Malaysia: May exports rise at slowest pace in 3 months
Malaysia’s exports rose at the slowest pace in 3 months as sales to Europe and China eased, adding to evidence the region’s rebound may have peaked. Overseas shipments rose 21.9% in May from a year earlier to RM52.3bn after gaining 26.6% in April. (Bloomberg)
China: Raises 2009 growth estimated to 9.1% from 8.7%
China, the world’s third largest economy, raised its estimate for growth in 2009 to 9.1% from 8.7% as output by industrial and services companies increased at a faster pace. The expansion put the value of GDP at RMB34.0tn, suggesting Japan retained its position as the second largest economy with economic output of USD5.1tn. (Bloomberg)
Hong Kong: Retail sales rise 19.7% on record visitors
Hong Kong’s retail sales rose for a ninth month in May as a record number of tourists to the city supported spending. Sales grew 19.7% to USD3.3bn from a year earlier, after gaining a revised 15.5% in April. Visitor arrivals jumped 39% in May from a year earlier to a record 2.8m. (Bloomberg)
Australia: Mineral resource rent tax rate to be 30% Australia will charge a 30% mineral resource rent tax as part of its agreement with industry, according to a press release from Prime Minister Julia Gillard. (Bloomberg)
Indonesia: May hold interest rate, bucking Asian trend
Indonesia may keep interest rates unchanged for an 11th straight month, bucking a trend from Taiwan to India, as policy makers judge they have time to strengthen economic growth before acting to stem inflation. Bank Indonesia will leave its reference rate unchanged at 6.5% on 5 July, according to survey conducted. (Bloomberg)
US: Insufficient jobs set the stage for slowdown in recovery The US recovery is poised to slow in the second half of 2010 after smaller-than-forecast growth in private payrolls for June capped a month of data indicating weakness in industries from housing to manufacturing. Employment fell by 125,000 workers, the first drop this year, reflecting government census cutbacks, while companies added 83,000 payrolls. (Bloomberg)
US: Orders to factories declined in May more than forecast Orders placed with US factories declined in May more than forecast, a sign that manufacturing may be starting to cool. The 1.4% decrease in bookings was the biggest since March 2009 and followed a revised 1% gain in April. Economists forecast orders would drop 0.5% previously. (Bloomberg)
Ukraine : Agrees new USD 14.9b IMF loan arrangement. The Washington-based lender's Executive Board will make a final decision by late July, the IMF said in an e-mailed statement. (Source: Bloomberg)
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