World Economic News – Friday 02/12/2022

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GERMANY

Germany’s calendar and seasonally adjusted foreign trade surplus stood at €6.9 billion in October, increasing from September’s figure of €3.7 billion, Destatis data showed. Exports declined 1.2% and imports dropped 3.7% compared to the previous month.

SPAIN

Spain unemployment fell sharply in November despite deteriorating economic conditions. The number of unemployed decreased 33,512 to 2.88 million, the lowest for the month of November since 2007, figures from the labor ministry showed on Friday.

US

U.S. construction spending dropped in line with economist estimates in October. Construction spending decreased by 0.3% to an annual rate of $1.795 trillion in October after inching up by 0.1 percent to a revised rate of $1.800 trillion in September, the Commerce Department said in a report.

JAPAN

The Japanese Finance Ministry announced on Friday (Dec. 2) it decided to introduce anti-dumping duties on hot-dipped galvanized steel wire from China and South Korea.

AUSTRALIA

The Reserve Bank of Australia was the first major bank to move to lower interest rate hikes as the cumulative rate increase was already large and because of lags in monetary policy transmission, RBA Governor Philip Lowe stated in a discussion with fellow central bank governors in Thailand on Friday.