Singapore: 2012 GDP grew 1.2% as recession seen in second half
Singapore’s expansion eased to a three-year low in 2012, according to government estimates that suggest the economy probably contracted in the 4Q, slipping into its first recession since 2009. GDP rose 1.2% in 2012, Prime Minister Lee Hsien Loong said. (Bloomberg)
South Korea: Exports unexpectedly fell in December, data show
South Korea’s exports unexpectedly fell for the first time in three months, suggesting that tepid global demand and gains in the won are sapping economic momentum as a new president prepares to take office. Overseas shipments dropped 5.5% in December from a year earlier, after a revised 3.8% increase in November, the Ministry of Knowledge Economy said. The median estimate in a Bloomberg News survey of 12 economists was for a 0.8% advance. (Bloomberg)
China: Manufacturing index shows third straight expansion
A gauge of China’s manufacturing showed a third month of expansion, adding evidence that the recovery in the world’s second-biggest economy will extend into the new year. The Purchasing Managers’ Index was 50.6 in December, the National Bureau of Statistics and China Federation of Logistics and Purchasing said. That compares with the 51.0 median estimate in a Bloomberg News survey of 27 analysts and 50.6 in November. A reading above 50 indicates expansion. (Bloomberg)
Pakistan: Inflation accelerates for first time in seven months
Pakistani inflation accelerated for the first time in seven months in December, limiting room for another interest-rate cut to boost a struggling economy. Consumer prices rose 7.93% from a year earlier, the Bureau of Statistics said, compared with 6.93% in November and the median 7.7% projection in a Bloomberg News survey of five economists. (Bloomberg)
US: House republicans oppose senate budget bill, seek cuts
US House Republicans oppose the Senate’s budget bill and will seek to insert spending cuts, jeopardizing a bipartisan effort to undo USD600bn in automatic tax increases and spending cuts. The Democratic-controlled Senate won’t take up a House-amended bill, a Democratic leadership aide said on condition of anonymity. (Bloomberg)
Stocks cement 2012 gains on hope for tax deal
US stocks rallied on Monday, cementing yearly gains as Wall Street embraced emerging details of a budget deal that reportedly will have tax cuts extended for most households. At a Monday afternoon news conference, President Barack Obama said an accord to avoid the cliff was within sight, but not yet complete. Senate Republican leader Mitch McConnell later said an agreement had been reached on the tax issues of the deal. Up 7.3% on the year, the Dow Jones Industrial Average climbed 166 points, or 1.3%, to 13,104.14. The S&P 500 index added 23.76 points, or 1.7%, to 1,426.19, positioning it for a 13% yearly rise. The Nasdaq Composite climbed 59.20 points, or 2%, to 3,019.51, up almost 16% from the end of 2011. (Market Watch)
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