U.S: Manufacturing in New York area grew at faster pace in February, a sign factories continue to drive the economic expansion. The Federal Reserve Bank of New York's general economic index rose to 15.4 from 11.9 in January. Readings greater than zero signal expansion in the so-called Empire State Index, which covers New York, northern New Jersey, and southern Connecticut. (Source: Bloomberg)
U.S: Global demand for assets declined in December. Net buying of long-term equities, notes and bonds totaled USD 65.9b during the month, compared with net buying of USD 85.1b in November. (Source: Bloomberg)
U.S: Stockpiles at companies increased 0.8% MoM in December. Sales climbed 1.1% MoM, reaching the highest level since September 2008. (Source: Bloomberg)
Germany: Investor confidence increased in February for a fourth month as Europe's largest economy gathered strength and stocks rose to a three-year high. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict developments six months in advance, rose to 15.7 from 15.4 in January. That's the highest July 2010. (Source: Bloomberg)
Japan: GDP fell less than estimated in 4Q10 in a pullback that may prove temporary as overseas demand revives production after the nation fell behind China as the world's second-largest economy. The annualized 1.1% YoY drop in GDP in the three months through December was driven by a slowing in exports and fading of government stimulus programs, Cabinet Office figures showed in Tokyo. (Source: Bloomberg)
India: Inflation slowed in January, an easing that may not prevent the central bank from raising interest rates further. The wholesale-price index rose 8.23% YoY after an 8.43% YoY jump in December, the commerce ministry said in a statement in New Delhi. (Source: Bloomberg)
Singapore: Retail sales rise in December, spurred by record growth, tourism. The index measuring purchases excluding automobiles rose 8.6% YoY after gaining a revised 5.5% YoY in November. (Source: Bloomberg)
China: Inflation quickens to 4.9% in January
China’s inflation exceeded the government 2011 target for a fourth month as prices excluding food rose the most in at least six ears, escalating pressure on the central to keep raising interest rates. Consumer prices rose 4.9% last month from a year earlier after a 4.6% gain in December, the statistics bureau said in a statement on its website yesterday. Producer-price inflation quickened to 6.6% from 5.9%.(StarBiz)
Japan: Swap spreads hit two-year high on BOJ rate view
The bond market premium to lock in interest rates for three years rose to the highest since October 2008 as Nomura Securities Co. said the end of the central bank’s zero rate policy is getting closer. The gap between the cost of swap contracts to lock in fixed rates for three years compared with one year reached 0.17 percentage point on 9 Feb, the widest since 14 Oct 2008. The spread was at 0.15562 yesterday. (Bloomberg)
South Korea: Unemployment rate increased to 3.6% in January
South Korea’s unemployment rate rose to 3.6% in January from a revised 3.5% in December, Statistics Korea said today in Gwacheon, south of Seoul. The median estimate in a Bloomberg News survey of eight economists was for a jobless rate of 3.7%.(Bloomberg)
Euro: Economy expands less than economists forecast
Europe’s economy expanded less than economists forecast in the fourth quarter as cold weather curbed German output and French growth unexpectedly stalled. Gross domestic product in the euro region rose 0.3% from the previous three months, when it increased at the same rate, the European Union’s statistics office in Luxembourg said today. Economists had forecast the economy to expand 0.4%, the median of 37 estimates in a Bloomberg News survey showed.(Bloomberg)
US: Deficit to hit record USD1.6trn
President Barack Obama sent Congress a USD3.7trn budget that projects the federal deficit will exceed USD1trn for the fourth consecutive year in 2012 before falling to a more “sustainable” levels by the middle of the decade. The deficit for the current fiscal year is forecast to hit a record USD1.6trn-10.9% of gross domestic product-up from the USD1.4trn the administration estimated previously. It would be USD1.1trn in 2012, 7% of GDP. By 2015 it would decline to USD607bn, or 3.2% GDP.(StarBiz)
US: Retail sales climb less than forecast
Sales at retailers rose less than forecast in January, showing it will be difficult for American consumers to sustain last quarter’s pick-up in spending without bigger gains in employment. Purchases increased 0.3%, the smallest gain since a drop in June, according to Commerce Department figures today in Washington. Other reports showed manufacturing in the New York area accelerated and confidence among home builders stagnated. (Bloomberg)
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