Indonesia’s official growth target in 2012could be revised down to 6.5%, from 6.7% previously, said Vice President Boediono. (WSJ)
Indonesia’s National Development Planning Agency (Bappenas) estimates that inflation this year has the potential to exceed 7% if food prices cannot be maintained. (IFT)
The HSBC Services PMI for China improved to 53.9 in Feb from 52.5 in Jan. (Bloomberg)
China pared the nation’s growth target to 7.5% from an 8% goal in place since 2005. Officials will aim for inflation of 4% this year, unchanged from the 2011 goal, according to a speech that Premier Wen Jiabao delivered at the annual meeting of the National People’s Congress. (Bloomberg)
The budget deficit in the Philippines was PP101.5bn (US$2.4bn) in Dec, compared with PP22bn in Nov. The full-year gap was PP197.8bn in 2011, compared with a record PP314.5bn in 2010. Spending surged 43.2% in Dec while revenues grew 6.8%. (Bloomberg)
The Markit Services PMI for India eased to 56.5 in Feb from 58 in Jan. (Markit)
South Korea’s foreign reserves climbed to US$315.8bn in Feb (US$311.34bn in Jan). (Bloomberg)
Indonesia’s National Development Planning Agency (Bappenas) estimates that inflation this year has the potential to exceed 7% if food prices cannot be maintained. (IFT)
Bank Indonesia Governor Darmin Nasution said a rise in the inflation rate as a result of the imminent fuel price hike will not automatically put pressure on the rupiah. (Anatra News)
Bank Indonesia assessed that the recent weakening of rupiah does not affect the performance of exporters. Exporters would benefit from the weakening rupiah. Importers, on the other hand, will have to incur higher cost. (IFT)
Singapore's Purchasing Manager's Index (PMI) for Feb stood at 50.4, up from Jan’s 48.7. A separate PMI for Singapore's electronics sector rose to 51.0 from Jan 50.5 due to continued expansion in domestic and overseas orders. (Reuters)
China Investment Corporation, the country’s US$410bn sovereign wealth fund, received a massive US$30bn injection from the government last year, boosting its investment war chest for European assets. (AFP)
China Securities Regulatory Commission Chairman Guo Shuqing said that China may launch its highly anticipated high-yield bond market in 1H12 to expand credit access to small private firms largely shut out of China's state-dominated financial system. (Reuters)
China’s Ministry of Finance submitted a government work report for the annual full session of the 11th National People's Congress (NPC). Total combined revenue in the draft central and local budgets for 2012 is targeted at Rmb11.63tr. Total expenditures in the draft central and local budgets amount to Rmb12.43tr, up 14.1% yoy. The budgeted deficit is Rmb800bn. China hopes to complete 5m units of low-income housing this year and start construction of another 7m units as part of an effort in improving people's living conditions. China will continue to regulate the real estate market to bring down property prices to a reasonable level Transformation of the mode of development and economic restructuring are the most pressing tasks at present for the Chinese government China will promptly formulate a master plan for reforming the income distribution system in a bid to narrow the widening income gap, according to a government work report China aims to create more than 9 million new jobs in towns and cities this year (Xinhua)
Bank of Japan monetary affairs director general Kazuo Momma reiterated his warning that the strong yen could hurt Japan’s economy by weighing on corporate earnings and sentiment, and told a parliamentary committee that setting too high a price goal would heighten economic uncertainty. (Reuters)
The US non-manufacturing ISM grew to 57.3 in Feb, the fastest pace in a year, from 56.8 in Jan on the back of a gain in new orders and the housing market showing signs of stabilising. Analysts expected the measure to come in at 56. (Bloomberg)
US factory orders fell back 1.0% in Jan (a revised +1.4% in Dec), less than the consensus of a 1.6% decline as weakness was centred in durable goods orders which fell 3.7% (revised from -4.0%). (Bloomberg)
US: Service industries unexpectedly expand to a one-year high
Service industries in the US unexpectedly grew in February at the fastest pace in a year, showing further strength for the biggest part of economy. The Institute for Supply Management’s non-manufacturing index climbed to 57.3 from 56.8 in January, the Tempe, Arizona-based group’s data showed yesterday. Readings above 50 signal expansion, and the median forecast of economists surveyed by Bloomberg News was 56. (Bloomberg)
The Eurozone composite PMI for services and industry fell to 49.3 in Feb (50.4 in Jan), but still above the 48.3 level recorded in Dec, according to Markit. (AFP)
German automaker federation VDA projects the global car market to grow 4% this year, although Europe will lag behind because of the debt crisis. US, China and Japan will continue to see strong growth. (AFP)
Banks’ deposits with the ECB have hit yet another new record with €820.8bn (RM3.28tr) on deposit for 24 hours at the ECB overnight on Fri, beating the previous record set the day before of €776.9bn. (AFP)
The Eurozone sentix investor confidence index rose to -8.2 in Mar (-11.1 in Feb; -21.1 in Jan), the third consecutive month of improvement. Analysts expected an increase to -7.0. (NASDAQ, RTTNews)
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