Japan’s Cabinet to Create a Supplementary Bu.Oil Drops After FOMC and Strong Inventories.Indian Gold Imports Drop After September Surge.HSBC Points to Australia as Becoming Top LNG Expor.Brazil Central Bank Issues Rate Hike After Election.German Bonds Increase on Inflation Slowing.Fewer Americans Filing for Unemployment Benefits.USD/JPY Near 109.40 on Report GPIF to Boost Foreig.Asian Equities Higher on Brightening U.S.Gold Headed for Consecutive Monthly Loss.West TX Oil Near $81 After Another Poor Month.OPEC Countries Boost Oil Output to 14 Month High.AUD/USD – Drops Sharply Back Below Resistance at 0.88.UK Elections in Six Months Big Geopolitical Risk.Asian Equities Looking to Finish the Week Well.West TX Oil near $81 on Fed Stimulus Halt.Challenges Abound for BOJ after Japan Inflation Slows.Stocks Supported by Solid Economic and Corpor. EUR/USD – Euro Weakens as German Retail Sale.UK Housing Continues to Weaken in October.Corn Steady at $3.70 after Signs of Fading Demand.USD/JPY – Yen Plunges as BoJ Anounces Stimul.Russian Central Bank Raises Rate to 9.5%.Inflation Rises Slightly in EU With Unemployment R.US Consumer Spending Falls As Economy Might Be Los.West TX Oil Remains Below $83 on Strong U.S.AUD/USD – Aussie Shows Gains Despite Strong.GBP/USD – Pound Stabilizes After Sharp Drop.
Japan Likely to Miss its Inflation Target.Canadian Economy Shrinks After Oil Price Drop.“You have to know the specificities of Europe- on average (Europeans’) expenditure for social purposes in relation to GDP is double compared to the U.S., Canada and Australia,” he added. “You can’t compare (Europe) with Japan, nor with the U.S., to be very frank,” he said in response to Summers. However, Germany’s Schuble refuted comparisons with Japan, saying Europe was a “specific” case. Summers said Europe, and Germany in particular, should follow recent advice from the IMF to invest in infrastructure projects, which would “pay for itself ” by lowering sovereign debt burdens. What followed in Japan was 15 years of deflation and dismal economic performance, followed by dramatic declines in interest rates – that is the path that Europe is on without a substantial discontinuity in policy,” Summers said at the debate. “What’s happening in Europe is not working. He warned that, like Japan, the region could face years of deflation and “dismal” economic performance if it did not start investing more and reverse some of its current policies. The renowned economist also compared Europe’s lackluster growth to Japan’s stagnation in the mid-1990s. Speaking as a panelist at a CNBC-chaired International Monetary Fund (IMF) debate in Washington D.C., Summers claimed Europe’s economic measures were simply “not working”. Treasury Secretary Larry Summers went head to head on Thursday, in a discussion over the best way to reinvigorate the European economy. German Finance Minister Wolfgang Schuble and former U.S.
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