Malaysia: February IPI lifted by manufacturing and electricity output
Lifted by increases in manufacturing and electricity output, Malaysia's industrial production index (IPI) expanded 5% in February from a year ago after gaining a revised 0.5% year on year (y-o-y) in the preceding month. According to the Department of Statistics, manufacturing output rose 7.9% y-o-y, while electricity output rose by a marginal 0.7% y-o-y in February. The increase in manufacturing output was attributable to increases in the following groups - petroleum, chemical, rubber and plastic products (17.1% yoy); non-metallic mineral products, basic metal and fabricated metal products (26.3% y-o-y); and food, beverages and tobacco products (10.1% yo- y). (StarBiz)
China: More rate rises likely in 2011
China will likely raise interest rates again this year in an effort to cool inflation and lift negative real interest rates, Chinese newspapers reported yesterday, citing two central bank advisers. Xia Bin, an academic adviser on monetary policy committee of the People’s Bank of China (PBoC), said China cannot rule out the possibility of raising rates again this year, the Shanghai Securities News reported yesterday. (Financial Daily)
China: China may reduce export rebates for some metals, securities says
China’s Ministry of Finance is considering a reduction of export rebates for some aluminum and stainless steel products, the China Securities Journal reported today, without citing anyone. Export rebates for some aluminum products may be reduced to 9% from 13%, the newspaper reported. The entire 5% export rebate for stainless steel products may be removed, according to the report. (Bloomberg)
US/Japan: IMF cuts US, Japan growth outlook, German official says
The International Monetary Fund has lowered its forecast for economic growth in the US amid rising commodity prices and downgraded its outlook for Japan after the earthquake and tsunami, a German government official said. Deficit reduction strategies in the US and Japan lack credibility, the IMF said in its World Economic Outlook, the German official told reporters in Berlin yesterday on condition of anonymity because the report will be published in Washington later yesterday. The IMF, which forecast 3% US growth this year in January, left its latest projection for global growth unchanged, the German official said, without giving time-frames. (Bloomberg)
Oceanic: Australia, N.Z. Disasters Slow GDP Before Rebound, IMF Says
Australia and New Zealand will grow at a slower pace than previously forecast this year as floods and earthquakes disrupt their economies before higher investment spurs expansions in 2012, the International Monetary Fund said. Australia’s gross domestic product will increase 3% in 2011, half a percentage point lower than an October estimate, the IMF said in its semi-annual World Economic Outlook. New Zealand’s GDP will rise 0.9%, down from last month’s prediction of 1% and last year’s 3.2%, it said. (Bloomberg)
Global: Oil-price risk threatens stronger recovery, IMF says. The threat of further oil-price increases has become a "key downside risk" for global growth, compounding the difficulties posed by overheating in emerging economies and persistent unemployment in developed nations, the International Monetary Fund said. The recovery is "stronger" and the world economy will expand 4.4% this year and 4.5% in 2012, the Washington-based IMF said in its World Economic Outlook report, leaving forecasts from January "nearly unchanged." The IMF raised its oil-price prediction to USD 107.16/bbl in 2011 from USD 89.50/bbl in January. (Source: Bloomberg)
U.S: IMF predicts slower growth on oil, pace of job gains. The worlds largest economy will expand 2.8% this year, down from the 3% projected in January, the IMF said, citing the need to reduce deficits and boost exports. (Source: Bloomberg)
India: Industrial production growth unexpectedly decelerates in February. Output at factories, utilities and mines rose 3.6% YoY after a revised 3.95% YoY gain in January. (Source: Bloomberg)
Taiwan: Exports increased faster than estimated in March, bolstering the central banks case to increase borrowing costs further. Shipments abroad increased 16.7% YoY compared with 27.3% YoY in February. Imports also rose 16.7% YoY for a trade surplus of USD 1.77b. (Source: Bloomberg)
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