TODAY’S TOP ARTICLES – 2 JUL 2014

United Kingdom: London House Prices Up 25% in Rise Unequalled Since 1987, Data Shows
The average price of a property in London has leapt by more than a quarter over the past year, a rate of growth unequalled since the summer of 1987, according to the latest figures from the UK’s largest building society. (Source: The Guardian)

Puerto Rico: Moody’s Cuts Rating on Puerto Rico GO Bonds to B2 from Ba2
Alejandro Garcia Padilla, Puerto Rico’s Governor, signed a bill on 28 June that allows some of its largest utilities, such as the Puerto Rico Power Authority, to negotiate with bondholders to reduce their mounting debt loads. The bill has been seen as a departure from the Caribbean island’s commitment to bondholders. As a result, Moody’s cut its rating on Puerto Rico to B2 from Ba2, affecting $14.4 billion of the island commonwealth’s general obligation (GO) bonds.

Japan: Japanese Businesses Expect Below-Target Inflation
Japanese enterprises expect that in a year from now, inflation will be at 1.5% and thus remain below the Central Bank’s 2.0% target rate, according to a recent Central Bank survey. They expect inflation at 1.6% in three years and at 1.7% in five years. (Source: RTT News)

Turkey: Erdoğan Looks to Win Presidency at Outset
On 1 July, Primer Minister Recep Tayyip Erdoğan announced that he will run in the 10 August presidential election. The two major opposition parties, the CHP and the MHP, nominated a joint candidate, Ekmeleddin İhsanoğlu, a diplomat and academic who was at the helm of the Organization of Islamic Cooperation. (Source: Hurriyet Daily News)

Hong Kong: Hong Kong Defends Currency Peg for First Time Since 2012
The Hong Kong Monetary Authority stepped in to prevent the HKD from appreciating above the upper limit of the trading range, amid signs of a pickup in the U.S. and Chinese economies. This is the first such intervention since December 2012. (Source: Bloomberg)

For the latest economic indicators from around the world, please visit us at Focus-Economics.com.

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