Vietnam: Trade deficit held in April at close to the same level as the previous month. The deficit in April totaled USD1.4b compared with a revised USD1.41b in March, based on preliminary figures released by the General Statistics Office in Hanoi. (Source: Bloomberg)
South Korea: Growth accelerates, adding price pressure
South Korea’s economic growth accelerated in the first quarter, bolstering the case for another interest-rate increase and driving the Won to the strongest close since 2008. Gross domestic product rose 1.4% from the previous quarter, when it advanced 0.5%, the Bank of Korea said. The median estimate of 10 economists in a survey was for a 1.5% gain. The economy grew 4.2% from a year earlier. (Bloomberg)
Japan: March retail sales tumbled the most in 13 years as the nation's record earthquake shut stores and discouraged households from spending money. Sales slumped 8.5% YoY in March, the biggest decline since March 1998. (Source: Bloomberg)
Japan: Housing starts May post first drop in 10 months on quake
Japan’s housing starts may post the first decline in 10 months as the nation’s strongest earthquake on 11 Mar sapped demand, halting the strongest recovery in the real estate market in almost 15 years. Construction companies broke ground on 1.1% fewer homes in March from a year earlier, according to the median estimate of 23 economists in a survey. (Bloomberg)
Japan: Rating threat may force higher taxes to fund rebuilding
The threat of a cut to Japan’s credit rating adds pressure on Prime Minister Naoto Kan to raise taxes as he wrestles with financing earthquake rebuilding without adding to the world’s biggest public debt burden. Standard & Poor’s lowered its outlook yesterday to “negative” on Japan’s AA- local-currency rating, estimating that costs stemming from the earthquake, tsunami and nuclear crisis may boost budget deficits by 3.7% of gross domestic product through 2013. (Bloomberg)
Australia: Consumer prices gained the most in five years last quarter, driving the nation's currency to a record on bets the central bank will resume raising interest rates. The consumer price index rose 1.6% QoQ, the biggest jump since 2006. The increase was led by food prices driven up by a cyclone and floods in Queensland state, and costlier fuel bills. (Source: Bloomberg)
France: Consumer confidence stagnated in April as rising energy costs sapped spending power and joblessness remained stuck near a seven-year high. An index of sentiment was unchanged from March at 83. (Source: Bloomberg)
E.U: Industrial orders gained for a fifth month in February, led by demand for capital goods. Orders in the euro area rose 0.9% MoM from January, when they increased a revised 1.2% MoM, the European Union's statistics office in Luxembourg said. Orders advanced 21% YoY. (Source: Bloomberg)
U.K: Economy rebounded in 1Q11 by enough to erase the contraction of the previous three months on the strongest surge in service industry growth for four years. GDP rose 0.5% QoQ from the final quarter of 2010, when it fell by the same amount, the Office for National Statistics said. (Source: Bloomberg)
US: Durable goods orders gain points to better spending
Demand for US durable goods rose in March for a third consecutive month, indicating business investment will pick up. Bookings for equipment meant to last at least three years climbed 2.5% after a 0.7% gain the prior month that reversed a previously reported drop, the Commerce Department said in Washington. The increase reflected growing demand for machinery, computers and automobiles. (Bloomberg)
US: Bernanke says fed to maintain stimulus, further easing unlikely
Federal Reserve Chairman Ben S. Bernanke signaled the Fed will maintain its record monetary stimulus after ending large-scale bond purchases in June, while the need to contain inflation means further easing is unlikely. ”If inflation persists or if inflation expectations begin to move, then there’s no substitute for action,” Bernanke said. “We would have to respond.” (Bloomberg)
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