Malaysia: Use of ringgit to expand Bank Negara's recent foreign exchange (forex) liberalization measures coupled with China allowing yuan-ringgitt trade will gradually reduce the dependency on the US dollar and enhance trade financing efficiency, experts said. (StarBiz)
Singapore: Inflation accelerates on car prices, electricity
Singapore’s inflation accelerated in July as higher oil costs pushed up electricity tariffs and government quotas on vehicle licenses boosted car prices. The consumer price index climbed 3.1% from a year earlier, Singapore’s Department of Statistics said in a statement. (Bloomberg)
Thailand: Economy grows more than forecast as exports gain
Thailand’s economy expanded more than estimated last quarter as surging exports countered the impact of political turmoil, supporting gains in the nation’s currency and stocks. Gross domestic product rose 9.1% in the three months through June from a year earlier, the government said in Bangkok. (Bloomberg)
Vietnam: Inflation slowed for fifth month in August
Vietnam’s inflation cooled for a fifth month in August, a slowdown that may ease concerns the government’s devaluation of the dong will stoke price pressures. Consumer prices climbed 8.18% this month from a year earlier, according to figures released by the General Statistics Office in Hanoi, down from 8.19% in July. (Bloomberg)
EU: Consumer confidence unexpectedly improved in August
European consumer confidence unexpectedly improved in August after economic growth accelerated to the fastest pace in four years in the second quarter. An index of sentiment in the 16-nation euro area rose to minus 12 from minus 14 in July, the European Commission said in an initial estimate. (Bloomberg)
EU: Hungary leaves main rate unchanged for fourth month
Hungary left its benchmark interest rate unchanged for a fourth month and said inflation and debt risks worsening following the collapse of talks with the International Monetary Fund may prompt a rate increase. (Bloomberg)
UK: Economy to take pounding
The British pound’s biggest rally in 14 months is in jeopardy as Prime Minister David Cameron’s budget cuts begin to curb economic growth. Foreign-exchange forecasters are the most pessimistic on the pound since May 2009, when Standard & Poor’s said the UK was at risk of losing its AAA credit rating. (Bloomberg)
US: Housing slide may drag economy into recession Housing led the US out of seven of the last eight recessions but it may kill the recovery this time. Home sales collapsed after a federal tax credit for buyers expired in April. Since then, the manufacturing-led expansion, which began in the second half of 2009, has been waning, with jobless claims rising and factory orders falling. (Bloomberg)
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