Malaysia: Higher inflation seen in second half
Subsidy cuts will drive consumer prices higher in the 2H of the year, but the rise in inflation will be countered by the strong ringgit and positive trade figures, economist said. Official numbers showed Malaysian consumer prices rose 1.4% during 1H 2010. For the full year, inflation is officially projected to rise by between 2% and 2.5%. (StarBiz)
Malaysia: Foreign reserves at USD94.8bn
Malaysia’s international reserves was flat at USD94.8bn (RM305.26bn) on 15 July compared to 30 June, central bank data showed. The reserves were enough to finance eight months of retained imports and is 4.4 times the short term external debt. (Financial Daily)
Indonesia: Indonesian parliament OKs Nasution as central bank chief
Indonesia’s parliament approved the appointment of Darmin Nasution as central bank governor, a move seen as positive for the country’s reform drive and for bonds, stocks and the currency. Nasution has maintained the central bank’s key interest rate at a record low of 6.5% to aid bank lending and the economy, driving strong foreign buying at the short end of the bond curve and pushing stocks to a record high. (Financial Daily)
China: Economist see strong growth, no second stimulus
China is expected to maintain strong growth in the rest of this year and there is no need for second stimulus, government economists said. The State Information Centre forecast economic growth of 9.5% this year, which would be close to the average for the past 30 years and reflect China’s reasonable growth potential. (Bloomberg)
South Korea: Growth likely ’outperformed,’ adding pressure on rates
South Korea’s economy probably grew for a sixth straight quarter in the three months to June, adding to evidence that Asia’s fourth-largest economy is withstanding risks to the global recovery. Gross domestic product grew 1.3% in the second quarter from the prior three months, when it gained 2.1%, according to the median of seven estimates in a Bloomberg News survey. (Bloomberg)
EU: Europe consumer confidence rises more than forecast
European consumer confidence improved more than economists forecast in July amid signs the region’s sovereign-debt crisis is easing. An index of consumer sentiment in the 16-nation euro area increased to minus 14.1 from minus 17.3 in June, the Brussels- based European Commission said. That’s the highest since May 2008. Economists had projected a July reading of minus 17, according to the median of 21 estimates in a Bloomberg survey. (Bloomberg)
EU: Europe’s services, manufacturing growth accelerates
Growth in Europe’s services and manufacturing industries unexpectedly accelerated in July as concern over the sovereign-debt crisis eased and an increase in global trade spurred exports. A composite index based on a survey of euro-area purchasing managers in both industries rose to 56.7 from 56 in June, London-based Markit Economics said. Economists had projected a drop to 55.5, the median of 18 estimates in a Bloomberg survey showed. (Bloomberg)
E.U: Industry orders unexpectedly rise in May, led by capital goods. Orders in the 16-nation euro area rose 3.8% MoM from April, when they gained 0.6% MoM. In the year, industrial orders jumped 22.7% YoY. (Source: Bloomberg)
U.K: Retail sales rose more than forecast in June as the World Cup tournament stoked purchases at electrical goods shops and department stores. Sales climbed 0.7% MoM. (Source: Bloomberg)
US: Sales of existing homes fell in June
Sales of US previously owned homes in June dropped less than forecast, sustained by a backlog of deals that will dry up when a government credit expires. Purchases slipped for a second month, falling by 5.1%. Transactions will be “very low” in coming months as the federal incentive ends, the National Association of Realtors’ chief economist, Lawrence Yun, said in a news conference. (Bloomberg)
US: Index of US leading economic indicators fell 0.2%
The index of US leading indicators fell 0.2% in June, the second decline in three months, signaling the world’s largest economy will cool. Federal Reserve Chairman Ben S. Bernanke repeated his forecast for a “moderate” pace of growth even as he said the outlook remains “unusually uncertain.” Recent reports on housing, retail sales and the labor market have pointed to weakness in the economy as the second half begins. (Bloomberg)
US: New US jobless claims up
New jobless claims jumped in the US by the most since February, reversing the previous week's sharp decline. The rise is partly a result of seasonal factors but also reflects the job market's weakness. New claims for unemployment insurance jumped by 37,000 to a seasonally adjusted 464,000, the Labour Department said. (BT)
Brazil: Signals rate increases to end as growth cools. The bank's board, led by Henrique Meirelles, increased the benchmark rate by a half-point to 10.75%. (Source: Bloomberg)
Taiwan: Unemployment rate fell to 18-month low in June , the lowest level in 18 months as a recovery in exports prompted manufacturers to hire. The seasonally adjusted rate declined to 5.20% last month from 5.22% in May, the statistics bureau said in Taipei. (Source: Bloomberg)
Commodities: Heating up. This year is shaping up to be the hottest year on record for the world. Unusual weather patterns are creating havoc for global agriculture production, damaging crops and sending agricultural commodity prices soaring. Crude palm oil futures surged 2.5% yesterday to a 2-month high of RM2,519 per tonne. (Source: The Edge Financial Daily)
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