India: Central bank raised benchmark interest rates by 0.5 percentage points after forecasting inflation will stay at an "elevated level" until at least September. The Reserve Bank of India lifted the repurchase rate to 7.25% from 6.75%, according to a statement in Mumbai. The central bank boosted the reverse repurchase rate to 6.25% from 5.75%. (Source: Bloomberg)
Australia: RBA holds key rate at 4.75% as currency gain tempers prices. "The rising exchange rate will be helping to hold down prices for some consumer products over the coming few quarters," RBA Governor Glenn Stevens said in a statement after holding the overnight cash rate target at 4.75%, as forecast by 21 of 22 economists surveyed by Bloomberg News. (Source: Bloomberg
SEA: Philippines, Malaysia will consider rate rises to damp inflation
The Philippine and Malaysian central banks will consider raising interest rates as Asia fights accelerating inflation stoked by surging oil and food prices. Bangko Sentral ng Pilipinas will increase its benchmark rate by a quarter of a percentage point to 4.5% tomorrow, according to 12 of 16 economists surveyed by Bloomberg News. Bank Negara Malaysia may end its rate-rise pause the same day with a quarter-point advance to 3%, seven of 16 economists said in another Bloomberg survey, the highest number expecting an advance since the last boost in July 2010. (Bloomberg)
US: Orders placed with factories climb more than forecast
Orders placed with US factories rose more than forecast in March on increasing demand for machinery and computers that points to further gains in business spending. Bookings for manufacturers’ goods climbed 3%, a fifth consecutive increase, after a 0.7% February advance, the Commerce Department said today in Washington. The report also revised up estimates for capital equipment bookings issued last week. (Bloomberg)
UK: Manufacturing Index dropped to seven-month low in April
UK manufacturing index fell to a seven-month low in April amid declining consumer confidence and falling construction orders. The gauge based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 54.6 from a revised 56.7 in March, according to a report published in London today. The median forecast of 19 economists in a Bloomberg News survey was for a decline to 57 from a previous March reading of 57.1. A measure above 50 indicates expansion. (Bloomberg)
EU: Producer-Price Inflation unexpectedly accelerates
European producer-price inflation unexpectedly accelerated to the fastest in 2 1/2 years in March, adding to concerns that surging energy costs will feed through to consumers and prompt the European Central Bank to raise interest rates further. Factory-gate prices in the euro region jumped 6.7% from a year earlier, the fastest since September 2008, after a 6.6% gain in February, the European Union’s statistics office in Luxembourg said today. Economists had projected a March increase of 6.6%, according to the median of 13 estimates in a Bloomberg news survey. In the month, prices advanced 0.7%. (Bloomberg)
China: PBOC signals tightening may come even as growth cools
China’s central bank said controlling inflation is its top priority, even after a manufacturing survey indicated that growth may slow in the second-biggest economy. “Stabilizing prices and managing inflation expectations are critical,” the People’s Bank of China said in a first- quarter monetary policy report published on its website today. Bank reserve requirements have no “absolute ceiling,” the report said, restating a 16 April comment from Governor Zhou Xiaochuan. (Bloomberg)
Portugal: Agrees on USD116bn bailout with wider deficits
Portugal reached an agreement with officials preparing its European Union-led bailout that will provide as much as EUR78bn (USD116bn) in aid and allow more time to reduce the country’s budget deficit. The three-year plan set goals for a budget deficit of 5.9% of gross domestic product this year, 4.5% in 2012 and 3% in 2013, Prime Minister Jose Socrates said in Lisbon today. The government in March targeted a deficit of 4.6% this year, 3% in 2012 and 2% in 2013. (Bloomberg)
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