Bank Indonesia (BI) held its benchmark reference rate at 5.75%, a decision predicted by economists. BI’s growth outlook was trimmed to 6.1-6.5% from 6.3-6.7% for2012, as exports weakened. (Bloomberg)
Indonesia’s government is not confident that 2012 growth could reach the 6.5% target. Agus Martowardojo, Minister of Finance, said economic growth in 2012 is estimated to only reach 6.3%. (IFT)
Production at factories, utilities and mines in India rose 2.4% yoy in May after a revised 0.9% decline in Apr. The median estimate was for a 1.8% climb. (Bloomberg)
The Bank of Japan expanded its asset-purchase program to ¥45tr (US$564bn) from ¥40tr. Seven of 17 economists surveyed by Bloomberg News predicted monetary easing. The loan facility was cut to ¥25tr from ¥30tr. (Bloomberg)
Bank of Korea lowered the benchmark seven-day repurchase rate by a 25bps to 3%, the first cut since Feb 2009. (Bloomberg)
China’s banks extended Rmb919.8bn (US$144.3bn) of local-currency loans. That compares with the Rmb880bn median forecast. Broad money supply rose 13.6% yoy in Jun (+13.2% in May). Foreign reserves fell to US$3.24tr in Jun from US$3.31tr in May, a record qoq drop. (Bloomberg)
China's mergers and acquisitions (M&A) activity has slowed down from last year. Deal volumes secured in Greater China slipped to 71 in the first half of 2012, from 121 a year ago, according to global law firm Allen & Overy's latest M&A Index. (Channel News Asia)
China: Q2 economic growth around 7.5%, says government think-tank
China's economy may have grown around 7.5% in the second quarter and nearly 8% in the first half, and will recover steadily in the second half as policy stimulus gains traction, a senior economist at the cabinet's think-tank said today. The assessment comes a day before China reports its second quarter growth rate. The think tank's view roughly matches a Reuters poll, which forecast that for April-June, the economy expanded 7.6% from a year earlier – the slowest pace since the first quarter of 2009. (Reuters)
China: Power use up 5.2% in May, summer shortages seen easing
Chinese power consumption growth recovered to 5.2% in May from 3.7% in April, but summer shortages are unlikely with industrial electricity use still sluggish, official data showed. Total consumption reached 406.1bn kWh during the month, with industrial utilization at 362.3bn kWh, up 4.6% compared to May last year. Over the first five months, industrial usage reached 1.7tn kWh, up 4.6% on the year, a marked improvement on the 2.1% growth seen from January to April. (Reuters)
Economic growth in Thailand could be restricted drastically to 4-4.5% this year, from an earlier projection of 5.6-5.8%, if the Constitution Court rules today to dissolve the Pheu Thai Party, leading to political turmoil, according to the University of the Thai Chamber of Commerce. (The Nation)
The University of the Thai Chamber of Commerce survey showed consumers are complaining that their income does is not rising enough to cover the rising cost of living caused by the domino effect of rising production costs from the increase in the minimum wage, although the government has put in place a variety of measures to rein in the price rise. (The Nation)
Data from the Bangko Sentral ng Pilipinas showed that gross portfolio inflows for the month reached US$1.215bn, while outflows amounted to US$1.223bn. This resulted in a net outflow of US$7.69m. (Philippine Daily Inquirer)
Developing Asia expected to grow 6.6% this yr and 7.1% in 2013, Asian Development Bank President Haruhiko Kuroda said. (Bloomberg)
Industrial production in the euro area rose by 0.6% mom in May, after it fell 1.1% in Apr. (Bloomberg)
The US Bloomberg Consumer Comfort Index held at minus 37.5 in the week ended 8 Jul. Some 86% of those surveyed said the economy was in bad shape, 21% pts higher than the average since 1985. (Bloomberg)
Claims for jobless insurance in the US declined 26,000 in the week ended 7 Jul to 350,000, the fewest since Mar 2008. Economists projected 372,000 claims. (Bloomberg)
The 2.7% mom plunge in the US import-price index was the biggest since Dec 2008 and followed a 1.2% drop in May and greater than the median estimate of -1.8%. (Bloomberg)
US job openings climbed by 195,000 to 3.64m, partially countering the 294,000 drop seen in Apr. (Bloomberg)
US home foreclosure filings rose in 2Q for the first time in two years. During the April-June period, 311,010 properties started the foreclosure process, a 9% qoq increase, said RealtyTrac, a publisher of foreclosure data. (Channel News Asia)
US: June import prices tumble on plunge in oil costs
Import prices fell last month by the most in more than three years mostly due to a plunge in the cost of imported oil, further icing inflation pressures. Overall import prices dropped 2.7%. It was the third straight month of declining prices for goods and services bought abroad. Import prices have only risen once in the last seven months. June's decline was the steepest since December 2008. (MarketWatch)
US: Confidence in stagnates as employment slows
Consumer confidence stagnated last week as scant improvement in the labour market left Americans more discouraged about the economy. The Bloomberg Consumer Comfort Index held at minus 37.5 in the week ended 8 July. Some 86% of those surveyed said the economy was in bad shape, 21ppt higher than the average since 1985. (Bloomberg)
US: Jobless claims drop 26,000 to 350,000
First time filings for unemployment benefits fell last week to the lowest level in more than four years, but the decline likely stemmed from fewer auto sector layoffs than normal and other onetime factors that could soon be reversed. Jobless claims sank 26,000 to a seasonally adjusted 350,000 in the week ended 7 July. (MarketWatch)
Greek coalition leaders agreed to press ahead with reforms after an official at the state-asset sale fund said Greece won’t be able to raise €3.2bn (US$3.9bn), facing the risk of running out of money and defaulting while seeking to qualify for €4.2bn in aid. (Bloomberg)
Global oil demand is expected to rise by 1m bpd in 2013 (+1.1%) to 90.9m bpd, faster than growth this year, but "well below" the levels seen before the financial crisis as economic recovery remains muted, the International Energy Agency said. (WSJ)
Greatest fear for global economy is a “disorderly materialisation” of all risks including risks to the US and European economies, which will work against the buffer that has been built, International Monetary Fund Managing Director Christine Lagarde said. (Bloomberg)
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