Economic: Malaysia's growth target remains despite Mideast turmoil. The Government is firm in achieving its 6% annual growth target this year despite the civil unrest in some Middle Eastern countries. The target was attainable by ensuring investments committed to Malaysia were implemented efficiently. (Source: The Star)
U.S. Factory orders climbed in January by the most in more than four years as demand for commercial aircraft rebounded after slumping the previous month. Bookings for manufacturers' goods increased 3.1%, the most since September 2006, after a revised 1.4% gain in December that was larger than previously estimated, figures from the Commerce Department showed in Washington. Orders excluding transportation equipment also advanced, propelled by a jump in demand for non-durable goods that may reflect higher commodity prices. (Source: Bloomberg)
U.K: House prices fell in February, erasing a gain the previous month, according to Halifax, which said the economic outlook may damp property demand this year. Prices fell 0.9% from January, when they rose 0.8%, the mortgage unit of Lloyds Banking Group Plc said in a statement in London. The average value of a home last month was GBP162,657 (USD264,431) and the lender sees prices falling 2% this year. (Source: Bloomberg)
Spain: Industrial production rose in January by the most in almost a year as the recovery from an almost two-year recession accelerated. Output at factories, refineries and mines rose 3.8% from a year earlier, adjusting for the number of working days, after falling 0.1% in December, the National Statistics Institute in Madrid said in an emailed statement. That was the most since March 2010. (Source: Bloomberg)
Indonesia: Bank Indonesia left borrowing costs unchanged, refraining from a second increase in a row while signaling the pause may be temporary as inflationary pressure remains elevated. The central bank kept its benchmark reference rate at 6.75%, it said in a statement in Jakarta. (Source: Bloomberg)
Philippines: Inflation accelerated in February to the fastest pace in nine months as food prices climbed, reducing the central bank's scope to keep the benchmark interest rate at a record low. Consumer prices increased 4.3% from a year earlier, after a revised 3.6% gain in January, the National Statistics Office said in Manila. (Source: Bloomberg)
Vietnam: London-based HSBC cut its estimate for Vietnam's GDP growth to 7% in 2011 from 7.5% before, and reduced the 2012 prediction to 7.4% from 7.8%. Last year, the Southeast Asian nation's economy expanded 6.8%, the fastest since 2007. (Source: Bloomberg)
Australia: Construction contracted in February for a ninth straight month as higher borrowing costs weighed on housing construction, a private survey showed. The construction performance index was 44.6 last month from
40.2 in January, according to a survey by the Australian industry Group and the Housing Industry Association released in Sydney. A reading below 50 indicates the industry is shrinking. (Source: Bloomberg)
China: Key aim is taming prices as Wen eyes social stability
China will target inflation as the top economic priority this year and narrow the gap between rich and poor as the government seeks to maintain social stability, Premier Wen Jiabao told lawmakers in Beijing. “We cannot allow price rises to affect the normal lives of low-income people,” Wen said in his state-of-the-nation report to the annual meeting of the National People’s Congress yesterday. (Bloomberg)
China: Plans RMB900bn budget deficit in 2011
China plans to run a budget deficit of RMB900bn (USD137bn) in 2011, the Ministry of Finance said. Fiscal spending is targeted to rise 11.9% to RMB10trn and revenue will grow 8% to RMB8.97trn, the ministry said in a budget report presented to the National People’s Congress. (Bloomberg)
Australia: Construction contracted for ninth month in February
Australia’s building industry contracted in February for a ninth straight month as higher borrowing costs weighed on housing construction, a private survey showed. The construction performance index was 44.6 last month from 40.2 in January, according to a survey by the Australian Industry Group and the Housing Industry Association released. A reading below 50 indicates the industry is shrinking. (Bloomberg)
US: Jobless rate decreased to 8.9%, lowest since April 2009
Joblessness in the US unexpectedly fell to 8.9% in February, the lowest level in almost two years, and employers boosted payrolls amid growing confidence in the expansion. The rate dropped for a third straight month and employment climbed by 192,000, according to Labor Department figures released. The median estimate in a survey of economists projected unemployment would climb to 9.1%. (Bloomberg)
US: Retail sales probably climbed in February
US retail sales probably climbed in February by the most in four months, spurred by job growth and more seasonable temperatures, economists said before a report this week. The projected 1% gain would follow a 0.3% January increase, according to the median forecast of 63 economists surveyed ahead of Commerce Department figures on 11 March. (Bloomberg)
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