Exports increased 14.5% yoy in Feb (0.4% in Jan) while imports rose 18% yoy (3.3% in Jan), resulting in a trade surplus of RM10.6bn (+RM8.7bn in Jan). Economists had projected exports and imports would increase by 12.1% and 16.7% respectively. On mom basis, exports rose 3.3% while imports fell 0.1% in Feb. In 2M12, exports went up 7.1% and imports increased 10.2%, leaving a trade surplus of RM19.3bn. (BT)
Industrial production index (IPI) went up 7.5% yoy in Feb (0.3% in Jan) due to the rise of manufacturing (9.4%), mining (1.9%) and electricity (11.3%). Economists had forecast for a 6.1% gain. On a mom basis, IPI dropped 0.5%. In 2M12, IPI increased 3.8%. (BT)
The manufacturing sales posted a 10.5% yoy growth to RM48.9bn in Feb (+4.1% to RM48.8bn in Jan). On mom basis, it rose 0.3% (-0.3% in Jan). In 2M12, it increased 7.2% to RM97.7bn. Total employees engaged in the manufacturing sector increased 0.6% yoy to 1.03m persons (+0.8% yoy to 1.02m persons in Jan). Salaries and wages paid went up 6.9% yoy to RM2.5bn (+4.4% to RM2.5bn in Jan). Average salaries and wages paid per employee rose 6.3% to RM2,393 (+3.6% to RM2,400 in Jan). Productivity recorded a 9.9% yoy (3.3% in Jan). (Department of Statistics)
The Employees Provident Fund (EPF) has introduced a Permanent Disability Evaluation Guideline to medical practitioners and the EPF Medical Board with regard to Disability Withdrawals. EPF deputy CEO (Operations) Datuk Ibrahim Taib said the guideline was part of a continuous process to improve EPF's services. (Bernama)
The Dewan Rakyat on Tuesday passed the Income Tax (Amendment) Bill 2012. Deputy Finance Minister Datuk Dr Awang Adek Hussin explained that the amendment was to allow taxpayers to claim for deductions for the cash donations for the operations of education institutions as well as for religious purposes. (Bernama)
South Korea: March adjusted jobless rate falls to 3.4%
South Korea's seasonally adjusted unemployment rate came down from February's 11-month high in March, falling for the first time in three months. The seasonally adjusted jobless rate was at 3.4% in March, compared with 3.7% in February. Unadjusted, the reading was at 3.7% last month, down from February's 4.2%. The number of employed Koreans in March rose by 419,000 from a year earlier, to 24.3m, compared with an increase of 447,000 in the preceding month. (MarketWatch)
India’s local car sales rose 19.7% yoy to 229,866 units in Mar, but climbed only 2.2% in the fiscal year that ended last month due to sluggish sales in the first half of the year. (Bloomberg, Reuters)
Indonesia’s government acknowledged that the policy on subsidy reduction cannot be well implemented and a balanced budget in 2014 is difficult to achieve. (IFT)
Thailand's public debt stood at THB4.36tr or 41.06% of GDP at the end of Jan from 43% due to a decree that approved the transfer of Financial Institutions Development Fund’s THB1.14tr debt obligation from the Finance Ministry to the Bank of Thailand. The post-flood borrowing schemes, endorsed in Mar, however, are expected to boost the ratio to nearly 60% in 2013. (The Nation)
Thai consumers demonstrated an improvement in confidence in 1Q12, making Thailand as one of five Asia Pacific countries covered in MasterCard Worldwide Index that recorded positive sentiment. (The Nation)
An ASEAN Business Advisory Council survey ranked Vietnam the second most attractive regional investment destination, second only to Indonesia. (Vietnam News)
Emerging Asian economies will experience flat growth this year before recovering in 2013, the Asian Development Bank said in its Asian Development Outlook report for 2012. (AFP)
The OECD composite leading indicators rose t0 100.5 in Feb (100.3 in Jan), the fourth straight monthly increase. The US and Japan economies have “regained momentum”, while the indicators for Germany and the UK point to “a possible change in momentum.” (OECD)
About 45m people qualify as unemployed in the 34 OECD countries, with the unemployment rate steady overall at 8.2% in Feb but highest in the eurozone at 10.8%, according to the OECD. (AFP)
Bangladesh: To get USD987m IMF loan after reserves fell
The IMF approved a USD987m loan to Bangladesh today after rising oil imports depleted the country’s currency reserves. Bangladesh will immediately receive USD141m under the three-year arrangement. Conditions for the loan include a “restrained” monetary policy, a reduction of trade barriers and “moderate” fiscal consolidation, according to the release. (Bloomberg)
Australia: Feb home loans down
Australian home-loan approvals fell for a second month on the fastest exodus of first-home buyers in a decade, increasing pressure on the central bank to cut interest rates as consumer confidence weakens. The number of loans granted to build or buy houses and apartments fell 2.5% in February from a month earlier, the biggest drop since March 2011. (Bloomberg)
Japan: BOJ members asked to meet lawmakers amid pressure to loosen
