Taiwan: May raise interest rate as Asia strives to curb inflation
Taiwan will probably increase borrowing costs for a fourth straight quarter tomorrow, becoming the eighth Asian economy to tighten monetary policy this month as the region fights price pressures. The central bank will raise the discount rate on 10-day loans to banks by 0.125 ppt to 1.75%, according to 17 of 18 economists in a Bloomberg News survey, after increases of the same amount each in June, September and December from a record low. (Bloomberg)
South Korea: GDP growth slows to 0.5% in fourth quarter
South Korea’s economic growth slowed in the fourth quarter in line with initial estimates, underpinning the case for the central bank to pause interest- rate increases amid concern Japan’s earthquake will damp demand. GDP grew 0.5% in the three months to December from the third quarter, unchanged from the previous estimate in January and after a 0.6% gain in the third quarter. The economy expanded 4.7% from a year earlier, lower than the earlier estimate of 4.8%. (Bloomberg)
Euro: Greece cut two steps by S&P to BB on debt restructuring concern
Greece’s credit rating was cut two steps by S&P on concern the country may be required to restructure its debt and bondholders may lose out. The rating was lowered to BB- from BB+ by S&P. The outlook remains negative, according to the statement. (Bloomberg)
US: Home prices in 20 US cities fell 3.1% from year earlier
Residential real estate prices dropped in January by the most in more than a year, raising the risk that US home sales will keep slowing. The S&P/Case-Shiller index of property values in 20 cities fell 3.1% from Jan 2010, the biggest year-over-year decrease since Dec 2009.(Bloomberg)
US: Confidence decreases to a three-month low
Confidence among US consumers dropped more than forecast in March as fuel costs surged to the highest level in more than two years. The Conference Board’s confidence index fell to a three-month low of 63.4 from a revised 72 reading in February. Another report showed home prices decreased in January for a seventh consecutive month. Rising commodity prices and falling home equity are undermining Americans’ sentiment. (Bloomberg)
Portugal: Rating downgraded by S&P for second time in four days, saying the country will likely need an international bailout and debt restructuring. S&P cut the rating to BBB-/A-3 from BBB/A-2, with a negative outlook, it said in an emailed statement. BBB- is the lowest investment grade. (Source: Bloomberg)
France: Consumer spending on manufactured goods rose in February, lifted by prospects for accelerating growth and job creation. Spending advanced 0.9% MoM from January, when it fell a revised 0.3% MoM, national statistics office Insee said in a statement in Paris. Spending advanced 5.5% YoY. (Source: Bloomberg)
Japan: Industrial production rose 0.4% MoM in February. The median estimate of 24 economists surveyed by Bloomberg News was for a 0.1% MoM decline. (Source: Bloomberg)
Japan: Unemployment rate fell in February and retail sales beat analysts' forecasts, signs that the economy was picking up before the March 11 earthquake and tsunami that devastated northeastern regions. The jobless rate unexpectedly slid to 4.6% from the previous month's 4.9%. Retail sales rose 0.1% YoY. (Source: Bloomberg)
S. Korea: Current account surplus widened in February from an 11-month low in January amid sustained export growth and a narrower travel deficit. The surplus was USD1.18b, compared with a revised USD154.7m, the Bank of Korea said in a statement in Seoul. The current account is the broadest measure of trade, tracking goods, services and investment income. (Source: Bloomberg)
Vietnam: Economic growth slowed in 1Q11 after the central bank raised key interest rates to among the highest levels in Southeast Asia to tame inflation. GDP climbed 5.43% YoY in the three months through March according to a preliminary estimate released by the General Statistics Office in Hanoi, compared with 7.34% YoY in 4Q10. (Source: Bloomberg)
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