31st
August 2010
Daily Markets Wrap Up
Friday, August 27th, 2010
Global
Markets
•
The U.S. economy grew at a 1.6% annual rate
in the second quarter, less than previously
calculated, as companies reined in inventories
and the trade deficit widened.
•
Federal Reserve Chairman Ben Bernanke said the
U.S. central bank “will do all that it
can” to ensure a continuation of the economic
recovery.
•
Confidence in the ability of European governments
to resolve the region’s budget crisis
is waning, with a gauge of sovereign debt risk
heading for the biggest monthly increase since
it was created a year ago.
•
The U.K. economy expanded faster than previously
estimated in the second quarter in the biggest
growth spurt since 2001 as companies rebuilt
stocks and construction work surged.
•
PetroChina Co., Asia’s biggest company
by market value, pledged to step up acquisitions
and boost cooperation with global oil companies
after profit growth slumped because of state
controls on fuel prices at home.
Caribbean
Markets
Caribbean:
The BBC reports that Virgin Atlantic is adding
flights to the Caribbean from next year. Virgin
Atlantic will boost its Caribbean capacity by
20% to nearly 22,000 weekly seats, with extra
flights to Barbados, Tobago, Grenada and Cuba
Barbados:
Acting Prime Minister Freundel Stuart noted
that tourism GDP expanded by 1.7% y-o-y in Q1
10 on the back of a rise in long-stay visitor
arrivals.
Jamaica:
This week the Bank of Jamaica reduced the interest
rate payable on its 30-day CDs by ½%
to 8%. The Central Bank noted that “Inflation
outturn for July and the strengthening of the
Jamaica Dollar point to a more favourable outlook
for domestic inflation for fiscal year 2010/11;
Net international reserves now stand at US$1.9
billion and are likely to outperform the benchmarks
set under the current IMF Stand-By arrangement.”
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