Xinhua world economic news summary at 0900 GMT, Oct. 14
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BERLIN -- Inflation in Germany climbed to 4.1 percent in September, the highest rate since December 1993, the Federal Statistical Office (Destatis) announced on Wednesday.
Temporary special effects such as the reduction of the value-added tax in Germany in the second half of 2020 and the sharp decline in mineral oil product prices a year ago continued to have an "upward effect on the overall inflation rate," Destatis noted. (Germany-Inflation)
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WASHINGTON -- The COVID-19 pandemic will leave a lasting mark on inequality, poverty, and government finances, the International Monetary Fund said in its Fiscal Monitor released Wednesday, cautioning against a great financing divide.
Global debt, which includes both public and non-financial private sector debt, jumped by 14 percent to a record high of 226 trillion U.S. dollars in 2020 as policymakers responded to the pandemic, and public debt now amounts to 88 trillion dollars, close to 100 percent of global gross domestic product, according to the report. (IMF-Fiscal Monitor-October)
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LONDON -- Britain's gross domestic product is estimated to have grown by 0.4 percent monthly in August as COVID-19 restrictions continued to ease, the British Office for National Statistics said Wednesday.
However, the British economy is still 0.8 percent below the pre-pandemic level in February 2020. (UK-GDP-COVID-19)
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SINGAPORE -- The Monetary Authority of Singapore on Thursday announced that it will raise slightly the slope of the Singapore dollar Nominal Effective Exchange Rate policy band, up from zero percent previously.
This indicates the central bank has tightened its monetary policy. (Singapore-Monetary Policy-Tighening)
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NEW YORK -- U.S. stocks finished mixed on Wednesday as investors parsed the Federal Reserve's meeting minutes and a slew of economic data.
The Dow Jones Industrial Average lost 0.53 point, or 0.0015 percent, to 34,377.81. The S&P 500 increased 13.15 points, or 0.30 percent, to 4,363.80. The Nasdaq Composite Index jumped 105.71 points, or 0.73 percent, to 14,571.64. (US-Stocks-Mixed) Enditem
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