Exports declined 4.5% yoy in Aug (-2.6% in Jul) while imports increased by 2.8% yoy (+9.5% in Jul), resulting in a trade surplus of RM7.1bn (RM3.6bn in Jul). Economists had forecast for a 1.5% decline in Aug. In 8M12, exports rose 1.5% while imports increased 7.4%. (BT)
Bank Negara Malaysia’s (BNM) international reserves stood at RM421.3bn (US$137.5bn) as at 28 Sep 2012, up from RM432.2bn (US$135.3bn) as at 14 Sep 2012. The reserves position was sufficient to finance 9.2 months of retained imports and was 3.8 times the short-term external debt. (BNM)
US non-farm payrolls gained 114,000 in Sep (a revised 142,000 in Aug), slightly higher than the consensus estimate of 113,000. The unemployment rate dipped to 7.8% from 8.1% in Aug, better than consensus of no change. Average hourly earnings gained 0.3% mom (no change in Aug), overshooting consensus of 0.2%. The average workweek of all employees ticked up to 34.5 hours from 34.4 hours in Aug and the consensus estimate. Private payrolls gained 104,000 from a revised 97,000 in Aug, undershooting consensus of 130,000. (Bloomberg)
The US Monster Employment Index fell three points in Sep to 153 from 156 in Aug, indicating a mom slowing in online recruiting activity. Small monthly declines were posted by manufacturing, wholesale trade, educational services, and public administration, whilst small gains were posted by utilities, information, and retail trade. (Bloomberg)
US consumer credit rose US$18.12bn in Aug, the biggest gain since May, following Jul's revised US$2.45bn decline. Revolving credit, which mostly measures credit-card use, climbed US$4.2bn. Nonrevolving credit, which includes student and auto loans, rose US$13.92bn. (Reuters)
The US federal budget deficit for the just-ended 2012 fiscal year shrank by US$207bn from the prior year to register at US$1.09tr, but still marked its fourth straight year above US$1tr. The deficit equalled about 7% of US GDP, down from 8.7% in 2011, 9% in 2010 and 10.1% in 2009, but it was still greater than in any other year since 1947. (Reuters)
Euro-zone finance ministers meeting today are likely to make a positive statement on Greece’s progress toward meeting austerity targets needed to free the nation’s next bailout payment, European Union Commissioner for Economic and Monetary Affairs Olli Rehn said. (Bloomberg)
Germany will start talks with Singapore next week on a deal to prevent its citizens from evading taxes by shifting their money to the Asian state, a government source said. (Reuters)
Toyota plans to reduce output at its car factories in China by more than half this month and suspend exports of Lexus luxury vehicles to the country, in the latest sign that a consumer backlash in China sparked by a territorial dispute between the two countries is hurting Japanese brands. (FT)
Overall retail sales revenue in China grew 15% to hit Rmb800.6bn (US$127.4bn) during the National Day holiday, which coincided with the Mid-Autumn Festival to provide a rare eight-day break, a cool down from the 17.5% growth last year during a seven-day holiday. (Reuters)
India said on Saturday its financial markets were safe from "systemic risk" after a more than 900-pt "flash crash" in the National Stock Exchange's Nifty index caused by erroneous trading orders. (CNA)
Thailand’s Commerce Ministry is rushing to adjust its export strategy for major traditional markets, particularly Asean and other trading partners with free trade agreements with Thailand. (The Nation)
Industrial estates in Bangkok and the East have been warned to be on alert for heavy rainfall heading towards Thailand. Somchai Baimuang, deputy director-general of the Meteorological Department, said 90% of Bangkok will experience heavy rainfall today. Army chief Prayuth Chan-ocha has ordered all army units to be prepared. Flood-relief materials, including 880,000 sandbags, have been mobilised to deal with possible flooding in Bangkok. (Bangkok Post)
Exports from Indonesia in 2012 is expected to fall between 5 to 9% over last year’s US$203.62bn. Edy Putra Irrawaddy, Deputy Coordinating Minister for Economic Affairs, Industry and Trade, said the decline in export was due to lower commodity prices, declining global demand due to the economic crisis, and the downstream program. (IFT)
Vietnamese foreign reserves surged from US$9bn last year to US$20bn at the end of last month, equivalent to 2.4 months of imports and the highest level since 2009, according to Asian Development Bank figures. (Vietnam News)
Inflation in the Philippines eased to 3.6% yoy in Sep (3.8% in Aug), which was lower than analysts had been expecting. Core inflation also moderated to 3.8% (4.3% in Aug). (Bloomberg)
The Philippines’ foreign reserves for Sep stood at US$81.9bn, higher than US$80.7bn in Aug. (Bloomberg)
Thailand’s foreign reserves for the week ended 28 Sep rose a touch to US$183.6bn, from US$183.4bn the previous week. (Bloomberg)
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