Chile: More moderate growth in Q3, but still above potential

Chile: More moderate growth in Q3, but still above potential

Florencia Vazquez - Market Economics
Latam Macro Snapshot | 19 Nov 2012 16:33 |

Real GDP in Chile was reported to have advanced 5.7% y/y in Q3 2012. The y/y pace of advance stood slightly ahead of the median estimate from the Bloomberg survey and a bit below our forecast (5.4% and 6.2%, respectively). In sequential terms, the economy expanded at a 5.7% q/q (saar) pace, having moderated from Q2’s unsustainable 8.3% pace (revised up from a previous 7%), but still slightly above potential (Chart 1).

Worldwide Plaza may be off the block

Worldwide Plaza may be off the block

With bids lagging the $1.5 billion target price, the owners of the 59-story West Side office tower are said to be thinking about holding off and settling for a re-fi now.

BY DANIEL GEIGER
NOVEMBER 19, 2012 1:37 P.M.

The owners of Worldwide Plaza have begun considering a refinancing of their 1.9 million square foot tower, rather than the sale they had been pursuing, several sources say.

http://www.crainsnewyork.com/article/20121119/REAL_ESTATE/121119923

Global Economic Outlook - Anchor themes - Exiting Uncertainty

GLOBAL ECONOMIC OUTLOOK
November 19, 2012

http://www.sgresearch.com

The muddle-through policy setting has been an additional headwind to debt deleveraging, with the resulting uncertainty delaying consumption, investment and hiring decisions.

Why Can’t We Be Friends?

Why Can’t We Be Friends?

Julia Coronado - Market Economics
US Daily Spotlight | 19 Nov 2012 00:15 |

Last week ended on a hopeful note as Democratic and Republican Congressional leaders met at the White House with President Obama and emerged from their meeting promising they would reach a fiscal compromise “before Christmas”. There is still much political wood to be chopped to reach agreement, and it is certain to be a bumpy road. Nevertheless, we feel reasonably confident that the parameters of a deal are well within sight, and the political incentives on both sides are for a smooth outcome.

Chile Copper Mining Industry At a Turning Point -BHP Executive

http://www.4-traders.com/

Chile Copper Mining Industry At a Turning Point -BHP Executive
11/16/2012| 10:07am US/Eastern

SANTIAGO, Chile--The Chilean copper mining industry, which accounts for a third of the world's copper, is at a turning point as ore grades are retreating and bigger capital expenditures are needed to maintain production levels, a BHP Billiton Ltd. executive said Friday.

Turkey: Rebalancing is losing pace

Turkey: Rebalancing is losing pace

At USD 2.7bn, current account deficit was below the market consensus and our forecast (USD 3.0bn) in September. As a result, 12-month cumulative c/a deficit declined to USD 55.8bn from USD 59.5bn in August. Similarly, 12-month cumulative non-energy c/a deficit fell to USD 4.0bn, from USD 7.7bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 3.7bn, from USD 1.4bn in August.

Demand For Luxury Goods Drives Rental Growth

DEMAND FOR LUXURY GOODS DRIVES RENTAL GROWTH
14 Nov, 2012, London

http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26

Best Metals Forecaster Smirk Sees China Recovering: Commodities

Best Metals Forecaster Smirk Sees China Recovering: Commodities
By Phoebe Sedgman and Chanyaporn Chanjaroen

Industrial metals will rally through the middle of next year as the economy strengthens in China, the biggest user of everything from aluminum to zinc, according to the most accurate price forecaster tracked by Bloomberg.
Justin Smirk of Westpac Banking Corp. in Sydney beat as many as 25 others in predicting metals for two consecutive quarters on a rolling two-year basis, data compiled by Bloomberg Rankings show. He expects copper, nickel and zinc to gain through June and forecasts a 21 percent rise in aluminum.

South Africa: Retail sales growth healthy but slowing to 4.3% y/y in Sept from 6.7% in Aug

South Africa: Retail sales growth healthy but slowing to 4.3% y/y in Sept from 6.7% in Aug

Retail sales growth slowed in Sept to 4.3% y/y, after recording annual growth rates of 6.7% and 2.9% in Aug and July respectively. The growth slowdown may be partly attributed to the transport strikes of Sept, which likely disrupted retail sales during the month. In addition, retail sales may have been constrained by a pickup in retail inflation, coupled with slower growth in household disposable income (see charts). Retail inflation has recently risen from 3.9% y/y in August to 4.5% in September, while growth in household disposable income appears to be trending downward, equalling 3.7% y/y in Q2 2012 versus growth of 5.6% for the same period in 2011.

Mexico: Labour Reform Is Approved

Mexico: Labour Reform Is Approved

Nader Nazmi - Market Economics
Latam Macro Snapshot | 14 Nov 2012 16:32 |

Late last night the Senate passed a labour reform bill that had already been approved by the Chamber of Deputies. This bill will soon be signed into law by the outgoing President Felipe Calderon, ending years of failed efforts to reform Mexico’s labour market.