01-Oct-2010

1579856.bin

Canada

+ Consumer Confidence Index fell to 78.1 in September vs. 79.3 in August, this was the fourth consecutive decline.

+ Help-wanted index jumped 8% in August, increasing in 5 of 8 months this year.

+ Economy has generated 400,000 jobs in the year to August, bringing employment back to pre-recession levels.


+ Mark Carney, Governor of the Bank of Canada, is concerned that Canadians are too stretched for comfort and this is unsustainable.

US

+ ‘Cash-out’ refinancing of mortgages is one-tenth of the pace 5 years ago.

+ Nearly 1 in 4 households are now paying down mortgage debt and nearly 1 in 3 are accelerating their ‘pay-downs’ by reducing their amortization terms.

+ Unmarried share of 25-34 year olds is the highest in 10 years; now 46.3% vs. 34.5% 10 years ago. 28% of these hold a bachelor’s degree or higher.

+ Consumer spending in August was up 0.4% while personal incomes were up 0.5%; both slightly stronger than expected.

China

+ Purchasing managers index rose more than expected to 53.8 in September from 51.7 in August.

+ Sinopec buys 40% of Repsol’s Brazil unit for $7.1 billion. Repsol is one of Spain’s major oil companies.

+ Foxconn is increasing wages by 66%, to $298.90 per month; the second increase of this amount this year.