The ruling Democratic Party of Japan has asked four members of the Bank of Japan’s policy board to meet with DPJ lawmakers this month amid pressure for the central bank to increase monetary easing to end deflation. Kouhei Ohtsuka, a leader of the ruling party’s official policy group on countering deflation requested that they attend the next meeting. (Bloomberg)
The Bank of Japan kept the benchmark interest rate at 0-0.1% and maintained its ¥30tr asset-purchase fund and ¥35tr credit-lending program unchanged, all of which were expected by 12 of 13 economists. (Bloomberg)
Japan: Machinery orders show surprise rise but risks loom
Japan's core machinery orders rose unexpectedly in February, reinforcing expectations that rebuilding in the earthquake-battered northeast will bolster corporate spending and economic recovery although risks loom from a resurgent yen and wobbly overseas economies. Core machinery orders, considered a leading indicator for capital spending, rose 4.8% in February from the previous month, beating the median forecast for a 0.8% decline. (Bloomberg)
Japan will enter talks with other countries this week on how to respond to the IMF's call to boost its resources to tackle Europe's debt crisis, Finance Minister Jun Azumi said. He also said he is “watching (foreign-exchange rates) with great interest every day.” (WSJ, Reuters)
Japan’s core machinery orders rose 4.8% mom in Feb (3.4% in Jan), higher than market expectations of a 0.5% fall. (AFP)
In Mar, China’s exports rose 8.9% yoy (18.4% in Feb) to US$165.6bn, while imports grew 5.3% yoy (39.6% in Feb) to US$160.3bn. The trade balance stood at US$5.35bn in Mar (-US$31.48bn in Feb). The market had been expecting exports and imports to grow 7% and 9% respectively, and a trade deficit of US$3.15bn. (AFP, Bloomberg)
China’s business climate index slid to 127.3 in 1Q12 from 127.8 in 4Q11. The entrepreneur confidence index improved to 123 from 120.9 in 4Q11. (Bloomberg)
The People's Bank of China is reportedly weighing a quota-based system through which approved mainland businesses would be able to take out offshore yuan loans and remit the funds. (WSJ)
China is opening up the domestic capital market and will allow freer outbound investment for residents, said the State Administration of Foreign Exchange, indicating that it is shifting its focus from trading to capital markets in driving internationalization of the country's currency. (Shanghai Daily)
China's auto sales reached 4.79m units in the first three months this year, down 3.4% yoy. Cars sales in Mar reached 1.84m units, up 1.02% yoy and 17.33% mom. (Xinhua)
Greece paid a sharply lower rate of 4.55% (4.80% at the last equivalent sale that raised €1.14bn) to raise €1.3bn in a sale of 6-month treasury bills, the Greek debt management agency said. (AFP)
US: Fed says economy grew at ‘modest to moderate’ pace
The Federal Reserve said the economy grew in all 12 of its regions as manufacturing, hiring and retail sales showed signs of strength in the face of higher fuel prices. “The economy continued to expand at a modest to moderate pace from mid-February through late March,” the Fed said. “Hiring was steady or showed a modest increase across many districts.” (Bloomberg)
US: Import prices jump 1.3% in March
The prices paid for goods imported into the US jumped 1.3% in March, mainly because of higher oil costs. That compared to a revised 0.1% decrease in February. Import prices in February were originally reported up 0.4%. Fuel costs shot up 4.3% as the price of oil surged. Excluding fuel, import prices rose by a much smaller 0.3% last month. (MarketWatch)
US Federal Reserve Chairman Ben Bernanke called for new steps to curb “shadow banking” operating beyond standard oversight while saying the economy has far to go before fully recovering from the credit crisis. (Bloomberg)
The US Federal Reserve said the economy grew in all 12 of its regions as manufacturing, hiring and retail sales showed signs of strength in the face of higher fuel prices. (Bloomberg)
Taxes for America's highest earners have fallen sharply since 1995, according to a White House report that estimated the 400 highest income households in the country paid an average of 18.1% of their income in federal taxes in 2007, down from the 29.9% those households paid in 1995. (Reuters)
The US NFIB Small Business Optimism Index stood at 92.5 in Mar (94.3 in Feb), lower than consensus of 94.8. (Bloomberg)
The US ICSC-Goldman Store Sales index rose 0.5% wow in the week ended 7 Apr (3.8% in the prior week). (Bloomberg)
US inventories rose 0.9% mom in Feb (a revised 0.6% in Jan), higher than consensus of 0.6%. (Bloomberg)
The MBA Purchase Applications Index fell 0.5% wow in the week ended 6 Apr (+7.2% in the prior week). (Bloomberg)
US export prices rose 0.8% mom in Mar (a revised 0.4% in Feb), whilst import prices gained 1.3% mom (a revised -0.1% in Feb). Economists had expected gains of 0.3% and 1.0%, respectively. (Bloomberg)
No comments:
Post a Comment