S.Korea: Bank of Korea unexpectedly left the benchmark interest rate unchanged at 3%, it said in Seoul. The decision was predicted by two of 14 economists surveyed by Bloomberg News. (Source: Bloomberg)
HK: ‘Overheating’ risk looms after economy expands 7.2%
Hong Kong’s economy expanded a more-than-forecast 7.2% in the first quarter from a year earlier as the government wrestled with accelerating inflation and the threat of a property bubble. The increase in GDP was the biggest in a year and compared with a revised 6.4% gain in the fourth quarter. (Bloomberg)
Greece: To plead for aid in talks
Greece today will plead for a boost in its EUD110bn financial lifeline from European governments. The IMF. Europe’s donor countries, led by Germany, are demanding deeper budget cuts in exchange for granting Greece extra aid or giving it more time to pay back official loans, and are weighing whether to make bondholders share the costs. (Bloomberg)
E.U: Economic growth accelerated to the fastest pace since the second quarter of 2010 powered by forecast-topping expansion in Germany and France that offset the impact of tougher austerity measures from Ireland to Spain. GDP in the 17-member euro area rose 0.8% from the fourth quarter, when it increased 0.3%, the European Union's statistics office in Luxembourg said in a statement. German GDP jumped 1.5% from the fourth quarter and the French GDP rose 1% (Source: Bloomberg)
US: Obama says default may ‘unravel’ global finances
US President Barack Obama said failure to raise the US debt ceiling by early August might disrupt the global financial system and plunge the nation into another recession. He is reaching out to lawmakers to win approval of an increase in the debt ceiling. The government projected this month that the USD14.3tn debt limit will be reached today. (Bloomberg)
US: CPI rise on fuel, food costs
The cost of living in the US rose in April, led by increases in food and fuel that are starting to filter through to other goods and services. CPI increased 0.4%. Excluding food and energy, the core gauge rose 0.2%. (Bloomberg)
US: Housing probably lagged behind factories
Sales and construction of US homes probably hovered in April around the lows reached during the recession, while factories kept churning out more goods, a reminder that manufacturing remains the engine of the recovery, according to economists surveyed by Bloomberg. Sales of existing homes is likely to have risen 2% to a 5.2m annual pace while industrial production is forecasted to grow for a sixth consecutive month. (Bloomberg)
U.S: To raise the US debt ceiling by early August. Obama is reaching out to Republicans and Democratic lawmakers to win approval of an increase in the debt ceiling. The government projected this month that the $14.3 trillion debt limit will be reached tomorrow. This is to avoid the disruption to the global financial system. (Source: Bloomberg)
US: Retail sales up, consumer sentiment down. Retail sales rose in April at the slowest rate in 9 months, while consumer sentiment fell last week, highlighting the impact of increasing petrol prices in the US economy. According to the US Commerce Department figures, purchases noted a rise of 0.5%, the smallest gain since July last year, after a high than expected increase in March of 0.9%. The Bloomberg Consumer Comfort Index dropped to -46.9 in the period leading up to May 8, the lowest reading since March. (Source: Bloomberg)
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