Malaysia : The Ministry of Rural and Regional Development has to date built 20,322 units of houses for the rural hardcore poor under its housing assistance programme for the poor throughout the country. The minister, Datuk Seri Mohd Shafie Apdal said this year, the ministry was targeting to build 3,000 units of new houses and repair another 6,000 units nationwide. The government is targeting to build 50,000 units of houses for the poor in the next three years, he said. (Bernama)
International rating house Fitch Ratings has affirmed Malaysia’s long-term foreigncurrency issuer default rating (IDR) at ‘A-‘ and long-term local-currency IDR at ‘A’. The outlook for the rating is ‘stable’. Fitch has also affirmed Malaysia’s country ceiling at ‘A’ and the short-term foreign-currency IDR at ‘F2’.
- Malaysia’s sovereign creditworthiness is supported by a track record of domestic macroeconomic stability and strong external finances, Fitch said.
- However, structural weaknesses in the public finances, including a narrow tax base, an extensive array of consumer subsidies and an over reliance on petroleum-linked revenues remain largely unaddressed, it added.
- It projects Malaysia’s federal government debt to reach 54.7% of GDP by end-2011, the highest ratio since 1993, and up from 41.4% at end-2008. It also projects the federal government deficit at 5.7% of GDP for 2011 (5.6% in 2010). (Malaysian Reserve)
India: Exports climb 82%, fastest pace in at least 16 years
India’s exports grew at the fastest pace in at least 16 years, even as faltering expansions in advanced economies threatened global demand, according to figures released by the commerce ministry’s top bureaucrat yesterday. Merchandise shipments from the country rose 81.8% to USD29.3bn in July from a year earlier, commerce secretary Rahul Khullar said yesterday. That’s the most since April 1995, according to Bloomberg data. India has sought to increase shipments to markets in Africa and Latin America to bolster earnings from abroad as it targets USD500bn in exports by 2014. (Bloomberg)
Australia: Jobless rate unexpectedly jumps to 8-month high
Australia’s jobless rate unexpectedly rose to an eight-month high in July as hiring stalled, prompting Goldman Sachs & Partners Australia Pty to predict as many as two interest-rate cuts this year. Unemployment jumped to 5.1% in July from 4.9% a month earlier, the first increase since October, the statistics bureau said in Sydney yesterday. (Bloomberg)
China : The yuan strengthened beyond 6.4 per dollar for the first time in 17 years, supported by the Federal Reserve’s pledge to keep interest rates at a record low and signs China will use currency gains to help rein in inflation. (Bloomberg)
Japan : Japan’s machinery orders rose for a second month in Jun as companies increased spending to restore businesses and production disrupted by the 11 Mar earthquake and tsunami. Factory orders, an indicator of capital spending in three to six months, rose 7.7% mom in Jun, the Cabinet Office said. Economists forecast a 1.7% increase. (Bloomberg)
US: Consumer confidence fell last week to lowest since May
Consumer confidence dropped last week to the lowest level since mid-May as American high earners, homeowners and those working full time turned more pessimistic. The Bloomberg Consumer Comfort Index was minus 49.1 in the period to Aug. 7, down from minus 47.6 the prior week and the second-lowest level in a year. The measure was less than five points away from the record low of minus 54 reached in November 2008, during the depths of the last recession. (Bloomberg)
US: Trade deficit unexpectedly widens to USD53.1bn
The U.S. trade deficit unexpectedly increased in June to the highest level since October 2008 as a slump in exports exceeded a decline in shipments from overseas. The gap widened 4.4% to USD53.1bn from USD50.8bn in the prior month, Commerce Department figures showed yesterday. U.S shipments of capital equipment and industrial supplies fell in June, which may reflect the start of a cooling in the global economy. Some companies like Caterpillar Inc. remain optimistic that demand for American-made goods will be sustained, helped in part by a weaker dollar. (Bloomberg)
US: Jobless claims unexpectedly fell last week
Claims for U.S. unemployment benefits unexpectedly dropped last week to a four-month low, signaling the job market is being hampered by a lack of hiring rather than more firings. The number of applications for unemployment insurance payments fell 7,000 in the week ended 6 Aug to 395,000, the fewest since early April, the Labor Department said yesterday. (Bloomberg)
US stocks rally as jobless claims, profits offset Europe woes
US stocks rallied, reversing yesterday’s drop for the Standard & Poor’s 500 Index, as a decline in jobless claims and better-than-estimated corporate earnings tempered concern Europe’s debt crisis is worsening. All 10 groups in the S&P 500 advanced at least 2.5%, with gains being led by financial, energy and raw-material companies. Bank of America Corp. and JPMorgan Chase & Co. rallied more than 6.7%, after plunging at least 5.5% yesterday. Cisco Systems Inc., the world’s largest maker of networking equipment, soared 16%, the most since May 2002, as profit and sales beat analysts’ estimates. (Bloomberg)
US : The U.S. budget deficit narrowed in Jul, reflecting a calendar-related reduction in spending compared with the same month last year. The shortfall between revenue and outlays totaled US$129.4bn in Jul (US$165bn in Jul 10), according to the Treasury Department’s monthly budget statement issued. The gap for the fiscal year to date climbed to US$1.1tr. Economists projected a budget deficit of US$133bn in Jul, while the Congressional Budget Office (CBO) projected a shortfall of US$132bn. The CBO projects this year’s federal budget deficit to reach about US$1.4tr. (Bloomberg)
US : U.S. foreclosure filings dropped 35% in Jul to the lowest level in almost four years as lenders and state and federal agencies increased efforts to keep delinquent borrowers in their homes, RealtyTrac Inc. said. (Bloomberg)
US : U.S. mortgage rates for 30-year loans declined to a nine-month low as concern grew that the nation’s economy is slowing. (Bloomberg)
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