Philippines: Inflation slows, giving room on rates
Philippine inflation slowed for a second month in June, giving the central bank room to keep its key interest rate at a record low to help President Benigno Aquino boost economic growth. Consumer prices rose 3.9% from a year earlier, easing from 4.3% in May, National Statistics Office said in Manila. The median estimate of 12 economists surveyed by Bloomberg News was for a 4.3% gain. (Bloomberg)
Japan: Economy index falls for first time in 14 months
Japan’s broadest indicator of economic health dropped for the first time in 14 months, signaling the recovery is losing momentum after rebounding from the worst postwar recession. The coincident index, a composite of 11 indicators including factory production and retail sales, fell to 101.2 in May from 101.3, the Cabinet Office said in Tokyo. (Bloomberg)
Australia: Stevens raises bar on further interest-rate rises
The Reserve Bank of Australia signaled it is prepared to refrain from further interest-rate increases in coming months as signs mount that economies around the world will slow. Central bank Governor Glenn Stevens yesterday kept the benchmark cash rate at 4.5% for a second month, even as he forecast inflation will accelerate above the top of his 2% to 3% target range. He also dropped a reference to the level of rates being appropriate for the “near term.” (Bloomberg)
US: Service industries expand less than forecast
Service industries in the US expanded in June at a slower pace than forecast, indicating the economy was beginning to cool entering the second half. The Institute for Supply Management’s index of non-manufacturing businesses, which covers about 90% of the economy, fell to a four-month low of 53.8 from 55.4 in May. The June figure was less than the median forecast of 55 in a Bloomberg News survey. (Bloomberg)
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