Malaysia: Robust growth for the country
The Malaysian economy grew by more than 6% in 2010 and the country could post moderate growth this year with a calm global environment, said Prime Minister Datuk Seri Najib Razak. Malaysia's GDP surged 10.1% in the first quarter, followed by 8.9% in the second quarter and 5.3% in the third quarter. Bank Negara Malaysia will release the fourth quarter details today. (BT)
Singapore: Raises inflation forecast on record growth
Singapore raised its inflation and export forecasts for 2011 after the economy expanded at a record pace last year, sustaining pressure on the central bank to allow greater currency appreciation. Consumer prices may climb as much as 4% this year while exports may rise 10%, the trade ministry said. The economy expanded a revised 14.5% in 2010, with gross domestic product growing an annualized 3.9% in the three months to 31 Dec from the previous quarter, it said. (Bloomberg)
China: Foreign investment rose 23.4% in January
Foreign direct investment in China climbed in January, adding to record inflows last year that are complicating Premier Wen Jiabao’s efforts to tame inflation in the world’s fastest-growing major economy. Investment rose 23.4% to USD10bn last month from a year earlier, the Ministry of Commerce said. Estimates of four economists surveyed ranged from an increase of 10% to 23%. (Bloomberg)
US: Fed tells banks to test capital for recession
The Federal Reserve ordered the 19 largest US banks to test their capital levels against a scenario of renewed recession with unemployment rising above 11%, said two people with knowledge of the review. The banks stress-tested the performance of their loans, securities, earnings, and capital against at least three possible economic outcomes as part of a broader capital-planning exercise. The banks, including some seeking to increase dividends cut during the financial crisis, submitted their plans last month. The Fed will finish its review in March. (Bloomberg)
US: Consumer prices rise more than forecast
Rising global demand for food and fuel pushed up the US cost of living more than forecast in January, a sign the risk of a damaging drop in prices is ebbing. The consumer-price index advanced 0.4% for a second month, led by the biggest increase in food costs in more than two years, according to figures from the Labor Department. Other reports showed manufacturing is bolstering the expansion, and consumer confidence is being buffeted by rising household expenses. (Bloomberg)
US: Index of leading economic indicators climbs 0.1%
The index of US leading indicators rose in January for the seventh straight month, signaling the expansion will extend into this year. The Conference Board’s gauge of the outlook for the next three to six months increased 0.1% after rising 0.8% in December, the New York-based group said. The median forecast of economists surveyed was for a 0.2% gain. (Bloomberg)
U.S: Loans in foreclosure tie record as lenders delay seizures. A record share of U.S. mortgages were in the foreclosure process at the end of 2010, matching the all-time high, as lenders and servicers delayed home seizures to investigate charges of improper documentation. About 4.63% of loans were in foreclosure in 4Q10, up from 4.39% in the previous three months. The combined share of foreclosures and loans with overdue payments was 14%, or about one in every seven mortgages. (Source: Bloomberg)
S. Korea: Department store sales rose at the fastest pace on record in January. Outlays at the three biggest chains climbed 24% YoY in January after rising 11.6% YoY in December, the Ministry of Knowledge Economy said. It said the increase is the highest since it began compiling the data in 2005 using the current methodology. (Source: Bloomberg)
Taiwan: Economic growth slowed in 4Q10 as exports eased. GDP climbed 6.92% YoY in the three months through December, compared with a revised 10.69% YoY in the third quarter, the statistics bureau said in Taipei. (Source: Bloomberg)
Vietnam: Raises refinancing rate to 11%, joining Asian counterparts in tightening policy to curb accelerating inflation. The State Bank of Vietnam raised the rate from 9 % it said in a statement on its website. The rate was one of three that were raised on Nov. 5, when the base rate was also increased to 9%from 8%, and the discount rate was lifted to 7% from 6%. (Source: Bloomberg)
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