Indonesia: Inflation slows, providing room to hold key rate
Indonesia’s inflation slowed for a third straight month in April as food prices declined during the harvest period, giving the central bank room to refrain from raising interest rates when policy makers meet 12 May. Consumer prices in Southeast Asia’s biggest economy rose 6.16% last month from a year earlier, after gaining 6.65% in March, the Central Bureau of Statistics said. That’s less than the 6.4% median forecast in a Bloomberg News survey of 19 economists. (Bloomberg)
India: April manufacturing expands at fastest pace in five months. The Purchasing Managers' Index rose to 58 in April from 57.9 in March, HSBC Holdings Plc and Markit Economics said. A number above 50 indicates expansion. Indias merchandise exports surged 44% YoY to a record USD 29b in March. (Source: Bloomberg)
South Korea: Inflation slows from fastest pace in 29 months
South Korea’s inflation slowed in April from the fastest pace in 29 months, a moderation that may fail to deter the central bank from raising interest rates next week. Consumer prices rose 4.2% from a year earlier, after a 4.7% gain in March, Statistics Korea said. That compared with a median estimate of 4.6% in a Bloomberg News survey of 13 economists. Prices were unchanged from March. President Lee Myung Bak declared “war” on inflation in January, urging policy makers to contain inflation at 3 percent to protect families on low incomes. Central bank officials will need to gauge the effect that a surging won may have on exports and growth when reviewing rates on 13 May after leaving them unchanged last month. (Bloomberg)
Singapore: Jobless rate fell to the lowest level in three years as employers expanded payrolls to meet demand for goods and services in an accelerating economy. The seasonally adjusted unemployment rate fell to 1.9% in the three months through March from 2.2% the previous quarter, the Ministry of Manpower said in a statement. The economy added an estimated 23,700 jobs last quarter, it said. (Source: Bloomberg)
Japan:Passes USD49bn earthquake reconstruction package
Japan’s parliament passed a JPY4trn (USD49bn) budget for rebuilding after the 11 Mar earthquake, the first in a series of relief packages. The Diet’s upper house unanimously approved the extra spending after the lower house passed the measure on 30 Apr. Prime Minister Naoto Kan has said several extra budgets may be needed to rebuild after the quake, tsunami and nuclear crisis, with government estimates putting the damage at as much as JPY25trn. Higher taxes may be needed to limit any increases in bond sales that would swell a debt burden already twice the size of the economy. (Bloomberg)
Japan: March wages fall, highlighting risks to economic recovery. Monthly pay including overtime and bonuses dropped 0.4% YoY to JPY 274,886 (USD 3,383), the Labor Ministry said in Tokyo. Overtime work hours fell 2% YoY to 10.1 hours, the data showed. (Source: Bloomberg)
India: Manufacturing expands at fastest pace in five months
India’s manufacturing grew at the fastest pace in five months and exports climbed to a record, increasing pressure on the central bank to raise interest rates for the ninth time since the start of 2010. The Purchasing Managers’ Index rose to 58 in April from 57.9 in March. A number above 50 indicates expansion. India’s merchandise exports surged 44% to a record USD29bn in March from a year earlier, the commerce ministry said in an e- mailed statement. (Bloomberg)
Australia: Manufacturing contracted in April on record currency
Australian manufacturing contracted in April for the seventh time in eight months as a record-high currency and consumer caution hurt textile and other producers, a private report showed. The manufacturing index was 48.4 in April from 47.9 a month earlier, the Australian Industry Group and PricewaterhouseCoopers said in a survey released in Canberra. A number below 50 indicates contraction. The nation’s factories are lagging behind the mining industry, which is expanding to meet Chinese demand for raw materials and pushing the job market near a level the government views as full employment. The Australian currency’s 19% gain against the US dollar in the past year has hurt export competitiveness. (Bloomberg)
EU: Europe manufacturing growth accelerates more than estimated
European manufacturing growth accelerated more than estimated in April, driven by higher output in Germany and France, suggesting the region’s economy is weathering surging energy costs. A gauge of manufacturing in the 17-nation euro area rose to 58 from 57.5 in March, London-based Markit Economics said. That’s above an initial estimate of 57.7 on 19 Apr. A reading above 50 indicates growth. European manufacturers, led by German companies such as Volkswagen AG, are boosting production and hiring more workers to meet increased export orders. With euro-area capacity utilization at the highest since 2008, oil prices up 23% this year and companies trying to pass on higher input costs, the risk is growing that inflation may accelerate and slow the recovery. (Bloomberg)
E.U: April inflation accelerated to the fastest pace in two and a half years. Inflation in the 17-nation euro region quickened to 2.8% YoY in April from 2.7% YoY, the European Union's statistics office in Luxembourg said in an initial estimate. An index of executive and consumer sentiment slipped to 106.2 from 107.3 in March, the sharpest drop since May 2010, and unemployment held at 9.9%, separate reports showed. (Source: Bloomberg)
U.S: Banks eased lending terms, demand for loans rose in April, according to a Federal Reserve survey. "The April survey indicated that, on net, bank lending standards and terms generally had eased somewhat further during the first quarter of this year," the central bank said in its quarterly survey of senior loan officers. The looser standards for business loans reflected more competition among banks and some banks "also pointed to a more favorable or less uncertain economic outlook," the Fed said. (Source: Bloomberg)
U.S: April manufacturing leading economy on exports, inventories. The Institute for Supply Management's factory index fell to 60.4 last month from 61.2 in March, the Tempe, Arizona-based group said. Readings greater than 50 signal expansions and the measure has exceeded 60 for four consecutive months, the best performance since 2004. (Source: Bloomberg)
U.S: Consumer sentiment index climbed in April from the lowest level in more than a year as job growth helped Americans withstand rising fuel costs. The Thomson Reuters/University of Michigan final index of consumer sentiment rose to 69.8 from March's 67.5 reading that was the lowest since November 2009. (Source: Bloomberg)
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