Wednesday, August 4, 2010

20100803 0933 Local & Global Economic News.

Malaysia: Exports advance 17.2% in June
Malaysia’s June 2010 external trade continued to see strong growth, albeit at a moderating pace, with exports expanding 17.2% y-o-y to RM52.83bn, while imports soared 30.1% y-o-y RM46.79bil. Overall, total trade grew 22.9% y-o-y to RM99.62bn, the International Trade and Industry Ministry said yesterday. Malaysia continued to enjoy healthy trade surplus, which totaled RM6.04bil in June.(Starbiz)

Australia: Building approvals, retail sales falter in June. The number of permits granted to build or renovate houses and apartments fell 3.3% MoM from May, the third straight drop. Retail sales gained 0.2% MoM. (Source: Bloomberg)

Australia: Keeps key rate at 4.5% as inflation cools
Australia’s central bank kept interest rates unchanged for a third month after slower inflation and diminished financial risks abroad left officials with little need for any shift in policy. Governor Glenn Stevens maintained the overnight cash rate target at 4.5%, the Reserve Bank of Australia said in Sydney. (Bloomberg)

China: To further open gold market to trading, imports
China will let more banks import and export gold and open trading further to foreign companies as near-record prices and falling stock markets spur demand in the world’s second-largest buyer of the metal. Gold prices gained. China may “increase foreign members on the Shanghai Gold Exchange and will also study ways to allow foreign qualified bullion suppliers to deliver to the exchange,” the People’s Bank of China said (Bloomberg)

E.U: Producer-price inflation unexpectedly slowed in June as a stronger euro helped offset higher costs of imported goods such as energy. Factory-gate prices in the 16 nation euro region rose 3% YoY after increasing 3.1% YoY in May, the European Union's statistics office in Luxembourg said. (Source: Bloomberg)

Greece: To pass first test as budget challenges mount
Greece’s austerity drive may pass its first test this week as a European Union-led mission prepares to dole out more rescue funds for a government trying to cut the euro-region’s second-biggest budget gap and weather a recession. In approving the second tranche of a three-year, EUR110bn (USD145bn) bailout, the EU and International Monetary Fund are likely to praise Greece’s progress and say more work is needed to lock in the gains, economists said. (Bloomberg)

Spain: Registered unemployment declined for a fourth month in July as the tourist season spurred hiring. The number of people registering for unemployment benefits fell by 73,790, or 1.9% MoM, from June to 3.9 million. From a year earlier, the number of unemployed rose 10% YoY. (Source: Bloomberg)

US: Fed may pass on more stimulus amid signs of weakness
Federal Reserve policy makers signaled they will probably pass on providing more stimulus at their 10 Aug meeting and wait to see if signs of a weaker economic growth persists. Chairman Ben S. Bernanke told lawmakers that consumer spending is “likely to pick up” amid a “moderate” expansion. (Bloomberg)

US: Orders to factories decline more than forecast
Orders placed with US factories declined more than forecast in June, a sign manufacturing will cool in coming months. The 1.2% decrease in bookings was more than double the 0.5% drop projected by the median forecast of economists followed a revised 1.8% decline in May, figures from the Commerce Department showed (Bloomberg)

US: Spending stagnates, home sales drop
Consumer spending, pending home sales and factory orders were all weaker than projected in June, showing the US recovery lost momentum heading into the second half of the year as employment stagnates. Household purchases, which account for about 70% of the economy, were unchanged from May, according to the figures from the Commerce Department. (Bloomberg)

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