Malaysia: Dec IPI grows 4.2% on rising non-E&E activities
The country's industrial output expanded 4.2% in December compared to a year ago, on increased manufacturing activities in the non-electrical and electronic (E&E) sector. E&E makes up about 40% of the export market. The Statistics Department said for the whole year, industrial output activities had increased by 7.5% y-o-y, with manufacturing posting a 11% growth while electricity generation rose by 8.8%. The output of the mining sector, however, slipped by 0.5%. (BT)
Malaysia: India-Malaysia trade volume seen doubling in 5 years
The trade volume between India and Malaysia is expected to double in five years with the signing next week of a three-in-one free trade agreement (FTA). Indian High Commissioner to Malaysia Vijay Gokhale, when disclosing this during his first visit to Sabah, said this was inevitable because tariffs would then be lower. Trade volume between the two countries was worth around RM32bn last year. (Financial Daily)
UK: Bank of England maintains aid as inflation accelerates
The Bank of England kept up emergency stimulus as officials tolerated the prospect of inflation accelerating to a two-year high to nurture Britain’s economic recovery. The Monetary Policy Committee, led by Governor Mervyn King, left the benchmark interest rate at a record low of 0.5%, as forecast by all 62 economists in a Bloomberg News survey. They also left their bond program at GBP200bn (USD321bn), as predicted by all 38 economists in a separate poll. (Bloomberg)
US: Initial jobless claims fell 36,000 to 383,000
The number of Americans filing first-time claims for unemployment insurance fell to the lowest level since July 2008, showing further strength in the labor market after the jobless rate declined to a 21-month low. Applications for jobless benefits decreased by 36,000, more than forecast, to 383,000, Labor Department figures showed. Economists forecast claims would fall to 410,000, according to the median estimate in a Bloomberg News survey. (Bloomberg)
US: Mortgage rates for US loans rise to 10-month high
US mortgage rates climbed to a 10-month high, reducing affordability for homebuyers as the housing market struggles to recover from depressed levels. The average rate for a 30-year fixed loan rose to 5.05% from 4.81%, the fourth straight gain, Freddie Mac said in a statement. The average 15-year rate increased to 4.29% from 4.08%. (Bloomberg)
U.S: Wholesale inventories in December rise more than forecast as distributors tried to keep up with improving sales. The 1% MoM increase in stockpiles followed an unchanged reading in November. Sales grew 0.4% MoM to USD 371.5b, the highest level since August 2008. (Source: Bloomberg)
U.K: Manufacturing unexpectedly declined in December as economic activity was hampered by the coldest weather seen in the month in a century. Factory output fell 0.1% MoM from November, when it rose 0.6% MoM. That's the first decline since April. (Source: Bloomberg)
China: To spend USD 2b to fight drought, boost grain output. China, the world's biggest grains consumer, will spend CNY 12.9b (USD 1.96 b) to bolster grain production and fight drought, China Central Television reported, citing Premier Wen Jiabao. The country should use reserves, imports and exports to balance the grain market and is able to keep overall consumer prices basically stable, CCTV cited Wen as saying. (Source: Bloomberg)
Thailand: Consumer confidence in January rises on wages, subsidies. An index measuring sentiment climbed to 72.6 last month from 71.9 in December, the University of the Thai Chamber of Commerce said. The gauge is based on a survey of 2,240 respondents. (Source: Bloomberg)
Australia: Employers add more workers in January than forecasted. Employment climbed by 24,000 as the jobless rate stayed at 5%, matching the lowest level since 2008. Part-time jobs sparked the rise, with full-time positions dropping. (Source: Bloomberg)
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