Philippine: 2011 deficit may narrow as economy accelerates
The Philippines may narrow its budget deficit next year to the smallest since 2008 as economic growth accelerates, Finance Secretary Cesar Purisima said. The 2011 shortfall may shrink to as little as 226 billion pesos, or 2.5% of gross domestic product if the economy expands 7%, Purisima told reporters in Manila. (Bloomberg)
India: PMI, exports point to slower growth
India's manufacturing growth eased in August as the pace of the new orders cooled following a slowdown in exports, underlining expectations that economic expansion has peaked this year. The HSBC Markit purchasing managers' index, based on surveys of 500 companies in India, fell to 57.25 in August from 57.6 in July. (Financial Daily)
South Korea: Trade, inflation signal resilience to global risks
South Korea’s exports gained for the tenth straight month in August and consumer prices rose, signaling the economy’s resilience to global risks may prompt the central bank to boost borrowing costs. Overseas shipments increased 29.6% from a year earlier and the trade surplus will be USD32bn for 2010, up from a previous forecast of USD20bn, the Ministry of Knowledge Economy said in Gwacheon. (Bloomberg)
China: Manufacturing bounces back from low in stabilization sign
Manufacturing in China grew at a faster pace in August after the weakest performance since early 2009 in July, signaling that the economy’s slowdown is stabilizing. The purchasing managers’ index rose to 51.7 from 51.2, exceeding forecasts, a government-backed report showed. Seasonal factors might have had an effect because the index typically gains as factories restart following July maintenance. (Bloomberg)
Australia: GDP grows at fastest pace in 3 years
Australia's economy grew at the fastest pace in three years last quarter as households spent far more than expected while exports enjoyed an Asian-driven boom, reviving the risk of a further rise in interest rates. The Australian dollar jumped after the government data showed GDP climbed 1.2% in the second quarter compared with the first when it rose 0.7%. (Starbiz)
UK: Faces second recession on spending cuts, Hargreaves says
The UK will go back into recession if the government fully implements the spending cuts necessary for a sustained economic recovery, Hargreaves Lansdown Plc CEO Peter Hargreaves said. “The UK economy is in a really bad state,” he said, “If we are going to have the public sector we need, which is less than half the one we’ve got, then there are going to be an awful lot of people earning a lot less. I believe we haven’t had the worst of the recession yet.” (Bloomberg)
UK: Manufacturing expansion slows to nine-month low
UK manufacturing growth slowed to the weakest in nine months in August in a sign the economic recovery may be moderating. The pound dropped against the dollar. A gauge based on a survey of companies by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 54.3 from a revised 56.9 in July. (Bloomberg)
US: Manufacturing expands at faster pace
Manufacturing in the US expanded at a faster pace than forecast in August as factories added workers and cranked up production. The Institute for Supply Management’s factory index rose to a three-month high of 56.3 from 55.5 in July, the Tempe, Arizona-based group said. Readings greater than 50 signal growth, and the figure was projected to drop to 52.8, according to the median forecast in a Bloomberg News survey. (Bloomberg)
U.S: MBA mortgage applications index increases for fifth week as record low borrowing costs lifted refinancing. The Mortgage Bankers Association's index rose 2.7% in the week ended Aug. 27. Refinancing climbed 2.8% to the highest level since May 2009, while purchases gained 1.8%. (Source: Bloomberg)
E.U: Manufacturing industry slowed in August and export demand fell to the lowest in seven months. A gauge of manufacturing in the 16 nation euro region declined to 55.1 from 56.7 in the previous month, London based Markit Economics said. (Source: Bloomberg)
Germany: Retail sales unexpectedly fell for a second month in July . Sales, adjusted for inflation and seasonal swings, declined 0.3% MoM from June, when they also dropped 0.3% MoM. (Source: Bloomberg)
Indonesia: August inflation rate climbed to the highest level in 16 months as electricity costs increased after the government raised power prices this quarter. Consumer prices rose 6.44% YoY, the Central Bureau of Statistics said in Jakarta. That compares with a 6.22% YoY gain in July reported earlier. (Source: Bloomberg)
Thailand: Inflation rate held above 3% for a ninth month in August , supporting the central bank's view that interest rates can rise further. An index of consumer prices rose 3.3% YoY last month after climbing 3.4% YoY in July, the Commerce Ministry said. (Source: Bloomberg)
Australia: August manufacturing growth slowed to the weakest pace in five months . The performance of manufacturing index fell 2.7 points to 51.7, the Australian Industry Group and PricewaterhouseCoopers said in a survey released in Canberra. A figure above 50 shows the industry is expanding. (Source: Bloomberg)
No comments:
Post a Comment