Industrial production index (IPI) rose 7.6% yoy in May (+3.2% in Apr), beating economists’ estimate of 4.8%. The uptrend in May was due to the rise in the manufacturing (6.5%), mining (11.5%) and electricity (6.6%) indices. On a monthly basis, the IPI was up by 3.5% (-5.2% in Apr). In Jan-May, IPI increased 4.1% yoy. (Bernama, BT)
The manufacturing sales rose 10% yoy to RM52.5bn in May (+5.3% to RM52.4bn in Apr). On a month-on-month basis, the sales value also increased by 0.2% (-5.2% in Apr). In Jan-May, the sales increased 7% to register RM258.5bn. Total employees engaged in the manufacturing sector rose 0.3% yoy to 1.025m persons in May (+0.7% to 1.027m persons in Apr). Salaries & wages paid in May increased 10.7% yoy to RM2.54bn (+10.3% to RM2.57bn in Apr). Average salaries & wages per employee up 10.3% yoy to RM2,475 (+9.5% to RM2,501 in Apr). Productivity rose 9.7% yoy (+4.6% in Apr). (Department of Statistics)
The Nielsen Global Survey of Investment Attitudes has revealed that Malaysians are among the worst credit card repayers in the Asia-Pacific region. According to the survey, Malaysia has one of the lowest repayment rates among the developing markets that were surveyed. About 15% repay more than the minimum requirement while 18% of Malaysians repay only the minimum amount required. In contrast, the highest repayment rate was in Taiwan, where 89% of respondents service their credit card bills in full followed by Japan (87%), South Korea (85%), Singapore (80%) and Indonesia (59%). Only Vietnam came off worse than Malaysia at 27%. Malaysians are generally one of the top ten savers in the world, but 45% of the online respondents also have various loans and insurance payments. The survey also showed almost two out of five Malaysian consumers are investing their money via various channels. According of those investing, two-thirds (67%) prefer mutual fund/unit trust, about half (49%) prefer stocks, 27% invest in gold, silver and other precious metals, one-fourth in structured investment products, 15% in foreign currencies, 10% in bonds and 8% in derivatives. (The Star)
Malaysia is set to become an ageing nation by the year 2030 and it would pose a challenge to the government, said Deputy Minister of Women, Family, and Community Development Datuk Heng Seai Kie. This was due to 15% of the country’s population turning 60 and above in the next 18 years, she said. She compared Malaysia to Europe, saying it would take the nation only 26 years to reach such a status instead of a hundred-year span it took in the continent. (Malaysian Insider)
Employers were optimistic about employment prospects in 2Q12 in Malaysia, with 10 top specialisations in current demand for employment, according to JobStreet.com. In a Job Outlook Report released by JobStreet.com, the Job Outlook Index registered 58 pts in 2Q12, which was a 3 pts rise from 55 pts in the preceding quarter. A higher index means that the industries are creating job positions ad employment and vice versa. On the hiring trend for the next 12 months, the report showed that 52% of employers were hoping to either expand or maintain their hiring rate, whilst 40% said they will be hiring less and will only be replacing employees or fill in crucial positions in the next 12 months. A handful of respondents (8%) will not be hiring anytime in the near future. (Financial Daily)
Indonesia's broad money supply (M2) in May rose 20.9% yoy, compared to 20.2% growth in Apr. (Reuters)
Bank Indonesia said the 28% yoy growth in bank credits in the first half of the year would not cause economic overheating, despite exceeding the target of 24% set in the Bank Business Plans. (Antara News)
The Obama administration cleared American companies to invest in Myanmar, a delayed but important step toward openness. (AWSJ)
China has given foreign hedge funds permission to tap its wealthy citizens inside the country for funds to invest overseas, according to people in the industry. (FT)
China: Investment now key to stabilizing growth, says Wen
China’s Premier Wen Jiabao said promoting investment growth is the key now to stabilizing the nation’s economic expansion, signaling officials may boost spending to counter a slowdown that probably extended into a sixth quarter. “Growth-stabilizing policies include boosting consumption and diversifying exports, but currently, what is important is to promote a reasonable growth in investment,” Wen said. (Bloomberg)
Japan’s Tertiary Industry Index improved 0.7% mom in May (-0.2% in Apr), outperforming market expectations of a 0.2% increase. (Bloomberg)
Japan’s domestic corporate goods price index for Jun decreased 0.6% mom in Jun (-0.5% in May) and 1.3% yoy (-0.7% in May). (Bloomberg)
Japan’s machine tool orders contracted 15.5% yoy in Jun following a 3% decline in May. (Bloomberg)
South Korea and Indonesia will hold their first round of talks this week on forging a free trade pact. (AFP)
Total motor-vehicle sales in China, which include passenger and commercial vehicles, rose 2.9% from last year's first half to 9.6m vehicles. Passenger-vehicles sales rose 7.1% to 7.61m vehicles. Auto sales rose 9% to 1.58m cars in Jun. (AP, WSJ)
The Philippines’ money supply M2 gained 7.9% yoy in May, compared to 9.1% growth in Apr. Credit growth slowed to 13.6% in May (16% in Apr). (Bloomberg)
The Bangko Sentral ng Pilipinas will further relax the single borrower’s limit (SBL) by exempting securities being underwritten by banks from the computation of their exposure to a client. Under the SBL, bank’s exposure to a single client must not exceed 25% of the bank’s net worth. (Philippine Daily Inquirer)
Spain announced new austerity measures that should help Madrid cut its budget deficit by €65bn (US$80bn) through to 2015, and warned the euro-zone's fourth-largest economy may not grow at all next year. (WSJ)
Food prices are expected to climb in the next decade as higher oil prices lift the cost of production as well as demand for biofuels, according to the OECD and the United Nations’ Food & Agriculture Organization. (Bloomberg)
US Federal Reserve officials sent new signals they are seriously considering more actions to bolster the economic recovery but disappointed many investors by not indicating they are committed to taking action, according to minutes of the central bank's 19-20 Jun meeting. (WSJ)
The US trade deficit narrowed 3.8% mom to US$48.7bn in May (US$50.6bn in Apr) as exports climbed 0.2% (-0.9% in Apr), and imports fell 0.7% (-1.6% in Apr). (AFP, Reuters)
Total US wholesale inventories increased 0.3% mom to US$484.1bn in May (0.5% in Apr), matching the median forecast in a Reuters poll of economists. (Reuters)
The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity fell 2.1% in the week ended 6 Jul. The index of refinancing applications fell 3.4%, but the gauge of loan requests for home purchases rose 3.3%. (Reuters)
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