Global: World Bank sees overheating risks with growth of 3.2% this year. Emerging-market economies, growing almost three times faster than their developed counterparts, need to speed spending cuts and interest-rate increases as they fight inflation and overheating, the World Bank said. The Washington-based institution lowered its growth forecast for the world economy this year to 3.2% from a January estimate of 3.3%, to reflect Japan's earthquake and political unrest in the Middle East and North Africa. The World Bank left unchanged a prediction for a global rebound to 3.6% in 2012. (Source: Bloomberg)
U.S: Fed says growth was 'steady' in most areas, slowed in some as consumers contended with higher food and fuel prices while shortages of parts reduced auto production. Four of the 12 regions reported slower growth. (Source: Bloomberg)
Germany: Industrial production unexpectedly declined in April, led by a drop in construction output. Production fell 0.6% MoM from March, when it rose a revised 1.2% MoM. In the year, production rose 9.6% YoY when adjusted for working days. (Source: Bloomberg)
U.K: Moody's Investors Service said the outlook on the U.K's Aaa rating is "stable," according to a spokesman for the ratings company. "Our central scenario is that the U.K. rating remains Aaa and the outlook is stable," Francesco Meucci, Moody's deputy head of media relations in Europe, Middle East and Africa, said in a phone interview from Paris. "However, slower growth combined with weaker-than-expected fiscal consolidation efforts could cause the U.K's debt metrics to deteriorate to a point where we would reconsider our stance." (Source: Bloomberg)
Greece: Jobless rate breached 16% for first time in March, extending a record high as the nation's economy remained mired in the third year of a recession. The jobless rate rose to 16.2% from 15.9% in February. (Source: Bloomberg)
Brazil: Raises rate to 12.25% after CPI exceeds target range. Brazil's central bank raised its benchmark interest rate for a fourth straight meeting after consumer prices exceeded the upper limit of its target range for the first time since 2005. Policy makers, led by central bank President Alexandre Tombini, raised the Selic rate by a quarter point to 12.25%. (Source: Bloomberg)
Japan: China's net purchases of Japan's long-term debt reached a record as the larger nation seeks to diversify the world's biggest currency reserves. China bought a net JPY 1.33tr (USD 16.6b) in Japanese long-term bonds in April, the biggest amount since records began in January 2005, according to data released in Tokyo by Japan's Ministry of Finance. The nation sold a net JPY 1.47tr of short-term debt, the data shows. (Source: Bloomberg)
Japan: Current account surplus narrowed in April as supply-chain disruptions after a record earthquake curbed exports. The gap shrank 70% YoY to JPY 406b (USD 5.1b), the Finance Ministry said in Tokyo. (Source: Bloomberg)
Taiwan: Exports rose at the slowest pace in 19 months in May after the earthquake in Japan disrupted trade flows in Asia and demand from China eased. Shipments abroad increased 9.5% YoY, compared with 24.6% YoY in April. Imports rose 19.3% YoY for a trade surplus of USD1.22b. (Source: Bloomberg)
Australia: Home loan approvals rose in April by the most since March 2009. The number of loans granted to build or buy houses and apartments gained 4.8% MoM from March, when they fell a revised 1.1% MoM, the statistics bureau said in Sydney. (Source: Bloomberg)
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