Malaysia: Likely to leave rates unchanged
Bank Negara Malaysia is widely expected to leave borrowing costs unchanged but economists said it may carry out other measures to let some hot air out of the financial system and deal with rising prices of consumer goods and services. The monetary policy committee will make a decision on the Overnight Policy Rate (OPR) that stands at 2.75% now. (BT)
Malaysia: Output growth slows to 14-month low as mining shrinks
Malaysia’s industrial production rose at the slowest pace in 14 months in January as output by mining companies shrank and manufacturing growth eased. Production at factories, utilities and mines rose 1% from a year earlier after gaining a revised 4.5% in December 2010, the Putrajaya-based statistics department said. That compares with the median estimate for a 1.2% increase in a Bloomberg News survey of 17 economists. (Bloomberg)
Korea: Bank of Korea raises rate to 3% as prices breach target
The Bank of Korea raised interest rates for the second time this year after inflation exceeded its target ceiling for two consecutive months. Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3% from 2.75%, the central bank said in a statement in Seoul. The decision was predicted by all 15 economists surveyed by Bloomberg News. (Bloomberg)
China: Surprise trade gap may help it parry US yuan criticism
China’s efforts to parry US criticism that its currency is undervalued got a boost from a report showing the world’s second-largest economy unexpectedly posted a USD7.3bn trade deficit. Exports rose 2.4% in February from a year before, the least since 2009, as Lunar New Year holidays disrupted shipments, and imports climbed 19.4%, customs bureau data showed. Central bank adviser Li Daokui said that the full-year trade surplus will shrink from the 2010 level. (Bloomberg)
UK: BOE Keeps stimulus as recovery concerns outweigh inflation
The Bank of England kept its benchmark interest rate at a record low as policy makers chose to set aside concerns on rising inflation pressures to support the UK economic recovery. The Monetary Policy Committee, led by Governor Mervyn King, set the key rate at 0.5% for a 25th month, as forecast by all 61 economists in a Bloomberg News survey. They also left their bond program at GBP200bn (USD324bn), as predicted by all 34 economists in a separate poll. (Bloomberg)
US: Trade gap widens, consumer comfort drops
Rising oil prices took a toll on the US economy as the cost of imported crude helped widen the trade gap and consumer confidence was shaken by the most expensive gasoline since 2008. Jobless claims also rose. The deficit in goods and services increased 15% in January to USD46.3bn from USD40.3bn the month before, Commerce Department figures showed. The Bloomberg Consumer Comfort Index dropped to minus 44.5 in the period to 6 March, from the prior week’s minus 39.7, which was close to the highest in almost three years. (Bloomberg)
US: Posts a record USD222.5bn monthly budget shortfall
The US government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled USD222.5bn last month compared with a USD220.9bn shortfall in February 2010, according to the Treasury Department’s monthly budget statement. Last February’s deficit was the previous monthly record, government data show. (Bloomberg)
US stocks falls as S&P 500 drops to lowest level since January
US stocks retreated, sending the Standard & Poor’s 500 Index to the lowest level since January, following an increase in jobless claims, a wider American trade deficit and a slowdown in China’s export growth. The S&P 500 retreated 1.9% to 1,295.11 at 4 pm in New York. The Dow Jones Industrial Average decreased 228.48 points, or 1.9%, to 11,984.61 for the biggest decline since 11 Aug. The Stoxx Europe 600 Index tumbled 1.2% as Spain’s credit rating was downgraded by Moody’s Investors Service. Crude oil fell 1.6% to $102.70 a barrel. (Bloomberg)
U.S: 4Q10 household worth rises by USD 2.1tr, Fed says as share prices rose and families rebuilt finances tattered by the recession. Net worth for households and non-profit groups increased at a 16.6% annual pace to USD 56.8tr after rising at a 9.1% rate in the previous three months. American households also cut debt for an 11th consecutive quarter. (Source: Bloomberg)
U.S: Jobless claims rose by 26,000 last week to 397,000, highlighting the uneven nature of the improvement in the U.S. labor market. The total number of people receiving benefits in the prior week fell to the lowest since October 2008. (Source: Bloomberg)
U.K: Manufacturing production jumped in January by the most in 10 months, a sign the economy is resuming growth after a winter freeze dented the recovery. Factory output rose 1% MoM from December, when it shrank 0.1% MoM. The index of manufacturing rose to 92.9, the highest since October 2008. (Source: Bloomberg)
Spain: Government bond ratings were downgraded by Moody's Investors Service by one notch to Aa2 from Aa1. The outlook on the Aa2 ratings is negative, Moody's said. The main triggers for the downgrade include Moody's expectation that "the eventual cost of bank restructuring will exceed the government's current assumptions, leading to a further increase in the public debt ratio. (Source: Bloomberg)
Japan: Economy contracted more than the government initially estimated in the fourth quarter because of a downward revision to capital investment and consumer spending. GDP shrank at an annualized 1.3% rate in the three months ended Dec. 31, more than the 1.1% contraction reported last month, the Cabinet Office said. (Source: Bloomberg)
India: Exports rose at a faster pace last month, figures released by trade secretary Rahul Khullar showed, supporting economic growth and providing scope for the central bank to raise interest rates. Merchandise shipments surged 49.8% YoY to USD23.6b in February, Khullar, secretary in the Ministry of Commerce, told reporters in New Delhi. (Source: Bloomberg)
S. Korea: Bank of Korea raised interest rates for the second time this year after inflation exceeded its target ceiling for two consecutive months. Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3% from 2.75%, the central bank said in a statement in Seoul. (Source: Bloomberg)
Thailand: Consumer confidence fell for the first time in three months in February after oil and food prices surged. An index measuring sentiment dropped to 72.2 from 72.6 in January, the University of the Thai Chamber of Commerce said in a statement in Bangkok. (Source: Bloomberg)
Philippines: Export growth eased in January as electronics sales rose at a slower pace. Shipments abroad grew 11.8% YoY to USD4b after rising a revised 26.5% YoY in December, the National Statistics Office said in Manila. (Source: Bloomberg)
Australia: Employers unexpectedly cut workers in February for the first time in 18 months as floods and a cyclone disrupted hiring in the nation's northeast. The number of people employed fell by 10,100 from January, led by a drop in part-time jobs, the statistics bureau said in Sydney. The jobless rate held at 5%. (Source: Bloomberg)
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