US retail sales rose 0.4% mom to US$366.4bn in April (2.1% in Mar), as consumers continued to show signs of returning to stores. Economists had expected sales would grow 0.2%. Total sales were up 8.8% yoy in April. Sales excluding autos and auto parts jumped 0.4% mom in April. (Bloomberg)
US industrial production jumped 0.8% mom in April (0.1% in Mar), with the manufacturing component showing a back-to-back 1.0% gain. This is higher than market consensus of 0.6%. Capacity utilization rose to 73.7% in April from 73.2% in March. (Bloomberg)
US business inventories rose 0.4% mom in March (0.5% in Feb), meeting market consensus of 0.4%. Manufacturers’ inventories up 0.3%, followed by retailers up 0.4% and wholesalers up 0.4%. (Bloomberg)
The Reuter's/University of Michigan's Consumer sentiment index rose to 73.3 in May from 72.2 in April. The index came in below market consensus for a rise to 73.8. The expectations component improved to 68.3 while the current conditions component at 81.1, a little changed from April. (Bloomberg)
Treasury Secretary Timothy F. Geithner expressed confidence that Europe will resolve the debt crisis buffeting the region and said the U.S. economy is strong enough to withstand any fallout. In an interview on Bloomberg Television, Geithner said he is “confident” China will allow the value of the renminbi to rise against the dollar. “It is in China’s interest that they move to let their exchange rate start to gradually reflect market forces.” (Bloomberg)
Thai troops battled with protesters for a third day in downtown Bangkok as the government ruled out talks to end a two-month standoff with opponents seeking an immediate election. At least 18 people died and more than 140 were injured since the military moved to seal off a business district. Former Thai leader Thaksin Shinawatra, whom many of the red-shirted protesters support, called on Prime Minister Abhisit Vejjajiva to restart talks. In a related development, Thai authorities set a deadline for women, children and other unarmed protesters to leave their Bangkok site as the group battled to prevent soldiers from sealing off the area, turning downtown Bangkok into a war zone. (Bloomberg)
Hong Kong’s economy expanded 8.2% yoy in the first quarter (2.5% in 4Q09), the fastest pace in four years, as exports and retail spending rebounded from the global crisis. The increase was a shade lower when compared with the 8.3% median forecast. The government maintained a forecast for full-year growth of between 4% and 5% and inflation of 2.3%. (Bloomberg)
The chief economist for the World Bank, Justin Yifu Lin said that if China were to revalue its currency it would actually hurt rather than help the US economy. Chinese exports would become more expensive and the cost of those goods would rise for US consumers. (Financial Daily)
Singapore’s retail sales unexpectedly fell 2.4% yoy in March (+4.6% in Feb) as rising car prices prompted consumers to hold off purchases, a decline that may ease as record economic growth and improving tourism revive spending in the coming months. Economists had projected for a 1.0% gain. (Bloomberg)
The Thai government on 16 May night declared two days public holiday starting 17 May for the capital and extended the emergency rule in another five provinces (Ubon Ratchathani, Mahasarakham, Roi Et, Sakon Nakhon and Nong Bua Lampu) as battles between government and anti-government protesters continued. Acting Government Spokesman Dr Panitan Wattanayagorn said the holidays were to facilitate government efforts in dealing with the current situation. (Bernama)
Thailand’s foreign-exchange reserves fell 0.8% to US$146.4bn in the week ended 7 May, from US$147.6bn a week earlier. The central bank’s holdings of forward contracts fell 2.8% to US$11.6bn in the same period, from US$11.9bn a week earlier. (Bloomberg)
Thailand’s economy has been hurt by ongoing anti-government rallies that will “significantly” reduce tourism in the coming months, Finance Minister Korn Chatikavanij said as he called for an end to the protests. “We estimate that growth has already been about 0.4 to 0.5% less than it ought to have been,” Korn said. Prolonged unrest may reduce growth this year by as much as 2.0% pt. (Bloomberg)
Indonesian Economic Coordinating Minister, Hatta Radjasa, said that the government expected the economic growth would increase up to 6.0% in 2Q10 in line with the increasing private sector and government spending following the enactment of the revised state budget 2010. (Bloomberg)
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