Malaysia: Ringgit at 2-year high, biggest gainer after won
The ringgit rose to a new two-year high yesterday against the US dollar and was the second biggest daily gainer behind the won, as persistent worries about the economic health in the West drove investors to Asian markets in search of higher returns. Analysts said the ringgit’s rise was underpinned by relatively sound economic fundamentals at home and around the region, as well as a bullish technical view on the currency. (Starbiz)
Indonesia: May keep benchmark rate at 6.5%
Indonesia may keep its main interest rate at a record low for a 12th straight month, putting off joining its neighbors in raising borrowing costs even as growth and inflation accelerate in Southeast Asia’s biggest economy. Bank Indonesia will leave its reference rate unchanged at 6.5%. (Bloomberg)
China: Manufacturing faces ‘slowdown, not a meltdown’
China’s July manufacturing data were the weakest in more than a year as the government clamped down on property speculation and investment in polluting and energy- intensive factories. A purchasing managers’ index released slid to 49.4 from 50.4 in June. (Bloomberg)
EU: Greece to pass first deficit test as budget challenges mount
Greece’s austerity drive may pass its first test this week as a European Union-led mission prepares to dole out more rescue funds for a government trying to cut the euro-region’s second-biggest budget gap and weather a recession. In approving the second tranche of a three-year, EUR110bn (USD145bn) bailout, the EU and International Monetary Fund say that more work is needed to lock in the gains. (Bloomberg)
EU: Manufacturing accelerates more than estimated
Growth in Europe’s manufacturing industry accelerated more than previously estimated in July, indicating an export-led recovery maintained its momentum. A gauge of manufacturing in the 16-nation euro region increased to 56.7 from 55.6 in the previous month. (Bloomberg)
US: Consumer spending to accelerate
Federal Reserve Chairman Ben S. Bernanke said rising wages will probably spur household spending in the next few quarters, even as weak job gains drag down consumer confidence. "While the US has “a considerable way to go” for a full recovery, rising demand from households and businesses should help sustain growth,” Bernanke said. (Bloomberg)
US: Manufacturing slowed as orders cooled
The manufacturing rebound that propelled the US out of the recession cooled in July, reflecting a slowing in orders and production. The Institute for Supply Management’s manufacturing gauge dropped to 55.5 last month, from 56.2 in June, felling to a one-year low. (Bloomberg)
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