Singapore’s private residential property prices fell 0.1% qoq in 1Q12 (0.2% in 4Q11), its first decline since 2Q09, according to flash estimates by the Urban Redevelopment Authority. (WSJ)
Prices of HDB resale flats in Singapore rose 0.6% qoq in 1Q12, less than half the 1.7% increase in 4Q11, and could mark the tail end of a spectacular bull run that saw prices spike 84% in the past five years. (ST)
Thailand’s consumer confidence index rose to 66.5 in Mar from 65.5 in Feb. (Bloomberg)
The Thai Chamber of Commerce foresees significant recovery by end-2Q12 with signs of further growth, while believing that the southern car bomb will not affect overall confidence. (Thai Financial Post)
Thailand’s Board of Investment is preparing to launch special tax incentives to persuade more investors to set up or expand their businesses in flood-affected industrial estates in Pathum Thani and Ayutthaya provinces. (Thai Financial Post)
Indonesian exports in Feb grew by 8.54% yoy, up from 6.07% in Jan, while the trade balance was down to US$0.7bn. Imports rose 27.3% yoy in Feb (15.9% in Jan). (Bloomberg)
The HSBC India Manufacturing Purchasing Managers' Index eased to 54.7 in Mar, the slowest pace in three months, from 56.6 in Feb on the back of power and raw-material shortages. (AFP)
India's trade deficit in Feb widened to US$15.2bn from US$9.3bn a year earlier as weakening demand hurt export growth. (WSJ)
Myanmar's government set a reference rate of 818 Myanmar kyat per dollar in the first business day of a new currency regime designed to end years of confusing multiple exchange rates. (WSJ)
China: Manufacturing gain masks exporters’ woes
A stronger reading for a Chinese manufacturing gauge failed to end predictions for policy loosening as analysts described the gain as seasonal and a separate survey showed exporters struggling. A Purchasing Managers’ Index (CPMINDX) rose to a one-year high of 53.1 in March, China’s logistics federation and the National Bureau of Statistics said yesterday. The gauge has a pattern of rising each March. In contrast, a PMI from HSBC Holdings Plc and Markit Economics showed manufacturing contracting and export orders falling. (Bloomberg)
The Bank of Japan's quarterly Tankan survey of large manufacturers came in unchanged at -4 in Mar, its second consecutive quarter in negative territory and below economists' expectations for a reading of -1, while the outlook for 2Q12 improved slightly from -5 to -3, worse than consensus of 2. The non-manufacturing survey result came in at 5 from 4, matching the consensus, whilst the outlook for 2Q12 improved markedly from 0 to 5, but still short of consensus of 6. (AFP)
Japanese sales of new vehicles with engines above 660cc stood at 497,959 in Mar, up 78.2% yoy and marking the seventh consecutive monthly rise boosted by government subsidies for eco-friendly vehicles. (AFP)
Japan must quickly overhaul the tax system to prevent government borrowing costs from spiraling in the next decade, Japanese Bankers Association chairman Yasuhiro Sato urged. (Bloomberg)
Japan has reduced its statutory corporate tax rate effective this month to 38.01%, making the US the major economy with the highest rate at 39.2%. (Bloomberg)
Korea: Credit rating outlook raised to positive by Moody’s
South Korea’s credit rating outlook was raised by Moody’s Investors Service to positive from stable, boosting demand for the nation’s assets. “Very strong and improving fiscal fundamentals,” were a key reason for the change, along with resilience in the country’s external financing position, Moody’s said in a statement. The rating remains at A1, the company’s fifth- highest grade (Bloomberg)
South Korean CPI increased 2.6% yoy in Mar, moderating from 3.1% in Feb. Core inflation grew 1.9% yoy (2.5% in Feb). (AFP)
India: Manufacturing PMI declines, supporting rate-cut case
Indian manufacturing grew at the slowest pace in three months in March, supporting the case for an interest-rate cut to bolster economic expansion. The Purchasing Managers’ Index fell to 54.7 from 56.6 in February, HSBC Holdings Plc and Markit Economics said in an e- mailed statement yesterday. (Bloomberg)
Spain: Rajoy signals Spain at risk of bailout in defense of budget
Prime Minister Mariano Rajoy raised the threat of an international bailout as he sought to defend Spain’s most austere budget in more than three decades to members of his ruling party. The government, in power for 100 days, is implementing the deepest austerity since the nation returned to democracy in 1978, even as unemployment approaches 24% and the economy is back in a recession. After spending cuts, tax increases and a labor overhaul, Rajoy faced his first general strike on 29 March, four days after his party failed to win a majority in Andalusia’s regional election. (Bloomberg)
The Eurozone unemployment rate rose to 10.8% in Feb from 10.7% in Jan. It was in line with expectations, and the highest unemployment rate since Jun 1997. (WSJ)
India: Manufacturing PMI declines, supporting rate-cut case
Indian manufacturing grew at the slowest pace in three months in March, supporting the case for an interest-rate cut to bolster economic expansion. The Purchasing Managers’ Index fell to 54.7 from 56.6 in February, HSBC Holdings Plc and Markit Economics said in an e- mailed statement yesterday. (Bloomberg)
EU: Manufacturing contracts for eighth month in March
Euro-region manufacturing contracted for an eighth month in March, adding to signs the 17-country economy continued to shrink in the first quarter. A manufacturing gauge, based on a survey of purchasing managers, fell to 47.7 from 49 in February, remaining below the 50 line that divides expansion from contraction, London-based Markit Economics said yesterday. That’s in line with Markit’s initial estimate. A separate report may show today that euro- region unemployment rose to 10.8% in February from 10.7%, according to the median estimate of 33 economists in a Bloomberg News survey. (Bloomberg)
Eurozone finance ministers unveiled a package over the weekend that included €500bn in fresh bailout funds on top of €300bn already committed to rescue programs, which together topped the symbolic US$1tr mark. (Bloomberg)
The US ISM manufacturing index rose to 53.4 in Mar (52.4 in Feb) on the back of gains in employment and production. This slightly exceeds the median forecast of 53. (Bloomberg)
US construction spending fell 1.1% mom in Feb (a revised -0.8% in Jan), the largest drop in seven months on account of falling investment in private and government projects. This confounds expectations of a 0.6% rise. (Reuters)
US Federal Reserve policymakers signalled little appetite for further monetary steps to stimulate US growth in an economy that is gradually strengthening. (Reuters)
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