The leading index (LI) declined by 0.1% mom in Jun (+0.3% mom in May). The coincident index (CI) dropped by 0.8% mom in Jun (+0.2% mom in May) while the lagging index contracted 0.3% mom (-0.8% mom in May). The diffusion index for both LI and CI suggested that the Malaysian economy should continue to expand at a moderate pace in the months ahead. (Department of Statistics)
The US producer price index rose 0.3% mom in Jul (a revised 0.1% in Jun), overshooting consensus of 0.2%, whilst on a yoy basis, the gauge gained 0.5% (0.8% in Jun). (Bloomberg)
US retail sales gained 0.8% mom in Jul, reversing a revised -0.7% in Jun and almost three times the consensus of 0.3%. Retail sales less autos and gas increased by 0.9% mom (a revised -0.4% in Jun), almost double the 0.5% expected by economists. (Bloomberg)
US business inventories gained 0.1% mom in Jun (0.3% in May), undershooting consensus of 0.2%. (Bloomberg)
The US ICSC-Goldman store sales index gained 3.6% yoy in the 11 Aug week (1.4% in the earlier week), whilst on a wow basis, the measure fell 0.3% (no change in the prior week). (Bloomberg)
The US NFIB Small Business Optimism Index slipped to 91.2 in Jul from 91.4 in Jun, but still higher than the average of 90 during the recovery. Economists were expecting a smaller decline at 91.3. (Bloomberg)
US agriculture has plenty of financial reserves to get through the worst drought in more than 50 years, the top regulator of US farm banks Farm Credit Administration says. (Reuters)
Eurozone industrial production fell 2.1% yoy in Jun, moderating from the 2.6% fall in May. (Bloomberg)
The Eurozone ZEW survey of economic sentiment, which has been declining for the last three consecutive months, improved slightly in Aug to -21.2 pts from -22.3 pts registered in Jul. (Bloomberg)
Eurozone’s GDP fell 0.2% qoq in 2Q12, in line with economists’ expectations after stagnating in 1Q12. (Bloomberg)
Germany: Growth slows less than forecast
The German economies slowed less than forecast in the second quarter, fending off a debt crisis that has dragged at least six of their euro-area neighbours into recessions. In Germany, GDP rose 0.3% from the first quarter, when it gained 0.5%, the Federal Statistics Office said. Economists predicted a 0.2% increase, according to the median of 40 estimates in a Bloomberg News survey. (Bloomberg)
EU: Hungary joins Czechs in recession on budget cuts, Euro woes
The Czech economy extended its decline and Hungary returned to a recession in the second quarter as government budget cuts sapped domestic demand and the euro-area crisis weakened exports. The Czech and Hungarian economies (the second- and third- largest among post-communist European Union members) each contracted 0.2% from the first three months of the year, according to preliminary data released by statistics offices today. GDP declined 1.2% from a year earlier in both countries. (Bloomberg)
China's refined copper production in July declined 6.8% mom but rose 0.8% yoy to 483,000 tons. (People's Daily)
China: Reluctance on reserve-ratio cut signals inflation concern
China’s slower-than-forecast cuts in banks’ reserve requirements show authorities are reluctant to shake their concern that inflation will quicken, three months after Premier Wen Jiabao shifted priorities to boosting growth. China has left the reserve ratio for its biggest banks at 20% since mid-May, while lowering interest rates in June and July. Industrial production and loan data for July missed estimates last week, further fuelling speculation that the People’s Bank of China would cut the ratio as soon as 10 Aug. (Bloomberg)
Land authorities in China have already started to cut land supplies in an effort to adjust the housing market, from 172,600 hectares planned at the beginning of this year to 159,300 hectares. (China Daily)
Japan’s tertiary industry index grew by 0.1% mom in Jun (0.7% in May), beating forecasts for a 0.3% contraction. (RTTNews)
India's inflation slowed unexpectedly in July to 6.87% yoy (7.25% in Jun), significantly below the median forecast of 7.4%. (CNA)
India has granted a US$500m loan to Myanmar, part of which will be used to finance construction of a 3,200-km trilateral highway linking India, Myanmar and Thailand. The route, which is expected to be completed in 2016, will run from India's northeastern states into Myanmar. (CNA)
India's trade deficit widened to US$15.5bn in July, compared with US$14.8bn a year earlier. Exports recorded their sharpest fall since Nov 2011, shrinking 14.8% yoy to US$22.4bn amid low demand from Europe and the US Imports slid as well—but at a slower pace of 7.6%—to US$37.9bn. (WSJ)
Petroleum importers in Vietnam raised retail fuel prices by VND1,100 (US$ 0.05) per litre starting from 5pm yesterday afternoon. (Vietnam News)
The opening of the World Bank Group and the Asian Development Bank (ADB) offices in Yangon has paved the way for Myanmar to regain access to financing from official development banks and foreign governments, Moody's Investors Service said. It added that the offices add credit positive to Myanmar, which has not been given any ratings yet. (The Nation)
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