E.U: February inflation quickens to 2.4% YoY, increasing pressure on ECB to raise interest rates later this year. Inflation in the 17-nation euro region quickened from 2.3% YoY in January. That's the fastest since October 2008 and the third straight month inflation has exceeded the ECB's 2% limit. (Source: Bloomberg)
E.U: February manufacturing growth accelerated to the fastest pace in more than 10 years. A gauge of manufacturing in the euro region rose to 59 last month from 57.3 in January, London-based Markit Economics said, confirming a Feb. 21 estimate. That's the highest since June 2000. A reading above 50 indicates expansion. (Source: Bloomberg)
U.K: Index of manufacturing stayed at a record high in February. A gauge based on a survey of companies was at 61.5, matching the result for January. (Source: Bloomberg)
China: Manufacturing expanded at the slowest pace in six months as higher interest rates and lending curbs aimed at containing inflation damped demand. The Purchasing Managers' Index fell to 52.2 from 52.9 in January, the third monthly decline. The gauge of input prices climbed to 70.1, the highest level since November. (Source: Bloomberg)
S. Korea: February exports rose at the slowest pace in five months. Overseas shipments increased 17.9% YoY after gaining a revised 45.4% YoY in January. Imports climbed 16.3% YoY, leaving a trade surplus of USD2.8b. (Source: Bloomberg)
India: February manufacturing grew at the fastest pace in three months. The purchasing managers' index rose to 57.9 in February from 56.8 in January, HSBC Holdings Plc and Markit Economics said in an email. Data above 50 indicates expansion. (Source: Bloomberg)
Indonesia: Inflation slowed for the first time in four months in February. Consumer prices in Southeast Asia's biggest economy rose 6.84% YoY last month after gaining 7.02% YoY in the previous month, the Central Bureau of Statistics said in Jakarta. (Source: Bloomberg)
Thailand: Inflation slowed in February as government subsidies helped counter an increase in food and fuel costs. An index of consumer prices increased 2.87% YoY in February compared to a 3.03% YoY gain in January. (Source: Bloomberg)
Vietnam: Ordered curbs on lending and urged less use of USD and gold as it strives to tame inflation and stabilize the economy. Commercial banks must limit credit to "non-production businesses" such as those investing in the stock and property markets to 22% of total loans by June 30 and 16% by Dec. 31, the State Bank of Vietnam said. The central bank will double the reserve ratio requirements for those that fail to meet the deadline, the statement said. (Source: Bloomberg)
Australia: The Reserve Bank of Australia left its benchmark interest rate at the highest level in the developed world, saying a stronger currency and an earlier decline in wage growth are helping to contain inflation. Governor Glenn Stevens held the overnight cash rate target at 4.75%. The central bank expects inflation to stay within its target range of 2% to 3% over the next year. (Source: Bloomberg)
China: Manufacturing slowed in February
China’s manufacturing expanded at the slowest pace in six months as higher interest rates and lending curbs aimed at containing inflation dampened demand. The Purchasing Managers’ Index fell to 52.2 last month from 52.9 in January, the China Federation of Logistics and Purchasing said on its website yesterday, the third monthly decline. The gauge of input prices climbed to 70.1, the highest level since November. (StarBiz)
South Korea: Inflation rises to two-year high, breaching target
South Korean inflation rose to a two-year high in February, breaching the central bank’s 4% ceiling for a second month and bolstering the case for an interest rate increase as early as next week. The consumer-price index rose 4.5% from a year earlier, after gaining 4.1% in January, Statistics Korea said today in Gwacheon, south of Seoul. That compares with the median estimate of 4.3% in a Bloomberg News survey of 11 economists. Prices rose 0.8% from the previous month.(Bloomberg)
Vietnam: Orders curbs on lending, seeks less use of gold
Vietnam ordered curbs on lending and urged less use of USD and gold as it strives to tame inflation and stabilize the economy. Commercial banks must limit credit to “non-production businesses” to 22 % of total loans by June 30 and 16% by year’s end, the State Bank of Vietnam said in a statement on its website today. The central bank would double the reserve ratio requirement of those that fail to meet the deadline, the statement said. Banks must also control the use of gold and dollars in deposits and lending, and the government aims to abolish unofficial gold bullion trading eventually, according to the statement.(Bloomberg)
US: Construction spending decreases on commercial slump
Construction spending in the US fell more than forecast in January, paced by the biggest slump in commercial projects in 17 years, showing the industry will continue to be a laggard in the economic recovery. The 0.7% drop brought the value of all projects down to a USD791.8bn annual rate, the lowest since August, Commerce Department figures showed today in Washington. Outlays on private non-residential works dropped 6.9%, the most since January 1994, which may in part reflect the influence of winter storms.(Bloomberg)
US: Manufacturing expands by most since 2004
Manufacturing in the US grew in February at the fastest pace in almost seven years, driven by gains in orders, employment and exports that signal factories will continue to propel the expansion. The Institute for Supply Management’s factory index increased to 61.4, exceeding the median forecast of economists surveyed by Bloomberg News and the highest level since May 2004, the Tempe, Arizona-based group said today. Readings greater than 50 signal growth. Compared with similar measures released today in Europe and Asia, the data put the US at the forefront of the global manufacturing rebound.(Bloomberg)
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