The US services sector grew in March at its fastest pace in nearly four years. The Institute for Supply Management said its services index jumped to 55.4, its strongest reading since May 2006, from 53.0 in February. That was the index's third consecutive monthly gain and was above the 54.0 median forecast. A reading above 50 indicates expansion in the sector. The report's business activity index hit 60 in March, its highest level since April 2006, compared with 54.8 in February. The employment index edged up to 49.8 from 48.6 while new orders jumped to 62.3 from 55.0. (CNN Money)
US pending home sales rose 8.2% in February to 97.6 from a downwardly revised 90.2 in January. The increased surprised economists surveyed who were expecting a 1% decrease. It was also a 17% improvement over last year, when the index sat at 83.2 in February. Pending home sales are considered a forward-looking indicator since many of the contracts don't result in completed transactions for many weeks or months. The unexpected rise in February could be in response to the home buyer tax credit. (CNN Money)
Global chip sales grew 56.2% yoy to US$22bn in February, helped mainly by growth in sales of electronic products in emerging economies. Despite a 1.3% mom sequential decline in worldwide chip sales, the Semiconductor Industry Association (SIA) reaffirmed the possibility for better performance overall this year compared with its forecast in November. (CNN Money)
Greek Deputy Prime Minister Theodoros Pangalos said that the sort of debt problems seen in Greece are likely to spread further in the euro zone and Portugal could be the next victim. He added that Portugal should not remain neutral on the issue of European Union help for troubled members after leaders agreed on a financial safety net for Greece on 25 Mar. The safety net deal for Greece was a "good step forward" and "a big success for the euro zone," but said the deal should have been more straightforward. (CNBC)
Inflows in Japanese retail investment trust funds fell for the first time in three months in March as purchases by investors slowed after a run of heavy investment, although appetite remained robust. The value of initial launches of publicly placed toushin fell 28.0% mom to ¥260.3bn in March (+59.0% in Feb and +30.0% in Jan), data from Thomson Reuters find research company Lipper showed. (Financial Daily)
China Construction Bank Corp. Chairman Guo Shuqing said economic growth of 9.5% would be “very problematic” for the nation. Such rapid economic expansion “will mean more duplication of construction, more excess capacity and higher waste of capital.” He was concerned that Chinese demand for imports risked driving commodity prices higher worldwide. (Bloomberg)
Singapore’s government has renewed a grant that helps businesses become more family-friendly with an additional S$2m over the next three years. The grant was enhanced in January this year to cover 70% of costs, up from the previous 50%. (Channel News Asia)
Vietnam expects about 250,000 visitors from Malaysia this year, a significant increase from 166,000 in 2009. The Director-General of the International Cooperation Department of Vietnam's National Administration of Tourism, Pham Quang Hung, said Malaysia was one of the top markets for the country's tourism industry for the past several years. (Bernama)
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