China’s manufacturing PMI rose to 51 in Feb (50.5 in Jan), in line with the consensus estimate of 50.9. (Bloomberg)
The HSBC manufacturing PMI for China rose to 49.6 in Feb (48.8 in Jan). (Bloomberg)
Indonesia’s exports rose 6.1% yoy in Jan (1.5% in Dec), lower than the 15.2% expected by economists. Imports rose 16% yoy in Jan (25.3% in Dec), compared with market expectations of a 28.8% increase. The trade balance for Jan widened to US$0.923bn from US$0.602bn in Dec. (Bloomberg)
Indonesia’s government will propose a revised inflation target for 2012 of 6-7% from 5.3% in the 2012 budget. It will also propose to raise the crude price assumption to US$105/bbl from the current level of US$90/bbl. (Bloomberg)
Thailand’s CPI rose 3.35% yoy in Feb (3.38% in Jan), versus consensus estimates of a 3.5% increase. Core CPI stood at 2.72% yoy in Feb (2.75% in Jan). (Bloomberg)
The Philippine central bank lowered the overnight borrowing rate by 25 bp to 4%. (Bloomberg)
Vehicle sales in Japan rose 31.9% yoy in Feb (40.7% in Jan), partly due to higher sales in tsunami-hit areas. (Reuters)
South Korea’s trade balance revisited positive territory in Feb with a US$2.2bn surplus (a revised US$2.03bn deficit in Jan) on the back of a sharp rebound in exports. (AFP)
Indonesia: Inflation slows before planned fuel-price increase
Indonesia’s inflation slowed for a sixth straight month in February, supporting the central bank’s decision to ease monetary policy even as a government plan to raise fuel prices threatens to revive cost pressures. Consumer prices rose 3.56% last month from a year earlier, the Central Bureau of Statistics said yesterday. Bank Indonesia, which cut interest rates in its last meeting, said today it will respond to a surge in costs if needed, even as the inflation rate has fallen faster than expected. President Susilo Bambang Yudhoyono’s administration has said it is proposing to raise prices of subsidized fuel. (Bloomberg)
Philippines: Cuts interest rate a second time to boost growth
The Philippines cut interest rates for a second straight meeting, joining neighbors Thailand and Indonesia in reducing borrowing costs to shore up growth as the region’s economies strive to withstand Europe’s debt crisis. Bangko Sentral ng Pilipinas lowered the rate it pays lenders for overnight deposits by a quarter of a percentage point to 4%, according to a statement yesterday. Lower borrowing costs may aid Philippine President Benigno Aquino’s efforts to lift growth as he increases government spending to a record and seeks USD16bn of investments in mass rail, airports, and schools. (Bloomberg)
Asia: China, India manufacturing gains show momentum in Asia
China’s manufacturing expanded at a faster pace in February and a gauge for India showed sustained growth, indicating that Asian economies are maintaining momentum even as Europe’s debt crisis caps exports. In China, the purchasing managers’ index rose for a third month to 51.0 from 50.5 in January, the statistics bureau and logistics federation said in a statement yesterday. In India, a PMI released by HSBC Holdings Plc and Markit Economics was close to an eight-month high. Yesterday’s data, along with a surprise gain in Japanese companies’ capital spending and South Korea’s biggest increase in exports in six months, add to signs that global growth prospects are improving as the US recovery strengthens and Europe works to contain its debt crisis. (Bloomberg)
Greece: Approves pension, health cuts in race for second bailout
Greece’s parliament approved cuts in pensions and health care a day after ratifying a EUR3.2bn (USD4.3bn) package of spending reductions to move closer to a rescue package to avert financial collapse. Lawmakers voted 213-58 in favor of the law, Acting Parliament Speaker Grigoris Niotis said early yesterday in remarks on state-run Vouli TV. Approval in parliament allows Prime Minister Lucas Papademos to meet with euro-area partners this week having met most of the conditions demanded by the European Union and International Monetary Fund for Greece to get a lifeline of EUR130bn. Finance ministers from the region will discuss the second Greek rescue program in Brussels yesterday. (Bloomberg)
EU: Euro ministers give go-ahead to raise money for Greek swap
Euro-area finance ministers authorized the region’s bailout fund to raise money for Greece’s bond exchange, the first step in releasing funds from a EUR130bn (USD173bn) rescue package. Greece has passed “all required legislation” and the ministers “note with satisfaction” the progress achieved, said Luxembourg Prime Minister Jean-Claude Juncker in a statement after chairing a meeting of the finance chiefs in Brussels yesterday. As a result, they gave the go-ahead to the European Financial Stability Facility to issue bonds to finance their role in the debt swap. (Bloomberg)
US: Initial jobless claims are the lowest since March ’08
The number of Americans filing first-time claims for jobless benefits fell to a level matching a four-year low, more evidence the labor market is healing. Applications for unemployment insurance decreased 2,000 in the week ended 25 Feb to 351,000, Labor Department figures showed yesterday. The number of people on unemployment benefit rolls fell, while those getting extended payments also declined. Firing is on a downward trend as employers gain confidence in the outlook for economic growth..(Bloomberg)
US: Consumer comfort last week holds close to four-year high
Consumer confidence in the US held close to an almost four-year high last week as pessimism about the performance of the economy eased. The Bloomberg Consumer Comfort Index was minus 38.8 in the period ended 26 Feb after reaching minus 38.4, the highest level since April 2008, in the previous period. It marked the third straight week above minus 40, which is the level associated with recessions and their aftermath. The margin of error for the headline reading is 3 percentage points. For the fourth consecutive week, at least half the respondents viewed their personal finances as positive, a run that has been matched once since 2008. While job growth and higher stock values are underpinning sentiment, higher fuel costs pose a threat to further gains in confidence and may discourage households from spending more. (Bloomberg)
US: Manufacturing unexpectedly slows as orders cool
Manufacturing in the US grew less than forecast in February as orders eased, slowing the industry that has powered the two-year expansion. The Institute for Supply Management’s factory index fell to 52.4 from 54.1 in January, the Tempe, Arizona-based group said yesterday. Readings above 50 signal growth. Higher fuel prices may be discouraging Americans from spending more on other goods and services even as improvement in the labor market spurs wage gains. At the same time, faster auto sales and increased exports are helping to underpin manufacturing, which accounts for about 12% of the world’s largest economy. (Bloomberg)
US Federal Reserve Chairman Ben S. Bernanke defended the central bank’s expansive monetary policy, telling a Senate hearing that it helped create “about 2.5m jobs” since Nov 2010 and “big gains in stock prices, improvement in credit markets.” (Bloomberg)
US construction spending fell in Jan by 0.1% mom to an annualised US$827bn (a revised 1.4% gain in Dec), the first drop since Jul 2011 and confounding analysts’ expectations for a 1% increase. (Reuters)
US total vehicle sales stood at 15.1m in Feb (14.2m in Jan), exceeding the consensus of 14.0m. (Bloomberg)
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