US retail sales fell 0.5% mom in Jun (a revised -0.2% in May), worse than consensus of a 0.2% gain. Retail sales less autos and gas fell 0.2% mom (a revised -0.1% in May), also undershooting consensus of +0.3%. (Bloomberg)
US business inventories gained 0.3% mom in May (a revised 0.3% in Apr), matching consensus. (Bloomberg)
The Eurozone consumer price index rose 2.4% yoy in Jun, unchanged from the rate posted in May and matching consensus. On a mom basis, the measure fell 0.1% (-0.1% in May), worse than consensus of no change. Core CPI came in at 1.6% yoy, matching consensus and May’s reading. (Bloomberg)
The Eurozone trade surplus rose to €6.9bn in May (€3.7bn in Apr; -€1.2bn in May 2011), boosted by a 6% increase in exports, but imports were unchanged from a year earlier. Consensus called for a reading of €4.0bn. (WSJ)
Moody's cut its rating for 13 Italian banks citing the weakened credit profile of the Italian government after its credit grade fell last week. (AFP)
The IMF stepped up its warnings on risks to the global economy, mainly from the crisis-mired eurozone, as it trimmed its growth forecast for the rest of 2012 by 0.1% from the Apr forecast to 3.5%. For 2013, the forecast is 3.9%, down from 4.1%. (AFP)
The IMF released €1.48bn in new funds to troubled Portugal after Lisbon passed a performance review under its bailout loan program. (AFP)
Foreign direct investment in China totaled US$59.1bn in the Jan-to-Jun period, a drop of 3% yoy. FDI in Jun totaled US$12bn, down from the US$12.86bn in the same a month a year earlier, but up from May's US$9.23bn. (Dow Jones)
China’s railway infrastructure investment may double in 2H12 from 1H12 for full-year spending to hit Rmb448.3bn, according to the National Development and Reform Commission. (Bloomberg)
China will cut taxes on the profits that foreign companies take out of the country by up to 50% after rules on withholding taxes were relaxed to encourage more overseas investment. Rmb45bn (US$8.6bn) of withholding taxes were collected last year, which accounted for more than half of total corporate taxes paid in China by foreign companies. (FT)
India’s wholesale-price index rose by 7.25% yoy in Jun, after climbing 7.55% in May. The median estimate was 7.61%. (Bloomberg)
Noting that India prohibited foreign investment in too many sectors such as retail, US President Barack Obama cited concerns over deteriorating investment climate there to endorse another "wave" of economic reforms. (AFP)
India should cut subsidies to spur investments, the IMF said, echoing widespread calls for fiscal consolidation to revive economic growth in Asia's third-largest economy. (WSJ)
Singapore’s private residential property sales posted their biggest drop in 2.5 years, declining 17% qoq to 5,572 units in the three months ended 30 Jun. (Bloomberg)
The floating of LPG prices remains the Thai government’s policy to be proceeded with in accordance with the market mechanism ahead of full liberalisation under the Asean Economic Community in 2015, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said. (The Nation)
The floatation of LPG price for transport and household use would raise the price by 20-30% from now and this would increase inflation in the last four months of this year by 0.037%, said Thai Commerce Permanent Secretary Yanyong Phuangrach. (The Nation)
The Thai government will consider the inflation rate before deciding whether to raise the price of liquified petroleum gas (LPG) for the household and transport sectors on 16 Aug as planned, which could increase prices by 20-30%. (Bangkok Post)
Indonesia's domestic car sales rose by 45% yoy in Jun (56.5% in May) to a monthly record of 101,743 cars. (Reuters)
Indonesia's domestic cement sales grew 9.5% yoy in Jun (15.6% in May). (Reuters)
The World Bank estimates the realization of Indonesia’s state expenditure this year is only Rp1.512tr (US$160.27m) or 97.67% of the target set of Rp1.548tr and lower than the government's prognosis for 100.3% forecast of Rp1.553tr. (IFT)
Indonesia’s Investment Coordinating Board (BKPM) projects investments in 2Q12 to reach Rp77.5tr (US$8.21bn) or an increase of 25% yoy. (IFT)
Moody's said the outlook for Indonesia's Baa3 sovereign rating remained stable, citing the country's strong growth, low government debt and recent track record of prudent fiscal management. (Reuters)
The Nielsen Global Consumer Confidence Index dipped 3 pts in the second quarter to 91. A reading below 100 signals consumers are pessimistic about the outlook. Indonesia's shift to top spot in the survey was a further sign that the country, with its big domestic economy and an expanding middle class, is weathering the global slowdown better than some other emerging markets. (Reuters)
Vietnam’s purchased apartment index declined 0.6% mom in Jul (-0.2% in Jun). (Bloomberg)
Overseas remittances to the Philippines increased 5.1% yoy in May (5.3% in Apr), to US$1.774bn (US$1.701bn in Apr). (Bloomberg)
Filipino business leaders turned more upbeat in 2Q12 and ranked second highest globally in having the proportion of optimists among their peers, based on the latest quarterly survey of Grant Thornton International Business Report, with a balance of 90%. (Philippine Daily Inquirer)
Myanmar's reform efforts have begun to bear fruit as foreign investments hit a record US$20bn last year. (Channel News Asia)
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