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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 10 August 2012 [View all]xchrom
(108,903 posts)46. WEAK ASIA DATA SHOWS GROWING TOLL FROM DOWNTURN
http://hosted.ap.org/dynamic/stories/A/AS_ASIA_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-10-07-47-57
HONG KONG (AP) -- A slew of gloomy economic reports from Asian nations show that Europe's debt crisis and the broader global downturn are taking a growing toll on the region even as governments respond with extra spending and lower lending rates.
Hong Kong and Singapore, both Asian financial centers that are highly exposed to global trade, reported weak second quarter GDP Friday, the same day that figures from China showed its trade slowing more sharply than forecast in July.
China, the world's second-biggest economy, said its export growth slumped to 1 percent in July from the previous month's 11.3 percent in a sign of global economic weakness. Growth in imports sank to 4.7 percent from 6.3 percent in June, indicating that domestic demand also remains weak.
Other reports this month from economies including India, South Korea and Taiwan underlined the challenges that the export-reliant region is facing.
HONG KONG (AP) -- A slew of gloomy economic reports from Asian nations show that Europe's debt crisis and the broader global downturn are taking a growing toll on the region even as governments respond with extra spending and lower lending rates.
Hong Kong and Singapore, both Asian financial centers that are highly exposed to global trade, reported weak second quarter GDP Friday, the same day that figures from China showed its trade slowing more sharply than forecast in July.
China, the world's second-biggest economy, said its export growth slumped to 1 percent in July from the previous month's 11.3 percent in a sign of global economic weakness. Growth in imports sank to 4.7 percent from 6.3 percent in June, indicating that domestic demand also remains weak.
Other reports this month from economies including India, South Korea and Taiwan underlined the challenges that the export-reliant region is facing.
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