Friday, November 9, 2012

20121109 1014 Local & Global Economy Related News.

Bank Negara Malaysia (BNM) yesterday left its benchmark interest rate unchanged at 3%, as expected by all economists. The Monetary Policy Committee considers the current stance of monetary policy to be accommodative and supportive of the economy.  In addition to domestic conditions, the MPC will continue to carefully assess the global economic and financial developments and their implications on the overall outlook for inflation and growth of the Malaysian economy. (BNM)

Industrial output expanded by 4.9% yoy in Sep (-0.2% in Aug) across all sub sectors. Manufacturing output rose 5.2% (-1.1% in Aug), mining (+3.6% vs. +1.6% in Aug) and electricity (+5.9% vs. +2.7%). On a mom basis, factory output rose 3.5% (+0.2% in Aug). 9M12 industrial production increased by 3.6%. Economists had projected for a 0.3% yoy gain in Sep. (BT)

The manufacturing sales increased by 3.3% yoy to RM52.6bn in Sep (+1% to RM50.6bn in Aug). On a mom basis, it rose 3.9% (-3.7% in Aug). 9M12 manufacturing sales up 5.5% to RM466.2bn. Total employees engaged in the sector increased 1.1% to 1.023m persons in Sep (+0.8% to 1.023m persons in Aug). Salaries and wages paid in Sep increased by 6.3% to RM2.5bn (+5.7% to RM2.5bn in Aug). Average salaries and wages per employee rose 5.1% to RM2,460 (+4.9% to RM2,397 in Aug). Productivity up by 2.2% from 0.2% in Aug. (Department of Statistics)

Global food prices, based on the FAO food price index, dipped by 1.0%  mom in Oct after rising 1.4% in Sep, due to a drop in the price of cereals and oils.  (AFP)

The  US trade deficit narrowed in Sep to US$41.5bn, down from a revised US$43.8bn in Aug, on a surge in exports led by industrial supplies. Exports jumped 3.1% mom, to US$$187bn, eclipsing a 1.4% mom rise in  imports to US$228.5bn. (AFP)

US initial claims fell to 355,000 in the week to 2 Nov from 363,000 the prior week, despite the massive storm which shut down much of New Jersey and the New York City area for the period. (AFP)

The ECB kept its main refinancing rate on hold at 0.75%, shrugging off fears that the slowdown across the eurozone warranted a cut. One justification for holding off from any further rate cuts is that the ECB wants to give its as yet untested bond-buying programme more time to work. (FT)

Euro-area finance ministers may not make a decision to release €31.5bn (US$40.1bn) of aid for Greece until late Nov as they await a full report on the country’s compliance with the terms of its bailout. (Bloomberg)

Japan’s machinery orders declined 4.3% mom in Oct (-3.3% in Sep). The median estimates was for a 2.1% drop. (Bloomberg)

Japan’s trade deficit on a balance of payments basis narrowed to ¥471.3bn in Sep (¥644.5bn in Aug). The  current account surplus in Sep was ¥503.6bn (¥454.7bn in Aug), compared with a median estimate of ¥761.8bn. (Bloomberg)

Bank lending in  Japan rose 1.1% yoy in Oct (1.2% in Aug), in line with forecasts. (Bloomberg)

Bank Indonesia kept the reference rate at a record-low 5.75%, a decision was predicted by economists surveyed. The central bank revised its inflation forecast for 2013 higher by 0.5% pts to 5% +/- 1%. (Bloomberg, Bank Indonesia)

Bank Indonesia’s consumer confidence index rose to record high of 119.5 in Oct, from 117.7 in Sep. (Jakarta Globe)

Australia's unemployment rate remained steady at a two-and-a-half-year high of 5.4% in Oct, against expectations of an increase to 5.5%. The number of those in full-time work grew by 18,900 to 8.13m, although that was offset by an 8,000 decline in part-time jobs to 3.393m. (AFP, Bloomberg)

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