20130117 0944 Global Economy Related News.

Developing countries, led by China, will remain the main engines of global economic growth in 2013 as Europe and the US plod along, the  World Bank said, whilst lowering its forecast for global growth to 2.4%, from a Jun estimate of 3.0% as  the economic recovery remains "fragile and uncertain" despite lower financial risk. (AFP)

The US NAHB housing market index stalled at 47 in Jan, underperforming consensus of 48. (Bloomberg)

US consumer prices experienced no change in Dec on a mom basis (-0.3% in Nov), matching consensus. (Bloomberg)

US industrial production gained 0.3% mom in Dec (a revised 1.0% in Nov), exceeding consensus of 0.2%, whilst the  capacity utilisation rate stood at 78.8% (a revised 78.7% in Nov), again higher than consensus of 78.5%. The manufacturing index rose 0.8% mom (a revised 1.3% in Nov), doubling consensus of 0.4%. (Bloomberg)

The US MBA mortgage applications index  rose 13.0% wow in the 11 Jan week (10.0% in the earlier week), whilst the  refinance index gained 15.0% wow (12.0% in the prior week). (Bloomberg)

The US economy has picked up pace since Nov, with Christmas sales modestly stronger and New York and New Jersey rebounding from Hurricane Sandy, the Federal Reserve's Beige Book showed. However, manufacturing was still sluggish, hiring and inflation still subdued and the stifling effect of the fiscal cliff fight still lingering. (AFP)

New car registrations in the European Union fell by 8.2% from their 2011 level to 12.05m units last year, the lowest point in 17 years. (AFP)

Eurozone consumer prices held steady at 2.2% yoy in Dec, unchanged from an initial estimate and in line with expectations. The IMF will release €3.2bn in aid to Greece that had been frozen for months amid fears about the country's ability to surmount its debt crisis. (AFP)

Average residential land prices in China rose 2.26% yoy to reach Rmb4,620 (US$733.33) per square meter in 2012. The growth rate was slower than the 3.34% increase in commercial land prices and the 2.7% rise in industrial land prices in 2012. (Xinhua)

The number of newly-built housing units sold in 54 major Chinese cities soared 103% yoy in the first 13 days of 2013, reaching 104,800 units. (Xinhua)

China's growth is expected to have re-accelerated to near 8% in the fourth quarter of last year, but there are some troubling inconsistencies in the economy, according to the China Beige Book. Despite easing credit conditions just 32% of companies surveyed borrowed money, falling from 34% in the third quarter, and below first-half figures. (Reuters)

China's foreign direct investment inflows fell last year for the first time since the global financial crisis, slipping 4% to US$111.7bn in 2012 (US$116bn in 2011). In Dec FDI fell 4.5% yoy (-5.4% in Nov). (Reuters)

Japan’s machinery orders rose 3.9% mom in Nov (2.6% in Oct), the second straight rise. This far surpasses the consensus estimate of 0.3%. (Bloomberg)

The  Bank of Japan downgraded its  assessment of local economies in eight of its nine regions in Jan, , compared with the previous report released in Oct, fueling expectations the central bank will take fresh easing action at next week's policy-setting meeting. (WSJ)

The Energy and Mineral Resources Ministry is still in full control of Indonesia’s mining industry despite a Supreme Court ruling that stripped the ministry of power because the law is under review, a government official said. The official said the government is currently unable revise the regulation due to an ongoing review of the 2009 Law on Mineral Resources by the Constitutional Court. The law states that when a law is under review, no supporting regulations can be revised.  (Jakarta Globe)

Indonesia has downgraded its forecast for the rupiah this year, with a floor of Rp9,700/US$, after budgeting for a rupiah at Rp9,300/US$ earlier. (Jakarta Globe)

Thailand’s Ministry of Commerce ordered the Department of Internal Trade to ask manufacturers to maintain their current product prices for at least three more months. (Bangkok Post)