Malaysia: Export growth slows in Jan
Malaysia’s exports grew at the slowest pace in 15 months in January as manufacturers shipped fewer electrical and electronics products during the Lunar New Year holiday and demand from China and Europe fell. Overseas shipments climbed 0.4% to RM55.1bn from a year earlier after gaining 6.1% in December, according to a trade ministry statement today. (Bloomberg)
China: Exports rose 7% in first 2 months, Commerce Minister indicates
Chinese Commerce Minister Chen Deming said exports rose about 7% over the first two months of the year, suggesting that February’s number will be below all forecasts in a Bloomberg News survey. Outbound shipments gained about 7% over January and February combined, while imports rose more than that. The median forecast in a survey compiled before he spoke was for a 32% gain in February exports from a year earlier. (Bloomberg)
Germany: Factory orders unexpectedly fall on slump in export demand
German factory orders unexpectedly declined in January as foreign demand for investment goods such as machinery slumped. Orders, adjusted for seasonal swings and inflation, fell 2.7% from December, when they gained 1.6%. From a year ago, orders dropped 4.9% when adjusted for work days. (Bloomberg)
Greece: Private investors with 58% of Greek bonds agree to debt swap
Investors with at least 58% of the Greek bonds eligible for the nation's debt swap have so far indicated they will participate, putting the country on the verge of the biggest sovereign restructuring in history. Greece's largest banks, most of the country's pension funds, and more than 30 European banks and insurers including BNP Paribas SA, Commerzbank AG and Assicurazioni Generali SpA have agreed to the offer. That brings the total so far to at least EUR120bn, based on data compiled by Bloomberg. (Bloomberg)
US: Consumer credit rises more than expected in January
Consumer credit expanded sharply in January in a generally positive sign for the economy as people borrowed money to buy cars and go to school, Federal Reserve data showed on Wednesday. But at the same time, the report also pointed to a decline in credit card usage, which could point to some jitters among consumers regarding their outlook for earnings. Total consumer credit grew by USD17.8bn in January, which was above the USD10.0bn increase that was expected by analysts in a Reuters poll. Credit has now expanded for five straight months, which economists see as a sign that households are less uneasy about taking on debt as the labour market slowly heals from the 2007-2009 recession. (Reuters)
US: Mortgage application volume off 1.2%
The number of mortgage applications filed in the US last week fell 1.2% from the prior week, the Mortgage Bankers Association said Wednesday, as interest rates registered little change. Refinance activity fell 2%, according to the MBA's weekly survey, which covers more than three-quarters of all US retail-residential mortgage-applications. Purchasing increased by a seasonally adjusted 2.1% during the week ended Friday. (MarketWatch)
US: Private employment growth picking up
US private employment growth is picking up according to data released Wednesday that showed payrolls rose in February for the 25th month. Private sector payrolls increased 216,000 on the month, led by the service-providing sector and small businesses, according to the February labor-market report from payrolls-processor Automatic Data Processing. Over the last three months, gains have averaged 223,000, compared with a monthly average of 156,000 for 2011. (MarketWatch)
US: Fed weighing new form of bond buying
Federal Reserve officials are considering a new type of quantitative easing that will attempt to boost the economy without accelerating inflation, according to a report published yesterday. Under the new approach, the Fed would print new money to buy long-term mortgage or Treasury bonds but effectively tie up that money by borrowing it back for short periods at low rates. This “sterilized” quantitative easing, would use reverse-repurchase agreements to keep the money from flowing to bank reserves. (Wall Street Journal)
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