The manufacturing sales rose 6.3% yoy to RM52.8bn in Jun (+8.8% to RM51.9bn in May). On a mom basis, it increased 1.6% (-0.9% in May). In 6M12, the sales up 6.7% yoy to RM310.7bn. Total employees engaged in the manufacturing sector increased 0.3% yoy to 1.027m persons in Jun (+0.6% to 1.028m persons in May). Salaries & wages paid in Jun up 1.4% yoy to RM2.50bn (+9.7% to RM2.51bn in May). Average salaries & wages per employee increased by 1.1% yoy to RM2,430 (+9.1% to RM2,446 in May). Productivity grew 6% yoy in Jun (+8.1% in May). (Department of Statistics)
The Malaysia External Trade Development Corporation (Matrade) expects trade between China and Malaysia to double in the next five years, said deputy chief executive Datuk Mohamad Kamarudin Hassan. He said China continued to remain Malaysia's largest global trading partner since 2009. Malaysia's total trade with China amounted to RM166.86bn last year, up 13.9%, when compared with 2010. In order to achieve the target, Matrade has identified 10 urban Chinese cities including Chengdu, Chongqing, Xi'an, Zhengzhou and Shenyang, as second-tier cities. First-tier cities like Beijing, Shanghai and Guangzhou have become too expensive, he said. (BT)
Malaysia is one of the most attractive business destinations for setting up regional bases among the Asean countries, with its business friendly environment, competitive cost structures and well-skilled workforce, according to Asean Business Climate Survey 2012 conducted by the Malaysia-German Chamber of Commerce and Industry (MGCC). Its executive director, Alexander Stedtfeld, said the survey also found that 50% of respondents in Malaysia felt that the overall economy of Malaysia would be maintained by the end of the next 12 months while 30% of them expect it to get better. The survey was conducted among MGCC member companies in Indonesia, Malaysia, Singapore, Thailand and Vietnam. (Bernama)
Malaysia will further strengthen its presence as Asia's premiere business events destination via three upcoming international conferences that will be held in Nov and 2015. The Malaysia Convention & Exhibition Bureau (MyCEB) said Kuala Lumpur would host the four-day East Asia Regional Council of Schools Leadership Conference (ELC) 2012 beginning 1 Nov, which would generate an estimated RM9.1m in economic impact to the country, it said in a statement. Two more conferences would be conducted in 2015, namely the 44th International Federation of Training and Development Organisations World Conference 2015 and Asia Pacific Association of Cataract and Refractive Surgeons 2015. (Bernama)
Most major economies are set to slow in coming months, with only Brazil and possibly the UK likely to experience a moderate pickup, according to the Organization for Economic Cooperation and Development’s composite leading indicators. (WSJ)
The US Fed's balance sheet - a broad gauge of its lending to the financial system - stood at US$2.839tr on 8 Aug, up from US$2.834tr on 1 Aug, with its holdings of Treasuries totalling US$1.652tr as of Wed, versus US$1.649tr the previous week. (Reuters)
The US trade balance shrank to –US$42.9bn from a revised -US$48.0bn in May, thanks in part to lower oil prices and also a general import dip. Analysts were forecasting a deficit of US$47.5bn. (Bloomberg)
US wholesale trade fell 0.2% mom in Jun (a revised 0.0% in May), undershooting consensus of 0.3%. (Bloomberg)
US jobless claims fell 6,000 in the 4 Aug week to 361,000 (a revised 367,000 in the 28 Jul week). Economists were expecting claims to total 367,000. (Bloomberg)
Chinese inflation slowed to 1.8% yoy in Jul (2.2% in Jun), the lowest level in 30 months, opening up more space for the government to stimulate the stuttering economy. Factory-gate inflation is even weaker, with producer prices falling 2.9% in Jul (-2.1% in Jun). (Bloomberg, FT)
China’s industrial production grew 9.2% yoy in Jul (9.5% in Jun), missing the median analyst estimate of 9.7%. (Bloomberg)
China’s retail sales grew at 13.1% yoy in Jul, the slowest pace since 2007, from 13.7% in Jun, and lower than economists’ expectations of 13.5%. (Bloomberg)
China raised the maximum price at which gasoline can be sold to motorists by Rmb390 (US$61) a metric ton and diesel by Rmb370. The pump price of 90-RON China III gasoline in Beijing will increase about 4.3% to Rmb9,490 a ton, or US$4.27 a US gallon (Reuters)
China’s fixed-asset investment excluding rural households increased 20.4% yoy in the Jan to Jul period, the same pace as the first half. That compared with the 20.6% median estimate. (Bloomberg)
China’s passenger-car sales to dealerships in Jul rose 10.7% yoy to 1.12m units, the China Association of Automobile Manufacturers said. That compares with the 1.16m average estimate by analysts. (Bloomberg)
Japan’s M1 rose 3.1% yoy in Jul to ¥535.3tr (3.3% in Jun), whilst M2 gained 2.2% yoy in Jul to ¥820tr, matching Jun’s pace. (The Daily Yomiuri)
Japan’s machinery orders gained 5.6% mom after slumping 14.8% in May, the biggest drop in over a decade. Economists were expecting a 12% increase. (Bloomberg)
The Bank of Japan kept its asset-purchase fund at ¥45tr (US$573bn) and lending facility at ¥25tr. All 22 analysts surveyed by Bloomberg News predicted no change. The central bank kept its benchmark interest rate between zero and 0.1% and monthly bond purchases at ¥1.8tr. (Bloomberg)
The Bank of Korea left the benchmark seven-day repurchase rate unchanged at 3%, as was predicted by 10 of 16 economists surveyed. (Bloomberg)
Industrial production in India declined 1.8% yoy, after a revised 2.5% rise in May. (Bloomberg)
Bank Indonesia kept the reference rate unchanged at a record-low 5.75%. The decision was predicted by all but one of 26 economists surveyed. (Bloomberg)
Indonesia has issued a regulation that will set clear timeframes for the acquisition of land for infrastructure, which should help speed up infrastructure development in Southeast Asia's largest economy. (Reuters)
Sales of motorcycles in Indonesia, an indicator of consumption in Southeast Asia's biggest economy, fell 21.5% yoy in Jul (-17.7% in Jun). (Reuters)
The damage on Thailand’s export sector caused by the eurozone debt crisis is THB300-500bn, according to the Economic and Business Forecasting Centre at the University of Thai Chamber of Commerce. (Bangkok Post)
The Thai Chamber of Commerce reported a significant drop in Thai exports during the first half of this year, due to the fallout from the Eurozone debt crisis. (Thai Financial Post)
The Bank of Thailand has indicated that commercial bank lending in the last half of the year might contract in line with the economy while expressing confidence that Thai entrepreneurs can still adapt to the economic situation. (Thai Financial Post)
Vietnam’s spending from the State budget in the first seven months of the year increased 15% while its input decreased 2.8% compared with the same period last year, the Ministry of Finance said. (Vietnam News)
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