Malaysia: RON97 petrol price goes up 20 sen to RM2.90 per liter
The price of RON97 petrol went up by 20 sen to RM2.90 per liter effective midnight yesterday while the price of RON95 and diesel remain unchanged. Deputy president of Petroleum Dealers Association of Malaysia Datuk Zulkifli Mokti said the increase was due to the rise in the price of crude oil in the global market. (Bloomberg)
India: Bigger rate increase signals shift in inflation fight
The Reserve Bank of India’s decision to double the magnitude of interest rate increases signals it is ready to step up the battle against inflation even at the risk of damping the nation’s economic growth. The central bank’s half a percentage point increase in the benchmark repurchase rate to 7.25% yesterday was the biggest move since July 2008. (Bloomberg)
Vietnam: Central bank raised its repurchase rate for the fifth time this year as officials intensify the fight against the highest inflation since 2008. The repurchase rate for the seven-day term was increased to 14% from 13%, the State Bank of Vietnam said in an emailed statement. It has doubled from 7% in early November last year. The central bank last week raised the refinancing rate to 14% and the discount rate to 13%, effective May 1. (Source: Bloomberg)
EU: Services, manufacturing growth accelerated in April
European services and manufacturing growth accelerated in April, led by factory output, suggesting the 17- member Euro region economy is weathering surging energy costs and tougher budget cuts. Euro region retail sales fell 1% in March from the previous month, when they rose 0.3%.. (Bloomberg)
UK: House prices fell in April for first time in 3 months
UK house prices fell in April for the first time in 3 months and values will probably remain unchanged or decline “modestly” during the rest of the year, National Building Society said. The average cost of a home declined 0.2% from March to GBP165k, marking the first decrease since January. (Bloomberg)
US: Services grow at slowest pace in 8 months
Service industries in the US expanded in April at the slowest pace in 8 months as companies cut back in response to higher energy costs. The Institute for Supply Management’s index of non-manufacturing companies declined to 52.8 last month. (Bloomberg)
US: Treasury to auction USD72bn in long term debt
The US Treasury Department plans to sell USD72bn in its quarterly sales of long term debt next week and anticipates auction sizes will “remain steady” as Congress and the White House debate raising the debt limit. Treasury Secretary Timothy F. Geithner said that the US will have 3 weeks more than previously projected before hitting its borrowing limit. (Bloomberg)
US: Announced job cuts decline 4.8% in April
US employers announced fewer job cuts in April than the same month last year, a sign that the labor market is firming. Planned firings decreased 4.8% to 36,490 last month from April 2010. Government agencies accounted for the biggest cutbacks by industry. (Bloomberg)
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