Malaysian: Inflation quickens, adding pressure on Central Bank
Malaysia’s inflation rate rose to the highest level since mid-2009, an increase that may add pressure on the central bank to tighten monetary policy. Consumer prices rose 2.4% in January from a year earlier, according to a report by the Putrajaya, Malaysia-based statistics department. That matches the median in a Bloomberg News survey of 17 economists. Nations from Indonesia to China have boosted interest rates this year, and the International Monetary Fund says the region may need to raise borrowing costs further to limit the risk of overheating. (Bloomberg)
Economic: BNM reserves at RM338b. Bank Negera Malaysia's (BNM) international reserves amounted to RM338b (USD109.6b) as at Feb 14. The reserves position was sufficient to finance 8.1 months of retained imports and was 4.3 times the short-term external debt. (Source: Bernama)
Hong Kong: Targets inflation as Tsang says growth may hit 5%
Hong Kong targeted inflation as the main threat to an economy forecast to grow as much as 5% this year, with Financial Secretary John Tsang pledging to do more to curb property-bubble risks. GDP rose 6.2% in the 4Q from a year earlier, Tsang said. That was more than the 5.5% median estimate of 13 economists surveyed by Bloomberg News. Growth was 6.7% in the 3Q. Rising commodity costs and capital inflows triggered by the strength of Asia’s recovery and monetary easing in developed economies threaten to fuel price gains across the region. (Bloomberg)
China: Consumer confidence down in Q4
A Chinese consumer confidence index fell in the 4Q to the lowest since 2009, indicating that concern about inflation may restrain spending in the world’s fastest-growing major economy. The measure was at 100 compared with 104 in the previous 3 months, Nielson Co and the Chinese statistics bureau’s Economic Monitoring and Analysis Centre said in a statement in Beijing. (StarBiz)
Japan: BoJ upbeat on economy, exports show seasonal dip
Bank of Japan deputy governor Hirohide Yamaguchi said the country’s economy will soon pull out of its torpor, despite a near-stalling of export growth in January, but warned risks from rising commodity prices remained. Annual export growth slowed to its weakest pace in more than a year in January as shipments to China lost steam before the Lunar New Year, but economists said the central bank’s forecast of an export-led recovery remained intact as underlying demand overseas remained strong. (Financial Daily)
EU: Industrial orders unexpectedly rise on capital goods
European industrial orders unexpectedly rose in December 2010 as surging demand for capital goods such as factory machinery helped offset a slump in Germany. Orders in the euro area increased 2.1% from November, when they gained a revised 2.2%, the European Union’s statistics office in Luxembourg said. Economists had forecast a drop of 1%, the median of 16 estimates in a Bloomberg News survey showed. From a year earlier, December orders jumped 19%. (Bloomberg)
US: Existing home sales climb to eight-month high Sales of US previously owned homes unexpectedly climbed in January to the highest level in eight months as investors used all-cash transactions to snap up distressed properties. Purchases increased 2.7% to a USD5.36m annual rate, figures from the National Association of Realtors showed. The share represented by foreclosures and short sales rose to a 12-month high, pushing the median price to the lowest level in almost nine years. (Bloomberg)
World: Economy can survive oil price surge for now, IMF says. The world economy can withstand the surge in oil prices sparked by unrest in the Middle East and North Africa so long as the increase proves short-lived, said the International Monetary Fund's No. 2 official, echoing Deutsche Bank AG and Bank of America Merrill Lynch. Futures for April delivery climbed to within USD 2 of USD 100/bbl in New York and London-traded Brent rose to USD 108.57/bbl, close to the highest since September 2008, as escalating violence in Libya stoked concern supplies from the region will be disrupted. Oil in New York has gained almost 6% since Jan. 24, the day before the first anti-government protests erupted in Egypt. (Source: Bloomberg)
U.K: Posts biggest budget surplus in January since July 2008 on taxes. Revenue exceeded spending by GBP 3.74b (USD 6b), compared with a deficit of GBP 1.27b a year earlier. The surplus including government support for banks was GBP 5.25b. (Source: Bloomberg)
H.K: Inflation accelerated to the fastest pace in 29 months in January. Consumer prices gained 3.6% YoY after rising 3.1% YoY in December, the government said on its website. (Source: Bloomberg)
Vietnam: Raises second interest rate in a week to tame inflation. Vietnam's central bank raised its reverse repurchase rate, the second increase in borrowing costs in less than a week, as Prime Minister Nguyen Tan Dung prepares to order tighter monetary and fiscal policies to tame inflation. The State Bank of Vietnam raised the rate it charges commercial banks in daily open-market operations to 12% from 11% for the seven-day term. Dung will sign a resolution directing the central bank and ministries to curb inflation by tightening policy, said Le Xuan Nghia, an adviser to the premier. (Source: Bloomberg)
U.S: Mortgage demand rose from two-year low last week on falling rates. The Mortgage Bankers Association's index of loan applications increased 13% WoW in the week ended Feb. 18 after dropping the prior week to the lowest point since November 2008. The group's refinancing measure jumped 18% WoW and the purchase gauge rose 5.1% WoW. (Source: Bloomberg)
Japan: Export increased less than expected in January and the nation swung to a trade deficit, as a Lunar New Year holiday in the nation's largest Asian markets disrupted demand. Overseas shipments rose 1.4% YoY in January from December's 12.9% YoY gain, the Finance Ministry said. (Source: Bloomberg)
Taiwan: Industrial production rose for a 17th straight month in January. Output advanced 17.19% YoY after gaining a revised 18.93% YoY in December, the Ministry of Economic Affairs said in Taipei. (Source: Bloomberg)
Singapore: Inflation rate rose to the highest level since December 2008, adding pressure on the central bank to damp price gains by allowing greater currency appreciation. The consumer price index increased 5.5% YoY in January after climbing 4.6% YoY in December. Prices rose 1.6% MoM from December, without adjusting for seasonal factors. (Source: Bloomberg)
Australia: Wages grew at a faster pace in 4Q10 as employers increased hiring in an economy the central bank predicts will accelerate this year. The wage price index, which measures hourly pay rates excluding bonuses, advanced 1% QoQ from 3Q10, when it rose 1.1% QoQ, the statistics bureau said. (Source: Bloomberg)
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