Overseas Headlines – December 23, 2021

United States:

U.S. Durable Goods Orders Increase More Than Forecast

“Orders placed with U.S. factories for durable goods rose in November by more than forecast, pointing to steady demand that will help drive production growth in early 2022. Bookings for all durable goods — or items meant to last at least three years — increased 2.5% from the prior month, reflecting a sharp rise in aircraft orders.”



Spain Revises GDP Growth Sharply Higher After Data Doubts

“Spain’s economy grew more than initially thought in the third quarter — suggesting the recovery gathered pace in the second half of the year, albeit before the emergence of the coronavirus’s omicron variant. Gross domestic product grew 3.4% from a year ago, more than the 2.7% initially estimated, official figures showed Thursday. Some economists had questioned the original reading, arguing that high-frequency data indicated the euro area’s fourth-biggest economy was rebounding more robustly from its deepest contraction on record.”



Japan Plans Record Annual Budget for Election Year

“Japan is set to unveil another record annual budget this week as Prime Minister Fumio Kishida adds to the world’s heaviest debt load with more spending ahead of an election next summer. The budget for the year starting in April will increase to around 107.6 trillion yen ($943 billion), according to documents obtained by Bloomberg Thursday that confirm earlier reports. The number represents a 0.9% rise from the current year’s initial spending plan, though final expenditure is typically inflated by extra budgets as the year goes on.”



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