad concern about the fragile state of the world economy. Japan's expansive policies, which have driven down the yen, escaped direct criticism in a statement thrashed out in Moscow by policymakers from the G20.
The latest speech from ECB president
The European Central Bank could only consider employing its bond-purchase plan if there were major problems in the transmission of its monetary policy, ECB President Mario Draghi told Spanish lawmakers. At the same event, Draghi also said talk of currency wars was exaggerated and rejected the idea of the ECB setting an exchange rate target, and said Spain's economy was on the right track.
France may miss its budget target
France will probably miss its goal to cut the public deficit to 3 percent of economic output this year, Foreign Minister said, the first government official to admit that analysts' doubts are valid. [Link] – Weekly Discussion - Downgrade of France and European Debt Crisis
Argument over the value of Euro
France called for coordinated action by the world's major economies to counter the strength of the euro and avoid damaging an economic recovery, but Europe's finance ministers said it was up to markets to decide the currency's value.
Disappointed GDP figure in Japan
Japan's economy contracted for the third consecutive quarter in October-December, showing the country is struggling to escape from a mild recession and adding weight to the new government's push for radical policy steps to revive growth.
Departure of BOJ governor
BOJ governor Masaaki Shirakawa announced he will step down on March 19, three weeks before his five-year tenor ends in April.
Encouraging economic figures from China
China's exports and imports surged and new lending soared in January as the first hard data of the year signaled not only a solid recovery in domestic and overseas demand, but also the risk that inflationary pressures are building.
Trade Deficit in India
India posted its second highest ever monthly trade deficit of USD20 billion in January as imports surged to record highs, piling pressure on a widening current account deficit and limiting scope for the central bank to cut interest rates.
Joint statement from G7 nations
G7 nations - Britain, the United States, Japan, Germany, France, Italy and Canada - said fiscal and monetary policies must be directed at domestic economies and not at targeting exchange rates.
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