Economic Calendar (3/25/2009)
Written March 25, 2009 at 12:05 AM EST by Danish FX
Wednesday, March 25, 2009
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BOJ Deputy Governor Yamaguchi Comments:
Written March 24, 2009 at 11:10 PM EST by Alex Chernomordin
- To focus on steps to stabilize financial markets, ease corporate finance; Will act decisively if needed
- Japan’s conditions are more severe than those of other nations and likely to stay severe.
- Need to make sure sufficient measures are taken.
- Banks’ capital bases need to be strengthened. Economic unrest in US and Europe will remain for a while; Sees credit crunch spreading rapidly on global scale.
- Time needed for impact of fiscal and monetary steps to be seen in economy.
- Must watch if equity market weakness impacts consumer sentiment.
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US News
Written March 24, 2009 at 9:54 PM EST by Alex Chernomordin
- US Banks including, Citibank, Bank of America and Wells Fargo may have to take write-downs on loans and raise more capital due to the US government’s toxic asset plan.
- The government will use stress tests to make banks take more aggressive provisions on the loans.
- Budget Office Director Orszag: White House to appoint “task force” for additional tax revenues.
- The task force is expected to consider the elimination of corporate loopholes and corporate welfare, tougher enforcement against tax avoidance, and tax simplification.
- The plan could lead to tens of billions of dollars in additional collections.
- President Obama writes that the US and leaders of the G20 should embrace a collective commitment to encourage open trade and investment.
- Obama adds that leaders have a responsibility to take coordinated action as the global economy is contracting and trade is shrinking, while resisting protectionsim.
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Asian News
Written March 24, 2009 at 9:50 PM EST by Alex Chernomordin
- BOJ Governor Shirakawa: Japan’s economy is not facing the risk of deflationary spiral.
- Australia’s Treasurer Swan: Federal government to guarantee old and new state debt.
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New Zealand Q1 Westpac Consumer Confidence
Written March 24, 2009 at 9:32 PM EST by Alex Chernomordin
The Kiwi 1st quarter Westpac Consumer Confidence figure came in at 96 worse than the prior reading of 101.3.
New Zealand’s Finance Minister English commented that the current account gap is “uncomfortably large.”
President Obama’s News Conference
Written March 24, 2009 at 8:28 PM EST by Alex Chernomordin
The following are the highlights on President Obama’s news conference:
- AIG situation was magnified by lack of regulator.
- Does not want to be in situation deciding between letting a giant ensurer of pension funds like AIG fail and allowing the company to take taxpayer money without regulation.
- Expects to see broad support for big financial firm wind-down authority.
- Budget is focused on health care, energy, and education for sustainable economic growth.
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Japans February Merchandise Trade Balance
Written March 24, 2009 at 7:58 PM EST by Alex Chernomordin
Japans Merchandise Trade Balance came in at a positive 82.4 Billion Yen versus the estimate of -20B. The adjusted figure was also better than expected at -43.3B versus the estimate of -297B.
- Exports: -49.4% v -47.6%e (-45.7% prior), record decline
- Imports: -43.0% v -38.4%e (-31.7% prior)
White House Advisor Volker
Written March 24, 2009 at 7:26 PM EST by Alex Chernomordin
The hawkish former Fed Chairman said he was concerned over targeting inflation level to the economic recovery communicated by the Fed.
- Would prefer that stability in currency was emphasized as “conducive to confidence and recovery.”
- Says Chinese authorities were “disingenuous” for public concern over their large holding of treasuries.
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