The G-20 has to bridge a gap between leaders such as German Chancellor Angela Merkel who favor budget cuts and USA President Barack Obama who want to focus on growth.
G-20 leaders are poised to endorse targets to tackle deficits while giving nations flexibility on when to start balancing their books, according to officials with knowledge of drafts of the final statement.
G-20 Leaders will agree today on the need to cut deficits, while urging countries with the most precarious fiscal positions to accelerate their plans, according to the officials who declined to be identified by name because a final version of the statement hasn’t been completed.
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.7 percent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau of Economic Analysis.
In the fourth quarter of 2009, real GDP increased 5.6 percent. the GDP estimate released today is based on more complete source data than were available for he "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.0.
Read more: USA GDP increased at an anual rate of 2.7 percent...
U.S. Personal income increased $36.0 billion, or 0.3 percent, and disposable personal income (DPI) increased $32.3 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $58.6 billion, or 0.6 percent.
China announced another 50bp hike in its reserve ratio requirement, this is third time in 2010, in response to consistently strong economic data. The European Union and IMF allowed Greece €110 billion of aid over the next 3 years with the first payment before Greece’s next bond auction on May 19 2010.
Major Economy and Forex Market Headlines - Previous Session
- Australia April 2010 Performance of Manufacturing Index out at 59.8 vs. revised 50.5 prior
- Australia April 2010 TD Securities Inflation out at 0.4% m/m, 2.9% y/y vs. 0.5%/2.5% prior resp.
- Australia 2010 Q1 House Price Index out at +4.8% q/q, +20.0% y/y vs. 3.0%/18.0% expected and revised 5.1%/13.5% prior resp.
- USA 2010 Q1 GDP out at +3.2% q/q vs. 3.3% expected and 5.6% prior
- USA 2010 Q1 Personal Consumption out at 3.6% vs. 3.3% expected and 1.6% prior
- USA 2010 April Chicago PMI out at 63.8 vs. 60.0 expected and 58.8 prior
- USA April Final Michigan Confidence out at 72.2 vs. 71.0% expected and 69.5% prior
- China April PMI Manufacturing out at 55.7 vs. 55.9 expected and 55.1 prior
- NZ Apr Commodity Price Index out at +4.9% m/m vs. 1.8% prior
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Central Banks Interest Rates
| US | 0.25% |
| UK | 0.5% |
| EMU / EURO | 1% |
| Japan | 0.1% |
| Switzerland | 0.25% |
| Canada | 0.25% |
| Australia | 3% |
| New Zealand | 2.5% |
| Sweden | 0.25% |
