Malaysia’s Industrial Production Index (IPI) grew by 0.6% due to the rise of manufacturing and electricity indices by 2.0% and 4.9% respectively. The major sub-sectors which reported increases in manufacturing output in March included petroleum, chemical, rubber and plastic products as well as transport equipment and other manufactures. (BT)
China: Trade lagging behind estimates adds easing pressure. Overseas shipments rose 4.9% YoY while import growth of 0.3% YoY trailed forecast. The trade surplus was USD 18.4b, almost double estimates of USD 9.9b. (Source: Bloomberg)
Russia: Refrains from rate cut as Putin craves growth. Bank Rossii in Moscow indicated that containing inflation is its priority by leaving the refinancing rate at 8%, in line with all 15 forecasts in a Bloomberg survey. The level of borrowing costs is "appropriate for the coming months," the central bank said in a statement on its website. (Source: Bloomberg)
India: Trade deficit was USD 13.4b in April as a struggling global recovery curbed overseas shipments. Merchandise exports climbed 3.2% YoY last month to USD 24.5b, Commerce Secretary Rahul Khullar told reporters in New Delhi. Imports gained 3.8% YoY to USD37.9b, he said. (Source: Bloomberg)
S. Korea: The Bank of Korea held off from altering borrowing costs for an 11th straight month after inflation eased and policy makers cut their forecasts for economic growth. Governor Kim Choong Soo and his board kept the benchmark seven-day repurchase rate at 3.25%. (Source: Bloomberg)
Indonesia: Takes steps to reduce cash as interest rate held. Bank Indonesia will raise the rates on central bank bills and term deposits of all tenors to absorb liquidity, it said in Jakarta, without specifying the levels. Governor Darmin Nasution and his board held the reference rate at 5.75%. (Source: Bloomberg)
Philippines: Exports unexpectedly fell in March as faltering global growth crimped demand for its electronics and agriculture products. Shipments abroad declined 1.2% YoY to USD 4.3b after a revised 12.8% YoY gain in February, the National Statistics Office said. (Source: Bloomberg)
Australia: Jobless rate drops to 4.9%, lowest level in year
Australia's unemployment rate unexpectedly dropped to a one-year low as payrolls rose for a second straight month, driving the local currency higher and reducing bets on interest-rate cuts next month. The jobless rate fell in April to 4.9%, matching the lowest level since Dec 2008, from 5.2% in March. (Bloomberg)
Greece: Strives for government after election raises doubt
Greece’s political leaders go into a fifth day of talks today to carve out a government with Evangelos Venizelos, the socialist Pasok leader, set to press counterparts on a proposal for a unity government that would avert a new election. Venizelos, who received the mandate to form a government yesterday, said there was a first “good omen” since the inconclusive 6 May election, after Democratic Left leader Fotis Kouvelis outlined a proposal designed to keep the country in the euro area. (Bloomberg)
Italy: Industrial output rebounds amid recession
Italian industrial production rebounded in March even as the country’s fourth recession since 2001 weighs on demand for manufactured goods. Output rose 0.5% from February, when it declined 0.7%. Production fell 5.8% from a year ago on a workday-adjusted basis. (Bloomberg)
U.K: Consumer confidence declines on weak economy, jobs outlook. An index of sentiment fell to 44 from 53 in March, the Swindon, England-based customer-owned lender said. A gauge of consumers' expectations for the economy also plunged. (Source: Bloomberg)
UK: Manufacturing grows more than forecast
UK manufacturing output rose more than economists forecast in March as producers of chemicals, transport equipment and electronics led a recovery from disruptions caused by snowfall the previous month. Factory output rose 0.9% from February, when it fell a downwardly revised 1.1%. The median of 29 economists estimate in a Bloomberg News survey was for an increase of 0.5%. (Bloomberg)
UK: King confronts recession risk as BOE seen halting stimulus
Bank of England Governor Mervyn King is about to make the policy decision that may define his final year in office. The central bank's nine-member Monetary Policy Committee will today halt bond purchases at GBP325bn, ending a second round of stimulus, according to 43 of 51 economists in a Bloomberg News survey. The remainder sees an increase of at least GBP25bn in the biggest split on the direction of policy since October, when the bank unexpectedly restarted quantitative easing. (Bloomberg)
US: Posted budget surplus of USD59.1bn in April
The US government posted a budget surplus in April, the first in more than three years, as tax revenue climbed and spending dropped. Receipts topped outlays by USD59.1bn compared with a deficit of USD40.4bn in April 2011. It was the first surplus since Sept 2008 and the biggest since April 2008. (Bloomberg)
US: Jobless claims allay concern on job market
Claims for unemployment benefits declined last week to the lowest level in a month, easing concern that the US labor market is faltering. First-time claims dropped by 1,000 to 367,000 in the period ended 5 May. Claims are returning to levels reached in February and March, indicating a surge last month probably reflected difficulty in adjusting the data for an Easter holiday that came earlier this year than last. (Bloomberg)
No comments:
Post a Comment