Malaysia: Malaysia’s Inflation quickens, adding pressure on Central Bank
Malaysia’s inflation accelerated to a 23-month high in March, an increase that may add pressure on the central bank to tighten monetary policy. Consumer prices rose 3% in March from a year earlier after climbing 2.9% in February, according to a report by the statistics department today. That compares with the 3.1% median estimate in a Bloomberg survey of 16 economists. While Bank Negara Malaysia kept interest rates unchanged for a fourth consecutive meeting last month, policy makers ordered lenders to set aside more cash as reserves and signaled they may review their stance amid inflation risks. (Bloomberg)
U.S.: U.S. existing homes sales rise on distressed-property demand
Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors. Purchases increased 3.7% to a 5.1m annual rate, exceeding the 5m median forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. All-cash deals accounted for 35% of transactions, the most on record, the group said. (Bloomberg)
EU: Portugal bill yields soar even after bailout plan
The treasury bills Portugal sold today are due to mature after its financial lifeline is set. And even that virtual guaranteed repayment hasn’t been enough to prevent investors from demanding record yields as concern of a possible debt restructuring in Greece roils markets. International Monetary Fund, European Commission and European Central Bank officials have been in Lisbon for a week preparing to make an estimated 80bn euros (USD116bn) of finances available. (Bloomberg)
Germany: Producer price inflation unexpectedly slowed in March. Producer prices rose 6.2% YoY after increasing 6.4% YoY in February, the Federal Statistics Office in Wiesbaden said in an email statement. (Source: Bloomberg)
Japan: Japan’s exports fall a more-than-expected 2.2% after quake
Japan’s exports fell more than economists expected in March as shipments of automobiles tumbled, declines analysts said may worsen as companies struggle to restore facilities and output in the wake of a record earthquake. Overseas shipments declined 2.2% from a year earlier, the first drop since November 2009, the Finance Ministry said in Tokyo today. Car exports fell 28% from a year earlier and shipments for electronic devices also slid as the disaster prevented companies from transporting goods. (Bloomberg)
Asia: Taiwan’s export orders rose more than estimated in March
Taiwan’s export orders climbed more than estimated in March, signaling overseas shipments may weather trade disruption caused by Japan’s earthquake and increasing scope to raise borrowing costs again. Orders, an indication of shipments in the next one to three months, climbed 13.37% from a year earlier, after a 5.33% gain in February, the Ministry of Economic Affairs said in Taipei today. The median estimate of 14 economists in a Bloomberg News survey was for a 4.7% advance. (Bloomberg)
Asia: Thailand raises key rate a sixth time, signals more to come
Thailand raised interest rates for the sixth time in less than a year as Asian nations step up efforts to damp inflation stoked by surging commodity prices, and the central bank signaled that it would do more. The Bank of Thailand increased the benchmark one-day bond repurchase rate by a quarter of a percentage point to 2.75%, it said in Bangkok today. The move was predicted by all 20 economists surveyed by Bloomberg News. (Bloomberg)
Thailand: Export growth held near an eight-month high in March. Overseas sales increased 30.9% YoY. That compares with a 31% YoY gain in February reported previously. (Source: Bloomberg)
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