Malaysia: Inflation rate eased to 14-month low in February
Malaysia’s inflation eased to the slowest pace in 14 months in February, giving the central bank room to keep interest rates low and support an economy threatened by global growth risks. Consumer prices rose 2.2% from a year earlier. That compares with 2.7% in January and is less than the 2.4% median estimate in a Bloomberg News survey of 21 economists. (Bloomberg)
Singapore’s consumer price index rose 4.6% yoy in Feb (4.8% in Jan), but declined 0.3% mom (+0.9% in Jan). Both readings came below consensus forecasts of 4.9% yoy and 0.1% mom respectively. (Bloomberg, Reuters)
The Singapore Tourism Board has projected visitor arrivals to be between 13.5m and 14.5m this year, an increase of 10% from last year (13.8% in 2011). (Channel News Asia)
Taiwan: February industrial output rebounds as demand recovers
Taiwan’s industrial production rose in February for the first time in four months, signaling a recovery in demand. Output climbed 8.4% last month from a year earlier, after falling a revised 16.8% in January. The central bank said yesterday it will focus on inflation after leaving interest rates unchanged for a third meeting. Taiwan’s export orders, an indication of shipments in the next one to three months, rose 17.6% last month from a year earlier. (Bloomberg)
China: Leading economic index rose at slower pace last month
A leading index for China rose at a slower pace in February, adding to evidence of moderating growth in the world’s second-biggest economy that may prompt Premier Wen Jiabao to loosen policy further. The gauge gained 0.8% from the previous month to 227.2, the Conference Board said. That compares with a 1.5% gain in January. (Bloomberg)
China’s energy consumption in the first quarter is likely to grow by 7 to 8% yoy, up from a 6.7% in the first two months of this year, according to a report from the China Electricity Council. (Xinhua)
China's outstanding external debt in 2011 totaled nearly US$695bn, the highest since 1985, and a 27% growth from 2010 according to data released by the State Administration of Foreign Exchange. The proportion of short-term external debt to the total also climbed to a record high of 72% from 68% in 2010. Medium- and long-term external debt, which accounted for 28% of total external debt, showed a marked increase last year of 12%, compared with a 2% gain in the previous year. Other external debt indicators, such as the 9.52% liability ratio, the 33.31% foreign debt ratio and 1.72% debt-service ratio, all fell into the "safety" range, according to international standards. (China Daily)
China will extend a property tax trial, currently in operation in Shanghai and Chongqing, to more cities at an "appropriate time" this year and deepen resource tax reform, said the National Development and Reform Commission. (Shanghai Daily)
China and Indonesia signed 15 prospective cooperation agreements worth potentially more than US$17bn in fields including mining, hydropower and steel. (Reuters)
France: Sentiment rose as Sarkozy lifts growth forecast
French business confidence jumped more than economists forecast this month, the latest sign of an economic rebound that allowed President Nicolas Sarkozy to lift his growth forecast in the midst of an election fight. Sentiment among factory executives rose to 96 from 93 in February. Economists forecast an increase to 93 from a previously reported February reading of 92, according to the median of 19 estimates in a Bloomberg survey. It is the first time the gauge has increased for two consecutive months in more than a year. (Bloomberg)
Canada: February core inflation rate fastest in three years
Canadian inflation accelerated for a second month in February on higher costs for electricity and meat, as the central bank’s key price measure reached the fastest in more than three years. The consumer price index rose 2.6% in February from a year earlier, following January’s 2.5% gain. (Bloomberg)
US: Sales of new houses fall for second month
Purchases of new homes in US unexpectedly fell in February for a second month, a sign the recovery in the housing market may be uneven. Sales dropped 1.6% to a 313,000 annual pace, the slowest since October, from a 318,000 rate in January that was weaker than previously reported. The median estimate of 78 economists surveyed by Bloomberg News called for 325,000. (Bloomberg)
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