Malaysia: Overnight policy rate up 25 basis points to 2.75%
Bank Negara Malaysia has decided to raise the overnight policy rate (OPR) by 25 basis points to 2.75%. The floor and ceiling rates of the OPR corridor are correspondingly raised to 2.50% and 3% respectively, the central bank said. "The Monetary Policy Committee considers the new level of the OPR to be appropriate and consistent with the current assessment of the growth and inflation prospects," Bank Negara mentioned. (BT)
Malaysia: May IPI up 12.5% y-o-y
Malaysia's industrial production index (IPI) rose 12.5% in May from a year ago, helped by the strong growth in the manufacturing sector. The Statistics Department said that May IPI was up 3.3% from April. The April IPI was revised to 10.7% growth on-year. "The increase in May 2010 was due to the increases in the two indices -- manufacturing (18.7%) and electricity (11.5%). However, the index for mining posted a decrease of 0.2%," it said. (Starbiz)
China: ‘Moderately loose’ policy will stay, central bank says
China’s central bank said it will stick to a moderately loose monetary policy as economic growth becomes better balanced between consumption, investment and exports. Money and loan growth was “reasonable” in the first six months and liquidity in the banking system “basically appropriate,” the central bank said in a statement after its second-quarter monetary policy meeting. (Bloomberg)
Australia: Biggest jobs surge since 2006 stokes rate rise-bet
Australia’s biggest quarterly employment gain in four years added to pressure on the central bank to resume the most aggressive round of interest-rate increases among Group of 20 members in coming months. Payrolls jumped by 104,500 in the three months through June, driving the jobless rate to a 17-month low of 5.1%, the statistics bureau said. The report came two days after central bank Governor Glenn Stevens signaled he’s prepared to hold off for now on another rate move. (Bloomberg)
UK: BOE keeps stimulus as budget cuts threaten recovery
The Bank of England kept its bond stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP200bn (USD303bn) today, as predicted by all 35 economists in a Bloomberg News survey. The bank also kept its key interest rate at 0.5%. (Bloomberg)
US: Jobless claims declined last week to 454,000
The number of Americans applying for jobless benefits fell more than forecast last week while staying at a level that indicates unemployment will be slow to decline. Initial claims for benefits decreased by 21,000 in the week ended 3 July to 454,000, Labor Department figures showed in Washington. Economists had forecast claims would fall to 460,000 from an initially reported 472,000 for the prior week.(Bloomberg)
US: Consumer credit declined more than forecast Consumer borrowing in the US dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market. The USD9.1bn decrease followed a revised USD14.9bn slump in April that was initially estimated as a USD1bn increase, the Federal Reserve reported in Washington. Economists projected a USD2.3bn drop in the May measure of credit card debt and non-revolving loans. (Bloomberg)
Global : IMF raised its forecast for global growth this year, reflecting a stronger-than-expected first half, while warning that financial- market turmoil has increased the risks to the recovery. The world economy will expand 4.6% in 2010, the biggest gain since 2007, compared with an April projection of 4.2%, the Washington-based fund said in revisions to its World Economic Outlook. Growth next year is projected to be 4.3%, unchanged from the April forecast. (Source: Bloomberg)
E.U : IMF says sovereign, banking risks threaten stability. The International Monetary Fund urged European Union policy makers to take further "decisive" steps to combat a sovereign-debt crisis that it said poses a threat to the world financial system. "Recent global stability gains are threatened by a confluence of sovereign and banking risks in the euro area that, without continued and concert attention, could spill over to other regions," the IMF said in an update released of its Global Financial Stability Report. (Source: Bloomberg)
U.K : BOE keeps stimulus as budget cuts threaten recovery. The Bank of England kept its bond-stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP 200b (USD 303b). The bank also kept its key interest rate at 0.5%. (Source: Bloomberg)
Japan : Machine orders in May slump most since 2008, a sign that any rebound in business investment may be too weak to drive an economic recovery that is showing signs of losing momentum. Orders, an indicator of future capital spending, slid 9.1% MoM in May from April. (Source: Bloomberg)
Australia : June jobs growth capped the best quarter in almost four years. The 45,900 increase last month exceeded all 22 forecasts in a Bloomberg News survey. (Source: Bloomberg)
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