Malaysia: Inflation weakens in June
Malaysia's consumer price inflation slowed in June, with annual inflation slowing to 1.6% in June from 1.7% in May. Food and non-alcoholic beverages prices advanced 2.9% annually, while clothing and footwear prices edged down 0.6%. Housing costs and utility prices were higher by 1.5% compared to last year, and transportation costs by 0.2%. On a monthly basis, the consumer price index edged up 0.1% in May. In the six months ended June, consumer prices advanced 2.0% from the corresponding period a year earlier. (Bloomberg)
China: June home prices rebound as sentiment improves
China’s new home prices in June rose in the most number of cities tracked by the government in 11 months as buyer sentiment improved after the central bank cut interest rates. Prices climbed in 25 cities out of the 70 the government looks at, the most since July last year. Prices fell in 21 cities from a month earlier. The eastern city of Hangzhou led the gain with a 0.6% jump from May, while major cities Beijing and Shanghai recorded gains of as much as 0.3%. (Bloomberg)
India: Consumer-price inflation slowed in June while exceeding 10% and remaining the fastest among major economies. The consumer-price index climbed 10.02% YoY, compared with 10.36% YoY in May, the Statistics Ministry said. (Source: Bloomberg)
UK: Jobless rate hits nine-month low, defying recession
UK unemployment fell to a nine-month low in the quarter through May as the London Olympics helped to create jobs, underlining the resilience of the labour market in the face of a recession and Europe’s debt crisis. The jobless rate based on International Labour Organization methods fell to 8.1% from 8.2% in the period through April. Jobless claims rose 6,100 in June. The increase, though larger than the 5,000 median forecast in a Bloomberg News Survey, was inflated by a benefit-rule change that took effect 21 May 21. (Bloomberg)
US: Bernanke outlines range of options for additional easing
Federal Reserve Chairman Ben S. Bernanke outlined options to ease policy further in case the flagging economic recovery fails to lower unemployment. Easing tools include further purchases of Treasuries and mortgage-backed securities, and altering the Fed’s language on the outlook for interest rates. Another option is to use the so-called discount window for direct lending to banks. (Bloomberg)
US: New home construction rises 6.9% in June
US builders started construction on new homes in June at the fastest pace since fall 2008, though building permits fell. Housing starts rose 6.9% to an annual rate of 760,000 last month from an upwardly revised 711,000 in May. (MarketWatch)
US: More Fed districts report slowdown according to Beige Book
US grew at a “modest to moderate” pace over the last month and a half as more districts are reporting slowing growth, according to the latest survey of anecdotes on the economy released by the Federal Reserve. The so-called Beige Book, which covered the economy between June and early July, was less enthusiastic than the “moderate” assessment of the last Beige Book. And now three regions, up from one, reported slowing growth. (MarketWatch)
US stocks gain with treasuries, commodities; Euro halts rally
US stocks rose for a second day amid better-than-estimated earnings and a jump in housing starts. Treasuries climbed while the dollar fell against most peers and natural gas led commodities to a sixth straight gain. The Standard & Poor’s 500 Index added 0.7% to 1,372.78 and the Stoxx Europe 600 Index closed up 1.1%. Ten-year Treasury yields dropped one basis point to 1.49%. German two-year notes rose after the nation sold EUR4.17bn (USD5.1bn) of the securities with a negative yield for the first time, and the government’s five-year rate declined to the lowest ever. The euro halted a three-day advance to trade 0.1% lower. (Bloomberg)
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