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Mexico's economy growth improved in the third quarter, in line with economists' expectations, and at the fastest pace in nearly two years, preliminary data from the statistical office INEGI showed Friday.

Gross domestic product rose an unadjusted 2.2 percent year-on-year following 1.6 percent increase in the second quarter. Economists had expected 2.3 percent growth.

The latest pace of expansion was the fastest since the fourth quarter of 2012, when the economy grew 3.6 percent.

Farm sector output grew 7.3 percent annually. Output increased 2 percent each in the secondary sector, which includes industry and construction, as well as in the services sector.

Quarter-on-quarter, GDP rose a seasonally adjusted 0.50 percent, almost in line with economists' forecast for 0.6 percent growth.

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China's central bank on Friday unexpectedly cut its key interest rates for the first time in more than two years in a bid to boost sagging growth momentum.

The People's Bank of China reduced the one-year lending rate by 40 basis points to 5.6 percent. The one-year deposit rate was cut by 25 basis points to 2.75 percent. The new rates are effective tomorrow, the bank said in a statement on its website.

The surprise rate cut, which was the first reduction since July 2012, comes as the world's second largest economy is forecast to log its weakest growth in nearly 25 years.

"While it was clear that there was a slight easing bias in monetary policy in China the interest rate cut was nonetheless a bit of a surprise," Danske Bank Senior Analyst Flemming Nielsen said.

"It suggests that China now has a more substantial easing bias in monetary policy and the government's attempt to contain credit growth will be loosened a bit in the coming months. Hence, supporting growth now appears to have a higher priority."

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China's central bank on Friday unexpectedly cut its key interest rates for the first time in more than two years in a bid to boost growth momentum.

The People's Bank of China reduced the one-year lending rate by 40 basis points to 5.60 percent and the one-year deposit rate was cut by 25 basis points to 2.75 percent. The new rates are effective tomorrow, the bank said in a statement on its website.

The surprise rate cut, which was the first reduction in rates since July 2012, comes as the world's second largest economy is forecast to log its weakest growth in nearly 25 years.

by RTT Staff Writer

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Brazilian business confidence rose for a second straight month in October, survey data from the think tank FGV showed Friday.

Iceland's wages grew at a slightly slower pace in October, Statistics Iceland reported Friday.

Wages gained 0.6 percent month-on-month in October following a 0.7 percent rise in September. Meanwhile, annual growth accelerated to 6.6 percent from 6.2 percent a month ago.

Real wages were up 0.5 percent in October from the prior month and increased 4.6 percent from the same period of last year.

by RTT Staff Writer

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Lithuania's industrial production in October increased from a year ago, figures from Statistics Lithuania showed Monday.

The industrial production index advanced a working-day adjusted 1.2 percent year-on-year in October.

Production in the manufacturing sector grew by 2.3 percent in October.

On an unadjusted basis, total industrial production advanced 0.3 percent annually in October.

Month-on-month, industrial production rose a seasonally adjusted 4.9 percent in October. Manufacturing production moved up 6.2 percent during the month. On an unadjusted basis, production grew by 5.5 percent.

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The leading index for Germany remained flat in September, figures from the Conference Board showed Friday.

The leading index was unchanged month-over-month in September after the 1.3 percent decline in August.

Four out of the seven sub-indices increased in September.

The coincident index, a measure of current economic conditions, also remained flat in September following the 0.3 percent drop in the previous month.

Taken together, the recent behavior of the composite indexes suggests that economic activity is likely to continue at its current moderate pace into early 2015, the Conference Board said.

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British government borrowing in October decreased from a year ago and was in line with economists' expectations, figures from the Office for National Statistics showed Friday.

Public sector net borrowing excluding interventions was GBP 7.7 billion in October, down 2.4 percent from GBP 7.9 billion in th same month last year. The figure matched economists' expectations.

In the April to October period, the UK net borrowing was GBP 64.1 billion, up 6.1 percent from GBP 60.5 billion in the same period a year ago.

by RTT Staff Writer

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Hourly wages in Italy increased in October, a report from the statistical office ISTAT showed Friday.

Wages rose 0.1 month-on-month in October after remaining unchanged in September, August and July.

Annually, wages rose 1 percent, slower than the 1.1 percent growth in September.

Among the major macro sectors, wages in the private sector rose 1.3 percent while wages in the government sector remained stagnant.

Hourly wages increased 1.2 percent in the January to October period compared to the corresponding period of the previous year.

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The firm anchoring of inflation expectations is critical under any circumstances, European Central Bank President Mario Draghi said Friday.

The inflation situation in the euro area has also become increasingly challenging, Draghi said at the Frankfurt European Banking Congress. He observed the risk of too prolonged period of low inflation becoming embedded in inflation expectations.

The Governing Council has communicated its expectation that the combination of all the monetary policy measures it has decided on will expand the Eurosystem's balance sheet towards the levels prevailing in early 2012, Draghi said.

The addition of purchases of covered bonds to ABS purchases will allow the ECB to conduct interventions that will achieve the intended effects, he added.

"We will do what we must to raise inflation and inflation expectations as fast as possible," he said.

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Hungary's employee wage growth quickened in September from a year ago, figures from the Hungarian Central Statistical Office showed Friday.

Gross earnings rose 2.4 percent year-on-year in September, faster than the 2.2 percent rise in August. In July, earnings went up 3.1 percent.

Net earnings also increased 2.4 percent.

