China’s non-manufacturing sector Purchasing Managers Index fell to 48.4 in Feb from 52.9 in Jan on the back of soft demand for services after the early Spring Festival. The sub-index of new orders fell to 46.1 in Feb from 48.5 the previous month. (Reuters)
Home prices in China fell an average of 0.3% mom to Rmb8,767 psm in 100 major cities across the country in Feb as government measures to cool the domestic property market continue to work. (Shanghai Daily)
The Central Statistics Agency (BPS) estimates that Indonesia will post a deflation in Mar, as in previous years. The new government floor price for rice, up 25%, will not accelerate inflation. (IFT)
Indonesia’s government is planning to provide Rp25tr in a temporary direct cash assistance (BLSM) for the poor who would be affected by the increase in fuel oil prices. the assistance would be provided to about 30% of the population or 18.5m families who would be affected by the price hikes. (Antara News)
Thailand’s rice exports have plunged 41% yoy between 1 Jan and 23 Feb due to the rice mortgage scheme implemented by the Pheu Thai Party-led government to replace the Democrat Party’s price-guarantee scheme, according to the Thai Rice Exporters Association. (Bangkok Post)
Thailand’s House of Representatives approved the financial decrees that enable the Finance Ministry to raise as much as THB350bn for the government’s water resource management and rehabilitation plans as well as allow the transfer of full repayment responsibility for the THB1.14tr bailout debt from the Asian Financial Crisis from the Finance Ministry to the central bank. (Thai Financial Post)
Thailand’s Customs Department expected to achieve a tax revenue collection of THB105bn in 2012 as targeted despite the financial aftermath of last year’s floods and Thailand’s participation in the ASEAN Economic Community and ASEAN Free Trade Area. (Thai Financial Post)
Vietnam’s Ministry of Finance removed the 5% import tariff on gas after the price of domestic cooking gas was hiked by a record VND52,000/12 kg cylinder. (Vietnam News)
IMF Deputy Managing Director Min Zhu said a renewed drop in housing prices could thwart the US economic recovery in the short term while Washington's lack of a "credible, comprehensive" fiscal plan poses a major medium-term risk. He added that China’s growth could decline by up to 4% if the European crisis took a sharp turn for the worse. (Reuters)
Greece’s long-term foreign currency debt was downgraded to C from Ca, with Moody’s Investors Service saying that investors who participate in the nation’s debt exchange will get about 70% less than the face value of their holdings, thus the deal constitutes “a distressed exchange, and hence a default.” (Bloomberg)
Japanese Prime Minister Yoshihiko Noda reiterated the urgent need to implement pay cuts and a thinning of the bureaucracy and legislature to win public support for doubling the 5% consumption tax. (Bloomberg)
Euro area producer prices rose 0.7% mom in Jan. Median forecasts had foreseen a more modest 0.3% monthly rise. (Reuters)
US light-vehicle sales in Feb accelerated to a 15.1m, exceeding the 14.2m pace that was the average of analysts’ estimates. (Bloomberg)
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