Malaysia: GDP growth at 5%-6% in 2011
Malaysia’s GDP is expected to grow by between 5% and 6% this year, said Prime Minister Datuk Seri Najib Razak. He reiterated the Government’s commitment to ensuring that growth remained at about 6% annually in order to achieve the vision of turning the country into a high-income nation by 2020. (Financial Daily)
Singapore: Inflation to hit 4% in 2011
Singapore’s inflation could hit 4% this year, the highest level since 2008 and at the upper end of an official forecast range of 3%-4%, according to the central bank’s quarterly survey of economic forecasts. The Monetary Authority of Singapore (MAS) said the median estimate of 20 private sector economists also showed inflation could hit 5.4% in the first quarter. Singapore’s annual inflation spiked up to 5.5% in January, far higher than analysts’ expectation. (Financial Daily)
Asia: Steps up inflation fight as Thailand, Vietnam raise rates
Asian central banks stepped up their battle against inflation as Thailand and Vietnam raised interest rates, seeking to defuse price pressures before the global jump in oil costs reverberates through the region. The Bank of Thailand increased the one-day bond repurchase rate by a quarter of a percentage point to 2.5%, it said. Vietnam lifted borrowing costs, South Korea is forecast to do so and Malaysia may ask lenders to set aside more money as reserves on Mar 11. A jump in crude oil costs in excess of 20% in the past three weeks is escalating the danger of inflation in the region that’s led the global economic rebound. (Bloomberg)
EU: German industrial output rose in January as construction surged
Industrial production in Germany, Europe’s largest economy, rose in January as construction activity rebounded from its winter hiatus. Output increased 1.8% from December, when it slipped a revised 0.6%, the Economy Ministry in Berlin said. Economists had forecast a 1.7% gain, the median of 35 estimates in a Bloomberg News survey showed. In the year, production rose 12.5% when adjusted for working days. (Bloomberg)
UK: Trade gap narrows more than forecast on record exports
UK trade deficit narrowed more than economists forecast in January as exports surged to a record and imports of aircraft declined. The goods-trade gap shrank to GBP 7.06bn (USD 11.4bn) from a record GBP 9.69bn in December, the Office for National Statistics said. The deficit is the smallest in 11 months and compared with the GBP 8.5bn median forecast of 17 economists in a Bloomberg News survey. Exports rose 5.4% and imports fell 4%. (Bloomberg)
US: Wholesale inventories increase 1.1%, sales climb 3.4%
Inventories at US wholesalers rose more than forecast in January as distributors tried to keep pace with sales that rose by the most since November 2009. The 1.1% increase in stockpiles followed a revised 1.3% gain in December that was bigger than initially estimated, the Commerce Department said. The median projection in a Bloomberg News survey was for a 0.9% rise. Sales jumped 3.4% in January, led by cars, computers and commodities. (Bloomberg)
U.S: Mortgage applications rise 16% WoW, reflecting gains in purchases and refinancing that signal the housing market may be stabilizing. The measure fell 6.5 % WoW in the previous period that included the Presidents Day holiday. The group's purchase index climbed 13% WoW last week, the most since November, while its refinancing gauge jumped 17 % WoW. (Source: Bloomberg)
Portugal: Plans to borrow as much as EUR1b (USD1.4b) in its first bond sale for two months, opting to endure surging interest costs as it tries to avoid following Greece and Ireland in seeking a bailout. The nation is selling 5.45% bonds due September 2013. The debt agency last sold bonds with that maturity on Sept. 8, raising EUR661m and paying a yield of 4.086% on securities that currently offer about 6.37%. (Source: Bloomberg)
Japan: Machinery orders rose more than expected in January, signaling that companies will boost spending as economic recoveries abroad strengthen. Factory orders increased 4.2% MoM from December, the biggest jump in five months, the Cabinet Office said in Tokyo. (Source: Bloomberg)
Thailand: Raised its main interest rate for the second time in three months even after inflation slowed, seeking to defuse price pressures before the global jump in oil costs reverberates through the economy. The Bank of Thailand increased the one-day bond repurchase rate by a quarter of a percentage point to 2.50%, it said in Bangkok. (Source: Bloomberg)
Australia: Home loan approvals fell in January by the most in a year as floods inundated the nation's east coast and consumer confidence slid on expectations a government-proposed carbon tax will lower household income. The number of loans granted to build or buy houses and apartments dropped 4.5% MoM from December, the first fall in seven months, with Queensland state approvals plunging 16.4% MoM, the statistics bureau said in Sydney. The sentiment index fell 2.4% to 104.1 in March from a month ago, a Westpac Banking Corp. and Melbourne Institute survey showed. (Source: Bloomberg)
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