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Morning briefing: China plans 'consumer stimulus,' upbeat economic data from Europe

Here's what happened overnight in Asia and Europe:

*While experts warn that the economic outlook for Europe remains fragile because of government spending cuts, there was some good news Thursday for consumer demand. Industrial orders unexpectedly increased in May in the 16-country European Union, rising 3.8 percent from April, the EU's statistics office reported. Economists had forecast orders to drop 0.1 percent. For the full year ending in May, industrial orders jumped 22.7 percent. Meanwhile, retail sales in the U.K. rose 2.5 percent in the year ending in June, and auto production jumped 28.6 percent.

*The upbeat economic data helped offset concerns generated Wednesday by U.S. Federal Reserve chairman Ben Bernanke, sending European stock markets up on Thursday.

*Airbus, the world's commercial aircraft company, said it expects orders to surpass 400 jets as global travel rises and leasing companies return to the market.

*Chinese President Hu Jintao said the country will introduce "consumption stimulus" measures in the coming months, according to the state-run Xinhua News Agency. Separately, the People's Bank of China said it would seek to publish the nominal effective exchange rate of the yuan "regularly." This would help shift focus away from the yuan's value against the dollar, the central bank said, as the indexes are typically weighed according to the amount of trade a nation has with its partners.

*Hong Kong's inflation was pushed to the fastest pace in 19 months in June as the cost of rent and meals jumped.

For more economic and domestic policy news see my colleague Ezra Klein's Wonkbook.

By by Arianna Eunjung CHa  |  July 22, 2010; 7:22 AM ET
 
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Comments

One of the campaigns China has launched recently is urging its rapidly-growing middle class to put a portion of their savings into Gold.

China is now both the largest Gold producer on the planet and the fastest-growing factor in both Gold wholesale and Gold retail activities - in the most historically gold-friendly country in the world.

See All the Gold - and Disinformation - in China:

http://seekingalpha.com/user/209979/instablog

Posted by: venerability | July 22, 2010 6:08 PM | Report abuse

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