A look at economic developments around the world
By The Associated Press – 8 hours ago
A look at economic developments and stock-market activity around the world Friday:
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TOKYO — Japan's contracting economy is facing a slew of bad news as government figures showed that industrial production plunged by its biggest margin on record in November, the nation's jobless rate jumped and household spending fell. Manufacturing output tumbled 8.1 percent from October, the largest drop since Tokyo began measuring such data in 1953, as Japan's automakers and others slashed production to cope with slowing global demand. The unemployment rate rose to 3.9 percent in November from 3.7 percent in October — still below the 4.2 percent reached in August. Consumers are also holding back. Retail sales fell 0.9 percent in November from last year, the third straight monthly decline. And average monthly household spending dipped 0.5 percent from a year earlier — the ninth decline in a row. Meanwhile, the benchmark Nikkei 225 stock average increased 140.02 yen, or 1.63 percent, to 8,739.52. The broader Topix index edged up 1.26 percent to 846.58. Trading volume was thin as foreign investors were absent from the market due to Christmas holidays.
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MOSCOW — Russia's ruble fell to a three-year low against the dollar after the Central Bank allowed the third sharp drop in the currency within five days as the government continues to feel the heat of the global meltdown. The ruble lost 1.4 percent on the MICEX main foreign currency exchange by 2 p.m. Moscow time (1000 GMT) to reach 34.3 against the euro-dollar basket. It sank to 29 against the dollar — a level that hasn't been seen since 2005 — and 40.8 against the euro — an all-time low. The Central Bank set the official exchange rates for the dollar and euro in line with trading quotes. The depreciation was the 11th since Nov. 11, when the supervised slide began.
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BEIJING — The benchmark Shanghai Composite Index edged down 0.9 point, or just 0.05 percent, to 1,851.52. The Shenzhen Composite Index of China's second, smaller market fell 0.6 percent to 569.38. The Shanghai index gave up 8.3 percent for the week as investors reckoned with a slew of bad economic news and expectations for lower earnings in the current and next quarters. Elsewhere in Asia, Taiwan's benchmark also gained. South Korea's Kospi fell 0.9 percent to 1,117.86, while India's main stock index traded lower.
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SINGAPORE — Manufacturing and tourism in the city-state fell in November from a year earlier, more evidence the economy likely extended a recession in the fourth quarter. Industrial production dropped 7.5 percent in November following a 12 percent plunge in October. Electronics, which account for 30 percent of industrial production, fell 19 percent. Also, tourist arrivals to Singapore dropped to 760,000, or 9.7 percent, last month. The Singapore Tourism Board said it now expects to fall short of its 2008 goals of 10.8 million visitors and tourism revenue of 15.5 Singapore dollars ($10.7 billion).
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BANGKOK, Thailand — Thailand's prime minister said the government wants to spend 300 billion baht ($8.7 billion) next year to jumpstart the country's ailing economy. Prime Minister Abhisit Vejjajiva said the economic stimulus package would include increased lending from government banks for agriculture projects and direct lending to local governments for infrastructure projects. The plan must first be approved by Parliament, where the PM's coalition has a slim majority.
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QUITO, Ecuador — Fresh from a $30.6 million default, Ecuador's government issued $700 million in new bonds to help finance next year's budget, local media reported Thursday. The Ecuadorean Social Security Institute bought all the new bonds, in line with regulations that require it to invest half its funds in government debt, according to the Guayaquil newspapers El Universo and Expreso.
Hong Kong and Australian markets were closed, as were those in Britain, Germany and France.
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