Malaysia: Economy to grow 5% in 2H10
The country’s gross domestic product growth for this year is expected to reach 7.2% through estimated growth rates of 9.4% for the first half of the year and 5.1% for the second half, said RAM Holdings Bhd’s chief economist Dr Yeah Kim Leng. RAM attributed the lower second-half figures to easing external demand, reduced low base effect and restocking activities. However, the ratings agency said there was no sign of a double dip thus far. (Financial Daily)
Australia: Home loan approvals fell in June , after gaining in May for the first time in eight months, adding to signs the most aggressive round of interest-rate gains by a Group of 20 members is cooling demand for dwellings. The number of loans granted to build or buy houses and apartments dropped 3.9% MoM to 46,420 from May, when they rose a revised 3% MoM. (Source: Bloomberg)
Thailand: Baht has risen ‘a bit too fast’
The baht has appreciated a little too fast in the past week and exporters should brace themselves for more volatility, a senior central bank official said, while the financial minister said exporters had to adjust. Bank of Thailand assistant governor Suchada Kirakul told reporters the central bank would intervene in the currency market if necessary. The baht firmed 0.3% to THB31.95 (RM3.14) per dollar, its highest since May 2008. (Financial Daily)
Taiwan: Exports rose for a ninth month in July as demand for the island's microchips and computers weathered global risks threatening Asian shipments. Exports advanced 38.5% YoY. (Source: Bloomberg)
China: Economist bullish on China’s GDP growth
China’s economy will enjoy a strong, stable second half, putting it on course for full-year growth of about 10%- 11%, a leading government economist said in comment published. The forecast by Zhang Yutai, head of the Development Research Centre, a think-tank under China’s cabinet, is more bullish than those of many independent as well as some government economists, who have been revising down their predictions to the 9%- 10% range. (Star Biz)
China: July property prices rise 10.3% from year earlier
China’s property prices rose in July at a slower pace after the government clamped down on speculation to prevent asset bubbles and keep housing affordable. Prices in 70 major cities climbed 10.3% from a year earlier, the statistic bureau’s newspaper, China Information News, reported. That was less than the 11.4% increase in June and compared with the median estimate of 10.5% in a Bloomberg News survey of eight economists. (Bloomberg)
Japan: Current account surplus unexpectedly shrank for a second month in June as export growth cooled. The gap narrowed 18% YoY to JPY1.047tr (USD12.3b). The figures also reflect a 46% YoY slide in the so called income surplus as Japanese earned less money on overseas investments. (Source: Bloomberg)
EU: German exports rose as global recovery gained pace
German exports rose more than economists forecast in June as the global recovery helped bolster an export-led expansion in Europe’s largest economy. Sales abroad, adjusted for working days and seasonal changes, rose 3.8% from May, when they increased a revised 7.9%, the Federal Statistics Office in Wiesbaden said. Economists forecast a gain of 1.5%, the median of 11 estimates in a Bloomberg News survey shows. Imports rose 1.9% from May, when they jumped 13.7%. (Bloomberg)
EU: Euro returns 5% for bulls who acted on ECB’s defiance
The euro’s rally from a four-year low in June resulted in losses for followers of bears from Paul Volcker to Dennis Gartman. Since Volcker, the 82-year-old former Federal Reserve Chairman, said 13 May the euro may face “disintegration,” it’s up 5.99% against the dollar. (Bloomberg)
EU: Europe investor confidence jumps to two-year high, Sentix says
European investor confidence surged to the highest in more than 2 1/2 years in August as demand from emerging economies brightened the outlook, the Sentix research institute said. An index measuring sentiment in the 16-nation euro region increased to 8.5 from minus 1.3 in July, Limburg, Germany-based Sentix said. That’s the highest since December 2007. A gauge of current business conditions climbed to 16.5 from 2 in the previous month, while a sub- indicator of expectations increased to 0.75 from minus 4.5. (Bloomberg)
Mexico: Plans to sell bonds in yen by end of year
Mexico plans to sell about JPY150bn (USD1.75bn) of bonds backed by the Japan Bank for International Cooperation this year, said Gerardo Rodriguez, head of the finance ministry’s public debt unit. Mexico aims to begin selling debt in yen without guarantees sometime next year, Rodriguez said in an interview from Mexico City. He declined to discuss pricing and more specific dates. Mexico last sold yen bonds in December. (Bloomberg)
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