Thursday, July 5, 2012

20120705 1009 Local & Global Economy Related News.

Exports increased 6.7% yoy in May (-0.1% in Apr), above the market expectation of 5.5%. Imports surged 16.2% yoy (10.2% in Apr), leaving a trade surplus of RM4.6bn in May (+RM7.5bn in Apr). (BT)

The government Wednesday announced that the retail price of RON97 would cost 20 sen less at RM2.60 per litre from today. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the lower price was in line with the dip in average global crude oil prices in Jun. (Bernama)

A total of 291 buildings were registered in Malaysia under the Green Building Initiative (GBI) as of 15 Jun this year. Energy, Green Technology, and Water Ministry Secretary General Datuk Loo Took Gee said of this number, 67 had received their Design Assessments and five the Final GBI Certificate. These 72 projects represent a total gross floor area of almost 2.5m sq meters, and help the local environment by reducing the emission of carbon dioxide, equivalent to more than 110,000 tonnes annually, he said. (Bernama)

Worldwide sales of semiconductors reached US$24.4bn in May, up 1.4% from Apr's sales of US$24.1bn, the third consecutive month of growth, but a sluggish global economy could impact the upward trend. (StarBiz)

China’s HSBC Services PMI fell to a 10-month low of 52.3 in Jun compared with 54.7 in May. (WSJ)

Home prices in China edged up 0.05% mom from May to Rmb8,688 (US$1,376) psm in 100 major cities, ending a losing streak since Sep 2011, according to China Index Academy research. (Shanghai Daily)

The Bank of Japan's consumer sentiment diffusion index improved to -39.5 in the three months to June, the highest level in almost five years, from -55.6 in Mar. (WSJ)

Eurozone retail sales rose 0.6% mom in May (a revised -1.4% in Apr), overshooting consensus expectations of a 0.2% gain, whilst on a yoy basis, the measure fell 1.7% (a revised -3.4% in Apr). (Dow Jones)

Eurozone’s Markit composite PMI rose to 46.4 in Jun (46.0 in May), above the preliminary reading of 46.0. The services PMI rose to 47.1 from 46.7 in May and came in above the preliminary estimate of 46.8. (Reuters)

The new French Socialist government launched €7.2bn in tax rises and €1.5bn in spending cuts to meet budget targets as growth flags. (AFP)

Indonesia’s Danareksa Consumer Confidence Index improved to 92.4 in Jun from 91.3 in May. (Bloomberg)

The Indonesian government acknowledged that it was considering a moratorium on the signing of new contracts for natural gas exports, saying the country needed the gas more to support national development. (Jakarta Globe)

Indonesian retail sales rose 8% yoy in May, the lowest pace since Oct and down from a revised 11.7% gain in Apr, but retailers were confident sales would increase in the next three to six months. (Reuters)

The Philippines’ long-term foreign currency-denominated debt rating was raised one level to BB+, the highest level since 2003, from BB by Standard & Poor’s. That’s one step below investment grade and on a par with neighboring Indonesia. The outlook on the rating is stable. (Bloomberg)

Thailand’s consumer confidence index on the overall economy rose from 67.1 in May to 68.5 in Jun. (Bangkok Post)

The Bank of Thailand has asked local commercial banks to raise their loan-loss reserve to cope with high global uncertainties and strong lending growth, Deputy Governor Krirk Vanikkul said. (Bloomberg)

Thailand’s Energy Policy Administrative Committee today slashed the Oil Fund levy on diesel by 50 satang per litre, to ensure that retail price is below THB30 per litre despite a spike in global prices. (The Nation)

The National Assemblies of Laos and Vietnam signed a memorandum of understanding to deepen the relations, solidarity and cooperation between the two assemblies and their relevant departments through bilateral and multilateral frameworks. (Vientiane Times)

With the current macroeconomic uncertainties, it is impossible for Vietnam to achieve this year’s GDP growth target of 6-6.5%, said Tran Hoang Ngan, member of the National Assembly Economic Committee, after the latest report by the General Statistics Office showed national GDP grew at 4.38% yoy in Jan-Jun. (The Saigon Times)

Vietnam’s total money supply, M2, in the year’s first half is estimated to pick up 6.84% against late 2011, according to the Government Office. M2 in six months grew 6.84% from Dec 2011, and was up 4.47% as of end-May, versus the year’s target of 14-16%. (The Saigon Times)

Vietnam’s Government will continue to place top priority for the remainder of this year on keeping inflation in check and stabilising the macro-economy, said Prime Minister Nguyen Tan Dung. (Vietnam News)

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