In the January to September period, average gross earnings amounted to HUF 234,037, or rose 2.9 percent compared to the same period last year.

by RTT Staff Writer

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The house prices sentiment index continued to remain positive in November, though it was at the lowest level in twelve months, results of the household property prices sentiment survey from Markit Economics showed Friday.

The house prices sentiment index, or HPSI, came in at 58.4 in November. This marked the twentieth consecutive month of rise in prices.

A reading above 50 indicates price rise.

However, the latest reading was less than the 60.7 score recorded in October and also marked the lowest reading in twelve months.

The future HPSI, a measure of expectations of households regarding property value, rose to 71.1 in November from 70.8 in the previous month.

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Public borrowing data from the U.K. is among a few economic data due for release on Friday.

U.K 's National Office for Statistics is due to release its public borrowing figures at 4:30 am ET. Public borrowing, excluding interventions, is expected to fall to GBP 7.7 billion in October from GBP 11.8 billion in September.

At 3 am ET, Hungary's Central Statistical Office is scheduled to release its gross wages report for September. In August, gross wages had increased 2.2 percent.

Around the same time,the Swiss Central Bank is due to release its money supply figures for October. In September, M3 money supply had increased 3.4 percent year-over-year.

At 4 am ET, Italy's ISTAT will release its hourly wages report for October. In September, hourly wages had risen 1.1 percent year-over-year but remained unchanged month-over-month.

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Japan's finance minister Taro Aso said on Friday in a speech that the country's currency has been weakening too fast over the past week.

He said that sudden changes, whether up or down, are not welcome.

However, he maintained his earlier stance, dismissing the need for the government to intervene.

He said that it is up to the markets to set the currency rate.

This follows yesterday's Monthly Report of Recent Economic and Financial Developments from the Bank of Japan. The report said that the Japanese economy is expected to continue its moderate recovery trend.

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The decline in mining investment in the near term from its peak is set to be a significant drag on economic growth, Reserve Bank of Australia's Head of Economic Analysis Department Alexandra Heath said in a speech on Friday.

However, some uncertainty around how fast and how far mining investment will fall and the extent to which investment in operational aspects of mining projects will contribute to growth, he said.

The central banker sees increase in demand for commodities from China due to the process of urbanization. He noted that Chinese investment uses output from the Australian mining industry much more intensively than Chinese consumption.

"The Chinese economy is continuing to evolve in ways that will support demand for resources, and the sheer size of the economy suggests that these demand forces will, over the medium to long term, remain strong," said Heath.

He concluded that just as the mining investment boom spurred by high commodity prices had a substantial impact on the Australian economy, so too will the transition from the investment phase to the production phase.

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Eurozone's consumer confidence declined in November, defying expectations for an increase, preliminary data from the European Commission showed Friday.

The flash consumer confidence indicator decreased to -11.6 from a -11.1 in October. Economists had forecast the index to rise to -10.7.

For the EU, the consumer confidence index slid by 0.8 points to -8.2.

"There is no breakdown available yet of Eurozone consumer confidence in November, so it is not possible to ascertain at this stage why confidence fell anew. However, evidence from both the Netherlands and Belgium suggest that consumers became significantly more worried in November about the economic situation and outlook, " Howard Archer, Chief European and UK Economist at iHS said.

"Despite dipping to a nine-month low in November, the European Commission's consumer confidence index is still modestly above its long-term average, although the situation does vary markedly between countries, "

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New Zealand's credit card spending rose at a faster rate in October, figures from the Reserve Bank of New Zealand showed Friday.

Credit card billing grew 1.3 percent month-over-month in October after the 0.2 percent rise in September.

Domestic billing climbed 1.1 percent and overseas spending rose 2.5 percent.

On a year-over-year basis, credit card spending advanced 6.7 percent, faser than the 4.5 percent increase in September.

by RTT Staff Writer

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Malaysia will provide consumer price data for October, highlighting a light day for Asia-Pacific economic activity.

Analysts are expecting an increase of 0.7 percent on month and 3.0 percent on year - up from the 0.2 percent monthly increase and the 2.6 percent yearly gain in September.

New Zealand will provide October figures for credit card spending, which had risen 0.2 percent on month and 4.4 percent on year in September.

by RTT Staff Writer

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Pointing to continued economic growth through the holiday season and into early 2015, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by more than anticipated in the month of October.

The Conference Board said its leading economic index rose by 0.9 percent in October following a 0.7 percent increase in September. Economists had expected the index to climb by 0.5 percent.

The bigger than expected increase reflected positive contributions by eight of the ten indicators that make up the leading economic index.

The interest rate spread, the ISM new orders index, average weekly initial jobless claims and building permits were among the biggest positive contributors. The only negative contributor was stock prices.

The report also said the coincident economic index inched up by 0.1 percent in October after rising by 0.3 percent in September.

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After reporting a modest slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing that its index of manufacturing activity jumped to its highest level in over twenty years in November.

The Philly Fed said its diffusion index for current activity surged up to 40.8 in November from 20.7 in October, with a positive reading indicating growth in regional manufacturing activity.

The substantial increase came as a shock to most economists, as the consensus estimate called for the index to drop to a reading of 18.0.

With the unexpected increase, the Philly Fed Index reached its highest level since hitting 41.2 in December of 1993.

The report also showed significant jumps by the new orders and shipments indexes. The new orders index soared to 35.7 in November from 17.3 in October, while the shipments index surged up to 31.9 from 16.6.

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