Malaysia: Bank Negara retains benchmark rate
Bank Negara has decided to maintain the overnight policy rate at 2.75% as it considers the existing monetary policy stance as appropriate and consistent with the current assessment of economic growth and inflation prospects. However, the central bank said additional policy tools might be considered if there were risks of macroeconomic and financial imbalances. (Starbiz)
Japan: Export growth accelerated for second month
Japan’s export growth accelerated for a second month in December, signaling the nation’s recovery will gain traction as global demand picks up. Overseas shipments rose 13% in December from a year earlier, from November’s 9.1% gain, the Finance Ministry said in Tokyo. The median estimate of 21 economists surveyed was for a 9.3% gain. (Bloomberg)
EU: Economic confidence holds near three-year peak
European confidence in the economic outlook held close to the highest in more than three years in January as manufacturers became more optimistic. An index of executive and consumer sentiment in the Euro area slipped to 106.5 from a revised 106.6 in Dec 2010, the European Commission in Brussels said. The December reading was the highest since Sep 2007. (Bloomberg)
US: Initial jobless claims rose 51,000 last week
More Americans than forecast filed first-time claims for unemployment insurance payments last week, indicating it will take time for the labor market to mend. Applications for jobless benefits increased by 51,000 to 454,000 in the week ended 22 Jan, Labor Department figures showed. Economists forecast 405,000 claims, according to the median estimate in a survey. (Bloomberg)
US: Investment climbs, housing stabilizes
Companies ordered more equipment in December for a second month, showing business investment will continue to bolster the US economic recovery into 2011. Bookings for capital goods like machinery and communications gear excluding aircraft climbed 1.4% after a 3.1% gain in November, the Commerce Department reported in Washington. (Bloomberg)
U.S: Federal Reserve policy makers maintained plans to buy USD600b of Treasuries through June, indicating the accelerating recovery still needs stimulus to produce a bigger reduction in unemployment. The expansion is "continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions," the Federal Open Market Committee said. (Source: Bloomberg)
France: Consumer confidence fell in January for a second month as joblessness jumped to a seven-year high amid concern about the strength of the economic recovery. Sentiment declined to 85 from 86 in December, national statistics office Insee said. The total of unemployed people actively looking for work rose by 27,100, or 1%, from the previous month, the Labor and Finance ministries said. (Source: Bloomberg)
China: Increased the minimum down payment for second-home purchases and asked local governments to boost land supply, seeking to further limit the risk of asset bubbles forming in the world's fastest-growing major economy. "China will continue to effectively curb investment and speculative purchases of houses to consolidate and expand on previous measures," the State Council said in a statement on its website. The minimum down payment for second house purchases rises to 60% from 50%, it said. (Source: Bloomberg)
S.Korea: Posts current-account surplus for a 10th straight month in December as demand for the nation's exports of cars and electronics products weathered an appreciation in the won. The surplus was USD2.11b, compared with a revised USD1.93b in November, the Bank of Korea said in a statement in Seoul. The current account is the broadest measure of international trade, tracking goods, services and investment income. (Source: Bloomberg)
Vietnam: Trade deficit narrowed in January from last month, which may ease pressure for another devaluation of the nations currency. The shortfall reached USD1b, down from a revised USD1.29b in December, based on preliminary figures released by the General Statistics Office in Hanoi. (Source: Bloomberg)
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