The February US budget deficit was US$220.9bn, even though the month saw the first year-over-year rise in receipts in 22 months boosted by big Federal Reserve returns, the Treasury Department reported. The year-ago deficit was US$193.9bn. The fiscal-year to date deficit, a record, was US$651.6bn, on track to the expected US$1.3tr. (Xinhua)
Containerised trade volumes in and out of the US softened alongside seasonal demand at several major ports in January, but compared to a year ago, broader trends of rebounding exports and stabilizing imports are surfacing, according to port officials. Following the worst year in container shipping history, the path to recovery isn't obvious, maritime executives said. (Xinhua)
US wholesale inventories unexpectedly fell in January for a second month, signaling companies had difficulty keeping pace with demand. The 0.2% decline in the value of stockpiles followed a revised 1% gain in Dec 09. Sales jumped 1.3%, the most since November, after a 1.2% gain. At the current sales pace, wholesalers had enough goods on hand to last 1.1 months, the lowest since record-keeping began in 1992 and down from 1.12 months in December. (Bloomberg)
Unemployment decreased in nine US states in January, led by an improvement in Michigan that demonstrates factories are driving the economic rebound. The jobless rate climbed in 30 states at the start of 2010, signaling the thawing of the labor market is not broad-based after the loss of 8.4m jobs since the recession began in December 2007. (Bloomberg)
US mortgage applications rose for a second week, as the Mortgage Bankers Association’s index increased 0.5% in the week ended March 5. The group’s purchase gauge climbed 5.7%, while its refinancing measure fell 1.5%. The increase in requests for purchase financing may be a precursor of sales gains in coming months. (Bloomberg)
The US Senate on Wednesday approved a wide-ranging bill that would push back the deadline to file for extended unemployment insurance until year-end and extends dozens of expired tax breaks. The bill, passed by a 62-36 vote, is the latest job creation effort to go before lawmakers, though it contains virtually no new initiatives. Its price tag has wavered between US$140-150bn. (CNN Money)
Global confidence dropped for a second month in March amid concern the fallout from Greece’s budget crisis will undermine the global recovery. The Bloomberg Professional Global Confidence Index fell from 54.9 to 53.8 in March. (Bloomberg)
Japan’s machinery orders slipped in January after the biggest jump since 2000. Orders, a signal of business investment in three to six months, dropped 3.7% mom (20.1% in Dec). The government said after the report that machinery demand is “bottoming.” (Bloomberg)
South Korea’s bank lending to households fell KRW248.0bn to KRW407.3tr in February (KRW407.6tr in Jan) for a second month as income-tax refunds and New Year bonuses enabled consumers to borrow less. Loans to companies rose by KRW2.9tr to KRW513.2tr. Non-mortgage lending fell KRW900.0bn while mortgage lending rose by KRW701.7bn. The broadest measure of money supply, M2, grew 9.3% yoy in January (9.3% in Dec 09). (Bloomberg)
China’s exports rose more than forecast in February and posted a third straight gain. Shipments abroad gained 45.7% yoy in February (21% in Jan). This came in higher than market estimates of 38.3%. Imports rose 44.7% (85.5% in Jan). The trade surplus hit a one-year low of US$7.6bn, affected in part by the Lunar New Year holiday. (Bloomberg)
Taiwan’s central bank is using open-market operations to drain excess cash from the nation’s financial system, a bank official said, as policy makers seek to avoid excess liquidity fueling asset prices. The central bank has been issuing negotiable certificates of deposit to absorb cash. (Bloomberg)
Singapore’s economy may grow faster this year than economists initially predicted, boosted by manufacturing, construction and private consumption, a central bank survey showed. Gross domestic product may expand 6.5% in 2010, according to the median forecast in a survey of 20 economists by the Monetary Authority of Singapore. That compares with a December forecast of 5.5%. (Bloomberg)
Singapore’s social workers will see their salaries go up by 14.0-16.0% from 1 Apr 10. The pay hike is part of measures to attract and retain dedicated professionals in the sector. The revision will cost the government an additional S$3.9m per year. (Channel News Asia)
Thailand kept its benchmark interest rate unchanged at 1.25% for a seventh meeting, refraining from following neighbor Malaysia in raising borrowing costs as political protests threaten the nation’s economic recovery. The decision came widely expected. However, the central bank said it may “normalize” interest rates at the next meeting after refraining from raising borrowing costs this month as it watches for the impact of the political tension. (Bloomberg)
Philippine exports rose at the fastest pace in more than 14 years in January as demand for electronics goods gained. Shipments abroad increased 42.5% yoy (23.8% in Jan). That compares with the median forecast for a 30.2% gain. (Bloomberg)
Chinese bank extended about RMB700.0bn in new yuan loans in February, as the government clampdown on lending took hold. That compared to RMB1.4tr in January and market had projected it would moderate to RMB675.0bn. (Financial Daily)
Indonesia should be able to reach investment grade within one year, Finance Minister Sri Mulyani Indrawati said. Indonesia is rated below investment grade by international ratings agencies but an upbeat economic outlook, high local interest rates and a firm rupiah have attracted investors, with about a fifth of Indonesian bonds currently owned by foreigners. In January, Fitch Ratings upgraded Indonesia's sovereign rating to one notch below investment grade. (SBT)
Thailand’s Board of Investment said 116 companies plan to invest a combined THB177.9bn (US$5.4bn) this year to cope with rising orders. According to a survey conducted in January, 223 companies plan to hire more staff, led by those in the electronics and automobile sectors, the investment board said. (Bloomberg)
Crude oil rose to an eight-week high and gasoline surged after a government report showed that US fuel supplies declined as demand climbed and refineries idled units. Crude oil for April delivery rose 60 cents, or 0.7%, to US$82.09/bbl on the NYME. (Bloomberg)
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