The United States government decision to place its leading mortgage agencies into conservatorship will help support markets and by extension the economic and financial situation said International Monetary Fund Managing Director Dominique Strauss-Kahn in a Monday release.
Global shares rallied on Monday after the US government said it was taking over troubled mortgage lenders Freddie Mac and Fannie Mae. Investors hoped the largest bail-out in US history would prop up the country's housing market and ultimately help to end the credit crunch, analysts said
President George Bush announced mortgage giants Freddie Mac and Fannie Mae have been taken over because they posed an unacceptable risk to the economy. The two companies account for nearly half of the outstanding mortgages in the US, and have lost billions of dollars during the US housing crash.
Uruguay's 2007/08 wool export increased 8.2% in value totaling 60 million kilos while sheep farming exports reached 320 million US dollars (up 8.4%). China remains as Uruguay's main wool client, according to a release from the Uruguayan Wool Secretariat, SUL.
Brazil's consumer prices index in August increased at its slowest pace in 11 months, 0.28% following on a significant drop in food prices according to the latest release from the Brazilian Geography and Statistics Institute, IBGE.
While developing countries' economies are forecasted to expand by 6% this year that growth could potentially be checked by the slowdown in wealthier nations, according to a new report by the United Nations Conference on Trade and Development (UNCTAD).
The US economy is facing slow growth and higher prices, according to the most recent survey by the Federal Reserve. Economic activity was weak, soft or subdued across the country, said the Fed's latest Beige Book report.
The Bank of England Monetary Policy Committee (MPC) decided on Thursday to keep interest rates on hold at 5% for a fifth month as it struggles to deal with a slowing economy and soaring inflation.
During January to August 2008, Brazilian beef exports fell 22% year-on-year to 711,716 tonnes swt, while revenue was up 18% as average export prices increased 50% to 3818 US dollars ton swt.
Chile's August Consumer Prices Index, CPI, increased 0.9% accumulating 6.5% in the first eight months of the year and 9.3% in the last twelve months (down from 9.5% in July/June), according to the latest release from the National Statistics Institute, INE.