Overnight roundup courtesy of Spreadex – 10/09/13

By
1 mins. to read

In its longest winning streak since December last year, the MSCI Pacific Index rose for a ninth day  as Chinese factory output and retail sales grew more strongly than expected in August. China’s industrial production rose 10.4 percent in August from a year earlier and retail sales gained 13.4 percent, adding to signs the world’s second-largest economy is rebounding.

 

U.S. president Barack Obama is due to give a speech tonight in an attempt to drum up support for military action in Syria. In somewhat of a positive development, Russia have moved to request that Syria hand over all of their chemical weapons to international forces. Obama has made clear his scepticism that such a plan could be achieved, but made clear that a U.S. attack “absolutely” would be put on hold if Syria followed through on the proposal from its powerful ally. 

The Russian-backed offer, stemming from a remark by U.S. Secretary of State John Kerry, represents a possible diplomatic solution to a standoff that also threatens to undermine other parts of Obama’s second-term agenda. The president acknowledged that his support in Congress for military action is weak. He said he hasn’t decided whether to proceed with a strike even if lawmakers turn him down. 

Surveys showed business activity in Britain rose last month at a pace unmatched by any of its major G20 peers, a huge contrast to the early part of the year when there was widespread talk of a “triple dip” recession. Looking ahead, there is a lot more budget austerity to come, which has drained growth across Europe more than governments had envisaged. And there is always a chance the euro zone’s sovereign debt crisis will flare up again.

Comments (0)

Comments are closed.

YOUR FREE INVESTMENT MAG

Get real investment insights from some of the best minds in the business - with our free Master Investor Magazine.