The euro area's seasonally adjusted construction production stabilized month over month in July, following a revised 1.5% fall in June, according to Eurostat data published Friday.
On a yearly basis, the eurozone's construction output dropped 2%, against the revised 1.4% decline earlier.
The Bank of Japan raised its benchmark policy rate to a 31-year high of 1.25% from 1.0% at the conclusion of its monetary policy meeting on Friday.The decision, approved by a 7-2 vote, was in line with market expectations and marked the second rate hike for the central bank this year.The BOJ last raised its benchmark policy rate to 1.0% from 0.75% in June.The central bank said Japan's economy is recovering moderately, although some weakness remains due geopolitical uncertainties acting as risks to the outlook.The economy is expected to continue growing moderately, driven by rising global AI-related demand and various government measures, the BOJ said.Rising crude oil prices and the depreciation of the yen have pushed medium- to long-term inflation expectations higher, bringing the underlying rate of consumer price inflation closer to the BOJ's 2% target.
Korea's automobile exports fell nearly 30% year over year to $3.85 billion in August, hit by fewer working days from the summer holiday shift and strike-related production disruptions, according to the Ministry of Trade, Industry and Resources (MOTIR).Declines were recorded across all major markets, with North America down over 28%, the EU falling nearly 17%, Asia tumbling 42%, and the Middle East slid 24%, while export volume dropped 27% to 146,000 units.Domestic sales and production fell 21% and 36%, respectively, to 110,000 and 206,000 units, though eco-friendly vehicle sales reached 69,000 units, or 63% of the domestic market.With wage negotiations now concluded at all major automakers, the ministry expects the shortfall to be made up and exports and production to gradually recover.
South Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, according to the Ministry of Finance and Economy statement on Thursday.The ministry said the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, taking into careful consideration the recent international oil price situation and the burden on the public.The current reductions, including 15% for gasoline and 25% for diesel and butane, were scheduled to end in September, and the 10th oil peak price to be applied will be announced at 6 p.m. on Thursday.During the Chuseok holiday period from Sept. 24 to 27, highway gas station fuel prices will be lowered by 100 won per litre compared to Sept. 17, with electric vehicle charging fees discounted during daytime hours.