Malaysia: Economy grew a strong 8.9% in 2Q; domestic demand to support growth in 2H2010
Sustained expansion in domestic demand and continued robust growth in external demand drove the country’s economy to register a strong 8.9% growth in the second quarter of 2010, said Bank Negara Malaysia. The stronger domestic demand was due to higher private and public sector spending, while the expansion in external demand spurred domestic production. On the supply side, major economic sectors continued to record strong growth during the quarter, led by the manufacturing and services sectors. (Financial Daily)
Malaysia: CPI up 1.9% y-o-y in July to 114 The Consumer Price Index (CPI) rose 1.9% year-on-year (y-o-y) in July to 114.0 from 111.9 a year ago, due mainly to increases in the index for food & non-alcoholic beverages and the non-food index. For the period from January to July this, the CPI rose 1.5% to 113.4 compared with that of 111.7 in the same period last year. In a statement Wednesday, Aug 18, the Department of Statistics Malaysia said compared with June, the CPI increased by 0.3%. (Financial Daily)
China: To start yuan-ringgit trading China will begin trading in yuan against the Malaysian ringgit, marking the latest step by Beijing to internationalize its currency. The introduction of a sixth currency to trade against the yuan comes after the Chinese central bank said on Tuesday it would open the yuan bond market to funds accumulated overseas through trade settlement or central bank swaps. (Financial Daily)
Australia: Abbott Australian vote win would boost Aussie on mining tax end
Australia’s dollar may extend its world-beating gains this quarter should voters hand victory on 21 Aug to opposition leader Tony Abbott, who’s promised to scuttle a proposed tax on mining companies. Abbott has called this weekend’s contest a “hard election to win,” with opinion polls showing his Liberal-National coalition neck-and-neck with Prime Minister Julia Gillard’s Labor Party. (Bloomberg)
Russia: Putin bond demand sinks as drought lifts prices
Russia sold the smallest amount of 2014 ruble bonds in more than two months as investors demanded higher yields after the worst drought in 50 years boosted food prices. The Ministry of Finance raised RUB1.2bn (USD40m), or 6%, of the RUB20bn of federal debt known as OFZs offered, the least since a 2 June auction, according to central bank data. (Bloomberg)
EU: Construction rises most in three months
European construction output rose the most in three months in June, led by a rebound in Spain. Construction in the 16-nation euro region increased 2.7% from May, when it fell 0.7%, according to the European Union’s statistics office in Luxembourg. From a year earlier, June output rose 3.1% after falling 6.2% in the previous month. (Bloomberg)
UK: BOE voted 8-1 on stimulus in third loss for Sentance
Bank of England policy makers considered arguments for expanding or withdrawing emergency stimulus this month before overruling Andrew Sentance’s third call for an interest-rate increase. The Monetary Policy Committee, led by Governor Mervyn King, voted 8-1 to keep the benchmark rate at 0.5% and their bondpurchase plan at GBP200bn (USD313bn). (Bloomberg)
Brazil: GDP to accelerate this quarter, Meirelles says Brazil’s central bank President Henrique Meirelles said economic growth will accelerate in the third quarter and that analysts should not come to “hasty” conclusions about policy makers’ future decisions. “There will be a recovery -- the question is to what level of activity and inflation,” Meirelles said in an interview with GloboNews TV network. “What we can’t do is to arrive at hasty conclusions. The central bank cannot signal what it doesn’t know.” (Bloomberg)
US July home building up, industrial output rises
WASHINGTON, Aug 17 (Reuters) - U.S. home building increased at a much weaker pace than expected in July, though sturdy growth in industrial output implied the embattled economy has enough strength to keep growing. Tuesday's mixed batch of data also showed a tick up in producer inflation last month, which some analysts said helped ease concerns of a damaging downward spiral of falling prices amid an ebb in momentum in recovery from the longest and deepest downturn since the 1930s.
Obama seeks new design for housing, Fannie/Freddie
WASHINGTON, Aug 17 (Reuters) - The U.S. government's role in housing finance should undergo "fundamental change," but it should still provide some guarantees in the mortgage market, Treasury Secretary Timothy Geithner said on Tuesday. Setting the stage for what promises to be a long debate about fixing Fannie Mae and Freddie Mac, Geithner convened a conference of housing industry leaders and heard a range of ideas about reforms for the $10.7 trillion mortgage market.
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