A cargo port for barter and bulk trading, agreed upon under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) area collaboration, is now 60% completed. Menteri Besar Datuk Seri Dr Zambry Abdul Kadir said first phase construction work costing RM60m was in progress at the port in Hutan Melintang, near Bagan Datoh. The first phase comprises a cargo and passenger jetty, a hawker centre and a wholesale market, he said. When completed, the port will not only be used for IMT-GT operations, but also allow cargo ships from Myanmar, Bangladesh and Dubai to use the facilities, he noted. (Bernama)
Thailand’s Cabinet endorsed a decree that may make former Prime Minister Thaksin Shinawatra eligible for a prisoner amnesty during celebrations for King Bhumibol Adulyadej’s birthday on Dec. 5, the Bangkok Post reported. The decree also contains no requirement that convicts serve any time in jail. (Bloomberg)
Indonesia’s auto sales rose to 86,345 units in Oct, a 2.9% yoy increase (+50.6% in Sep). Motorcycle sales totaled 715,176 in Oct, gaining 24.8% yoy, following a 62.4% increase in Sep. (Bloomberg)
Actual FDI in China rose 8.75% yoy in Oct (+7.88% in Sep), data from the Ministry of Commerce showed. Investment from overseas reached US$8.3bn, lower than US$9.05 bn in Sep. China's non-financial outbound direct investment totaled US$46.3bn during the 10M11, up 14.1% yoy. (WSJ)
The Bank of Japan (BOJ) held the central bank's key interest rate at between zero and 0.1%, in a widely anticipated move. The board also agreed that the bank's asset-buying fund should remain unchanged at ¥20tr (US$260bn) and its funding program for commercial banks held constant at ¥35tr. (Xinhua)
Japan: Central bank cuts economic view
The Bank of Japan cut its economic assessment as governor Masaaki Shirakawa called the European debt crisis the biggest danger for the nation's export-led recovery. "Developments in Europe's sovereign-debt problems are the largest risk now," Mr Shirakawa said yesterday after the BOJ left its asset-buying fund unchanged at JPY20trn. A few board members have become more concerned the economy's outlook has worsened since last month, he said. (Bloomberg)
Italy: Monti sworn in as Prime Minister before confidence votes
Mario Monti was sworn in as Italian prime minister and finance minister, taking over an unelected government charged with imposing austerity to prevent the euro area’s third-biggest economy from succumbing to the debt crisis. He will present the austerity measures for his government in Senate tomorrow at 1 p.m. A debate will follow before a confidence vote beginning at 8:30 p.m. A second confidence vote will follow in the Chamber of Deputies on 18th Nov to formally confirm the new government. (Bloomberg)
Spain: Set to purge banks of real-estate hangover
Spanish banks face deeper losses on EUR176bn of soured real-estate assets as Mariano Rajoy, the favourite to win national elections on 20 Nov, pledges to enforce a cleanup. "You have to remove any kind of doubt over the valuation that you have of these assets in your balance sheet," Luis de Guindos, named by media as a contender for finance minister in a new People's Party government formed by Rajoy, said. (Bloomberg)
Portugal: Second review of aid programme was ‘successful’
Portuguese Finance Minister Vitor Gaspar said the second review of the country’s financial-aid programme was “successful”, allowing it to receive another rescue payment tranche of EUR8bn. (Bloomberg)
UK: Unemployment soars to 2.62m
UK unemployment jumped in the third quarter as joblessness among young people climbed above 1m for the first time since at least 1992. Unemployment rose by 129,000 to 2.62m, the biggest increase since 2009. The jobless rate climbed to a 15-year high of 8.3%. The number of unemployment-benefit claims rose 5,300 to 1.6m in October. (Bloomberg)
EU: Inflation holds at 3-year high, complicating ECB task
European inflation held at the highest rate in three years in October, complicating the ECB’s task of shoring up the economy as it fights the sovereign debt crisis. Consumer prices in the 17 nations increased 3% from a year earlier, the same rate of inflation as in September, marking the biggest gain since October 2008. (Bloomberg)
US: Consumer prices unexpectedly fell 0.1% in October
The cost of living in the US unexpectedly fell in October for the first time in four months, a sign that inflationary pressures may be starting to recede. The consumer-price index declined 0.1% from the prior month after a 0.3% rise. (Bloomberg)
US: Homebuilder confidence climbs to highest since May 2010
Confidence among US homebuilders unexpectedly climbed in November to the highest level since May 2010, a sign the outlook for construction may be stabilizing. The National Association of Home Builders/Wells Fargo index of builder confidence rose to 20 from a revised 17 in October. (Bloomberg)
US: Production picks up while inflation cools
Industrial production in US advanced more than forecast in October, adding to evidence the world’s largest economy is weathering disruptions in financial markets caused by the crisis in Europe. Output at factories, mines and utilities climbed 0.7% after a revised 0.1% drop in September. (Bloomberg)
US stocks fall as Fitch says Europe a risk to American banks
US stocks tumbled, erasing yesterday’s gains, as Fitch Ratings said further contagion from Europe’s debt crisis will pose a risk to American banks and amid concern higher oil prices will hamper economic growth. Financial shares led S&P’s 500 Index losses as Citigroup and Morgan Stanley dropped at least 4.1%. Dell sank 3.2% as the personal computer maker told investors to expect slower sales growth for the rest of the year. Abercrombie & Fitch tumbled 14% as profit at the clothing retailer trailed estimates. The S&P 500 slid 1.7% to 1,236.91 and The Dow Jones fell 190.57 points, or 1.6%, to 11,905.59. Oil rose above USD100 a barrel. (Bloomberg)
US mortgage applications decreased 10.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) survey for the week ended 11 Nov. The Refinance Index decreased 12.2% from the previous week. The seasonally adjusted Purchase Index decreased 2.3% from one week earlier. (MBA)
US core CPI that excludes volatile food and fuel costs rose 0.1% mom in Oct, matching Sep as the smallest gain this year. The reading matched economists’ expectations. (Bloomberg)
US net TIC flows, a measure of net foreign capital inflow which include nonmarket flows, short-term securities and changes in banks' dollar holdings, was US$57.4bn in Sep, compared with an inflow of US$89.3bn in Aug. (WSJ)
US net long-term securities transactions showed total buying of US$68.6bn in long-term US securities in Sep, after purchases of US$58bn the month before. (WSJ)
US industrial production rebounded +0.7% in Oct (-0.1% in Sep), the Federal Reserve said. Oct's increase was the largest since Jul. Economists had expected industrial production to rise 0.4%. (Reuters)
US capacity utilization rose to 77.8% in Oct (77.3% in Sep). Economists were expecting capacity use to rise to 77.6%. (Reuters)
The US National Association of Home Builders/Wells Fargo Housing Market index rose 3pts to 20 in Nov, the highest level since May 10. Economists had expected the index to edge up to 18. (Reuters)
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