Wednesday, June 2, 2010

20100602 1425 Global Economic News.

U.S: Manufacturing holds up in May. The Institute for Supply Management’s gauge fell to 59.7 from 60.4 in April. Readings greater than 50 point to expansion. Another report showed spending on construction projects rose in April by the most since 2000. (Source: Bloomberg)

Germany: Unemployment falls twice as much as forecast in May as exports from Europe’s biggest economy surged, bolstering the recovery. The number of people out of work declined a seasonally adjusted 45,000 to 3.25 million, the lowest since December 2008. The adjusted jobless rate fell to 7.7% from 7.8%. (Source: Bloomberg)

China: Manufacturing expansion slows in May as growth cools. The Purchasing Managers’ Index fell to 53.9 from 55.7 in April. A separate index released by HSBC Holdings Plc and Markit Economics fell to 52.7, the lowest level in a year. (Source: Bloomberg)

S. Korea: Exports climb for seventh straight month in May. Overseas shipments rose 41.9% YoY to USD 39.5b. Imports climbed 50% YoY to USD 35.1b, leaving a trade surplus of USD 4.4b. (Source: Bloomberg)

Indonesia: Inflation accelerates less than forecast in May. Consumer prices rose 4.16% YoY last month after gaining 3.91% YoY in April. (Source: Bloomberg)

Australia: Keeps rate at 4.5% to gauge market turmoil. Australia’s central bank left its benchmark interest rate unchanged and signaled it may keep borrowing costs steady in coming months as it assesses the impact of the most aggressive rate increases in the Group of 20. (Source: Bloomberg)

Australia: Retail sales rise at double estimated pace in April. Sales increased 0.6% MoM from March, when they rose a revised 0.8% MoM. (Source: Bloomberg)

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