Broad money increased 14.7% yoy in Jan (14.3% in Dec 2011). Total loan growth eased to 12.1% yoy (13.6% in Dec 2011) while net financing increased at a higher rate of 13.5% (12.5% in Dec 2011) (Bank Negara Malaysia)
India’s economy grew 6.1% yoy in 4Q (6.9% in 3Q) – the slowest pace in 3 years – and below market expectations of a 6.3% expansion. (AFP, Reuters)
Singapore’s credit card bad debts rose to S$16.1m in Jan (S$15.6m in Dec). Credit card billings eased to S$3.0bn in Jan (S$3.5bn in Dec). (Bloomberg)
Singapore’s loan growth eased to 28.4% yoy in Jan (+30.3% in Dec). Money supply M2 moderated to 9.9% yoy in Jan (10% in Dec), while M1 growth slowed to 13.1% yoy in Jan from 14.8% in Dec. (Bloomberg)
Thailand’s business sentiment index improved to 50.8 in Jan from 48.5 in Dec. (Bloomberg)
The 2012 Hays Salary Guide also found that 50% of employers in Singapore intend to increase salaries between 3 and 6% when they next review. 23% will increase above 6%, 22% intend to increase salaries less than 3% and 5% intend to offer no increases. (ST)
Vietnam’s retail sales growth in Jan-Feb stood unchanged at 22%. (Bloomberg)
Vietnam’s industrial production index grew 22.1% yoy in Feb (-2.4% in Jan). (Bloomberg)
Vietnam’s trade deficit returned in Feb to US$0.64bn, following a rare surplus in Jan. This was significantly lower than the US$2bn recorded in the same period last year. (Vietnam News)
Over 680,000 international tourists visited Vietnam in Feb, up 8.2% mom and 29.4% yoy. (Vietnam News)
South Korea's industrial production in Jan unexpectedly rose after three months of declines, adding a modest 3.3% mom (-0.7% in Dec), helped by healthy machinery and automobile sectors. Economists were expecting a -1.2% decline. (WSJ)
Under the Long-Term Refinancing Operation, the ECB said it handed out €529.5bn (US$712.7bn) in cheap, three-year loans to 800 lenders, on top of the €489bn of similar loans dispensed to 523 banks in late Dec. (WSJ)
Bank of Thailand deputy governor Suchada Kirakul said that the central bank could maintain its „accommodative‟ benchmark interest rate as inflation risks increase and threats to economic growth remain. (Jakarta Globe)
Almost one in 10 Japanese manufacturers with operations in Thailand plans to relocate out of the kingdom after last year‟s devastating floods, a survey showed. Electronics makers were particularly hard hit, with more than half directly affected by the disaster, according to the poll of 1,345 companies by the Japanese Chamber of Commerce Bangkok (JCCB), in which 366 responded. (Jakarta Globe)
Indonesia‟s government has proposed a Rp1,500/litre increase in the price of the subsidized Premium and Solar fuel to Rp6,000/litre. (IFT)
The rupiah strengthened to Rp9,020 against the US$ thanks to Bank Indonesia’s intervention in the money market. (Antara News)
The US ISM business barometer rose to 64, a 10-month high, from 60.2 in Jan, surpassing the median estimate of economists of 61. (Bloomberg)
US mortgage applications for home purchases rose 8.2% wow in the week ended 24 Feb, far surpassing the prior week‟s -2.9%. Applications for refinancing contracted 2.2% wow, but the measure was less than the -4.8% registered in the earlier week. (Bloomberg)
The US Commerce Department reported that GDP grew a revised 3.0% qoq in 4Q11 on a seasonally adjusted annualised rate (1.8% in 3Q11). Analysts had expected the second estimate to come in unrevised at 2.8% for the overall number. On a year-ago basis, GDP was up 1.6%, compared to 1.5% in 3Q11. (Bloomberg)
The US Federal Reserve said the economy expanded at a “modest to moderate pace” in Jan and early-Feb. Chairman Ben Bernanke affirmed that interest rates are likely to stay low at least through late-2014. (Bloomberg)
Japan’s housing starts fell 1.1% yoy in Jan (-7.3% in the year to Dec), the fifth straight month of decline. This was better than analysts‟ expectations for a 3.5% annual decline. (Reuters)
Japan’s construction orders received by the 50 largest contractors in the country rose 24.6% yoy in Jan (1.5% in Dec), the fourth straight gain, according to the Ministry of Land, Infrastructure, Transport and Tourism. (MNI)
Japan’s automobile production rose 18.6% yoy in Jan, the fourth month, as domestic sales grew sharply by 36.2% and exports gained 4.1%. (RTTNews.com)
Euro area inflation by 2.6% yoy in Jan. Earlier this month, the annual rate of inflation was estimated at 2.7%. Prices fell by 0.8% mom in Jan, the largest decline since Jan 2010. (WSJ)
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