Hong Kong’s exports grew by less than economists estimated in Jul as a drop in sales to the U.S. countered higher shipments to Asian markets. Overseas sales increased 9.3% yoy to HK$286bn (US$37bn) in Jul (+9.2% in Jun), the government said. Economists expected a reading of 14.2%. (Bloomberg)
South Korean consumer confidence fell to a five-month low as stock market turmoil dented the outlook and accelerating inflation hurt purchasing power. The sentiment index fell to 99 in Aug from 102 in Jul, the Bank of Korea said. A reading below 100 indicates people are more pessimistic than the average between 1Q99 and 2Q08. (Bloomberg)
Thailand’s export growth accelerated in July to the fastest pace in 13 months, boosted by demand for agricultural products and a recovery in auto shipments as supply disruption caused by the Japan earthquake eased. Overseas sales increased 38.3% from a year earlier, the Ministry of Commerce said yesterday. That compares with a 16.8% rise in June reported earlier. The Bank of Thailand predicts the impact of the 11 March temblor will ease from this quarter as Japan, the nation’s largest trading partner, recovers from the disaster. (Bloomberg)
Philippines: Budget deficit widens as revenue growth eases
The Philippines reported a wider budget deficit in July as revenue climbed at the slowest pace this year. The shortfall was 26.5bn pesos (USD622m), compared with a 7.69bn-peso deficit reported earlier for June, according to an e-mailed statement from the government today. Revenue gained 3.9% from a year earlier, less than the 8.7% pace reported earlier for June, while spending fell 1.6%, the report showed. Philippine President Benigno Aquino has targeted tax evaders to boost revenue and fund spending on roads and airports, part of efforts to spur investment and growth. (Bloomberg)
Euro: IMF may approve next Greek disbursement at end of September
The International Monetary Fund may authorize the next disbursement for Greece under a joint bailout with Europe at the end of next month, a spokesman for the fund said. A review of policies attached to the current EUR110bn (USD159bn) bailout with the European Union is currently taking place in Athens and should conclude around 5 Sept., spokesman David Hawley said. The Greek government has not made any request for another loan and current talks to get the private sector involved in helping reduce the Greek debt load are not part of the current review, he added. (Bloomberg)
US: Jobless claims rise, propelled by Verizon dispute
Claims for U.S. unemployment benefits unexpectedly rose last week, pushed up for a second time by a labor dispute at Verizon Communications Inc. Jobless claims climbed by 5,000 to 417,000 in the week ended 20 Aug, Labor Department figures showed yesterday. At least 8,500 applications were filed by workers at Verizon last week, compared with 12,500 the prior week, the agency said. The report signals that excluding the communications dispute, companies are slowing the pace of firings, which may ease concern that consumers will cut back on spending. At the same time, an unemployment rate at 9.1% is a reminder that a sustained labor-market rebound has yet to develop two years into the economic recovery. (Bloomberg)
US: Bernanke signaling no QE supported by data including prices
Federal Reserve Chairman Ben S. Bernanke tomorrow may disappoint stock investors betting on a commitment to step up stimulus. He has little choice, given rising consumer prices and a U.S. economy that is still growing. Gasoline costs are 33% higher; consumer inflation is twice as fast and inflation expectations are above levels since Bernanke signaled more easing a year ago at the annual Fed symposium in Jackson Hole, Wyoming. (Bloomberg)
US: Consumer comfort index stabilizes close to record low
Consumer confidence stabilized last week at a level that’s within striking distance of an all-time low as Americans remained pessimistic about the economy. The Bloomberg Consumer Comfort Index was minus 47 in the week to 21 Aug compared with minus 48.3 reading the previous period that halted a three-week slide. The gain was within the survey’s 3-point margin of error. The figure is close to minus 54 in January 2009, which matched the worst reading in the history of the series dating back to 1985. Confidence among those earning more than USD100,000 a year fell in the past month to the lowest level since 2009, possibly due to stock market weakness and mounting concern the recovery may falter. (Bloomberg)
Thailand: Export growth accelerates as Japan disruption eases
Thailand’s export growth accelerated in July to the fastest pace in 13 months, boosted by demand for agricultural products and a recovery in auto shipments as supply disruption caused by the Japan earthquake eased. Overseas sales increased 38.3% from a year earlier, the Ministry of Commerce said yesterday. That compares with a 16.8% rise in June reported earlier. The Bank of Thailand predicts the impact of the 11 March temblor will ease from this quarter as Japan, the nation’s largest trading partner, recovers from the disaster. (Bloomberg)
Philippines: Budget deficit widens as revenue growth eases
The Philippines reported a wider budget deficit in July as revenue climbed at the slowest pace this year. The shortfall was 26.5bn pesos (USD622m), compared with a 7.69bn-peso deficit reported earlier for June, according to an e-mailed statement from the government today. Revenue gained 3.9% from a year earlier, less than the 8.7% pace reported earlier for June, while spending fell 1.6%, the report showed. Philippine President Benigno Aquino has targeted tax evaders to boost revenue and fund spending on roads and airports, part of efforts to spur investment and growth. (Bloomberg)
Euro: IMF may approve next Greek disbursement at end of September
The International Monetary Fund may authorize the next disbursement for Greece under a joint bailout with Europe at the end of next month, a spokesman for the fund said. A review of policies attached to the current EUR110bn (USD159bn) bailout with the European Union is currently taking place in Athens and should conclude around 5 Sept., spokesman David Hawley said. The Greek government has not made any request for another loan and current talks to get the private sector involved in helping reduce the Greek debt load are not part of the current review, he added. (Bloomberg)
US: Jobless claims rise, propelled by Verizon dispute
Claims for U.S. unemployment benefits unexpectedly rose last week, pushed up for a second time by a labor dispute at Verizon Communications Inc. Jobless claims climbed by 5,000 to 417,000 in the week ended 20 Aug, Labor Department figures showed yesterday. At least 8,500 applications were filed by workers at Verizon last week, compared with 12,500 the prior week, the agency said. The report signals that excluding the communications dispute, companies are slowing the pace of firings, which may ease concern that consumers will cut back on spending. At the same time, an unemployment rate at 9.1% is a reminder that a sustained labor-market rebound has yet to develop two years into the economic recovery. (Bloomberg)
US: Bernanke signaling no QE supported by data including prices
Federal Reserve Chairman Ben S. Bernanke tomorrow may disappoint stock investors betting on a commitment to step up stimulus. He has little choice, given rising consumer prices and a U.S. economy that is still growing. Gasoline costs are 33% higher; consumer inflation is twice as fast and inflation expectations are above levels since Bernanke signaled more easing a year ago at the annual Fed symposium in Jackson Hole, Wyoming. (Bloomberg)
US: Consumer comfort index stabilizes close to record low
Consumer confidence stabilized last week at a level that’s within striking distance of an all-time low as Americans remained pessimistic about the economy. The Bloomberg Consumer Comfort Index was minus 47 in the week to 21 Aug compared with minus 48.3 reading the previous period that halted a three-week slide. The gain was within the survey’s 3-point margin of error. The figure is close to minus 54 in January 2009, which matched the worst reading in the history of the series dating back to 1985. Confidence among those earning more than USD100,000 a year fell in the past month to the lowest level since 2009, possibly due to stock market weakness and mounting concern the recovery may falter. (Bloomberg)
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