Malaysia

 Zeti: Current Policy Supports Growth. The current monetary policy is sufficient in providing an important support to economic growth and will not be modified unless a significant change in relevant conditions occurs. Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said even if a policy response is required, which is not currently the case, “there are other policy measures”. “We are in an economy that doesn’t rely solely on interest-rate policy either to promote growth or address inflation,” she was quoted in an interview with financial news agency Market News International, in Switzerland, on Tuesday. She said although inflation is going to increase, a number of factors will ensure that the rise is only temporary, so Malaysian monetary authorities are not presently concerned about the outlook for price stability. (Bernama)

Asia

 Japanese GDP Growth Halved In Third Quarter. The rate of growth in Japan’s economy roughly halved between the second and the third quarters, the government reported on Thursday, as weaker consumption and exports offset big rises in public works spending and property investment. According to Cabinet Office estimates, the real value of goods and services produced by the world’s thirdlargest economy grew at an annualised rate of 1.9 % between July and September. (Financial Times)

 Indian Inflation Exceeding Estimates Adds Rate-Rise Pressure. Indian inflation accelerated more than economists estimated in October, adding pressure on central bank Governor Raghuram Rajan to raise interest rates again. The wholesaleprice index advanced 7 % from a year earlier, compared with a 6.46 % climb in September, the Commerce Ministry said in New Delhi today. The median of 40 estimates in a Bloomberg News survey was 6.95 %. (Bloomberg)

USA

 More Americans Than Forecast File Unemployment Claims. More Americans than forecast filed applications for unemployment benefits last week, signaling labor-market progress will proceed fitfully. Jobless claims in the week ended Nov. 9 fell to 339,000 from a revised 341,000 the week before that was higher than initially reported, the Labor Department said today in Washington. The median forecast of 51 economists surveyed by Bloomberg called for a drop to 330,000. (Bloomberg)

 U.S. Trade Gap Widens More Than Forecast To $41.8 Billion. The trade deficit in the U.S. widened more than forecast in September to a four-month high, reflecting a pickup in imports of consumer goods and capital equipment. Exports declined for a third month. The gap in goods and services trade increased 8 % to $41.8 billion from a revised $38.7 billion in August, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 72 economists called for a $39 billion deficit. (Bloomberg)

 Yellen Says Fed Should Not Withdraw U.S. Stimulus Too Soon. Janet Yellen, the nominee for chairman of the Federal Reserve, said she’s committed to promoting a strong economic recovery and will ensure monetary stimulus isn’t removed too soon. “I consider it imperative that we do what we can to promote a very strong recovery,” she said in response to a question during testimony today to the Senate Banking Committee in Washington. “It’s important not to remove support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited given that short-term interest rates are at zero.” (Bloomberg)

Europe

 Europe Recovery Wanes As Germany Slows, France Contracts. The euro area’s recovery came close to a halt in the third quarter as German growth slowed, France’s economy unexpectedly shrank and Italy extended its record-long recession. Gross domestic product in the 17-nation euro area rose 0.1 % in the three months through September, cooling from a 0.3 % expansion in the second quarter, the European Union’s statistics office in Luxembourg said today. That’s in line with the median forecast in a Bloomberg News survey of 41 economists. Growth in Germany, the region’s largest economy, eased to 0.3 % from 0.7 %. The French and Italian economies shrank 0.1 %, with the latter suffering a ninth straight quarterly slump, extending its longest stretch of decreasing GDP since the creation of the euro. Spanish GDP rose 0.1 % and Portugal’s increased 0.2 %. (Bloomberg)

 Ireland To Exit International Bailout In December. Ireland is to make a clean break from its three-year 85bn euro bailout programme next month, without seeking precautionary funding. The Irish prime minister (taoiseach) Enda Kenny confirmed the move during a speech to the Irish parliament. The Irish economy is emerging from one of the deepest recessions in the eurozone, having sought an international bailout in November 2010. Ireland is due to leave the EU-IMF bailout on 15 December. (BBC)

Currencies

 Dollar Rises Against Yen, Slips Versus Pound. The U.S. dollar posted a mixed performance on Thursday as Federal Reserve chairwoman nominee Janet Yellen emphasized the effectiveness of quantitative easing in stimulating the economy. The ICE dollar index, a measure of the U.S. unit against six other currencies, inched up to 80.986 from 80.938 on Wednesday. In other market action, the dollar rose to ¥99.99 yen from ¥99.43 on Wednesday. The euro was little changed at $1.3458 from $1.3458 on Wednesday. The British pound rose to $1.6061 from $1.6027 late Wednesday, while the Australian dollar was inched down to 93.20 U.S. cents from 93.26 U.S. cents. (Reuters)

Commodities

 Brent Rises On Fed Expectations, Libya. Brent oil prices rose on Thursday supported by disruptions to Libyan output, while U.S. crude dipped as traders weighed bulging U.S. inventories, but both markets drew support from expectations the Federal Reserve would keep stimulus measures in place. The more actively traded January Brent contract settled $1.39 higher at $108.28 a barrel. U.S. crude slipped 12 cents to settle at $93.76 a barrel, after earlier trading as high as $94.43. (Reuters)

 Gold Up Again As Yellen Comments Support Fed Stimulus. Gold rose for a second session on Thursday, after the nominee for Federal Reserve chairman, Janet Yellen, defended the U.S. central bank's bold steps to spur growth, suggesting the massive bondbuying stimulus will continue. Spot gold was up 0.4 % at $1,284.06 an ounce by 2:23 p.m. EST (1923 GMT), after snapping a four-day losing streak on Wednesday with a gain of nearly 1 %. Among other precious metals, silver rose 0.6 % to $20.70 an ounce. Platinum was up 0.8 % at $1,441.49 an ounce, while palladium rose 0.8 % to $735.97 an ounce. (Reuters)