Thursday, 4 July 2013

CIMB Global Economic News - 04 July 2013

The US MBA purchase applications index dipped 3.0% wow in the 28 Jun week (+2.0% in the earlier week), whilst the refinance index lost 16.0% wow (-5.0% in the prior week). (Bloomberg)

The US Challenger job-cut report revealed that layoff announcements totaled 39,372 in Jun, up from 36,398 in May. (Bloomberg)

The US ADP employment report showed that private payrolls grew 188,000 in Jun from a revised 134,000 in May. This beats consensus of 165,000. (Bloomberg)

The US ISM non-manufacturing index dropped to 52.2 in Jun, the lowest reading since Feb 2010, from 53.7 in May. This underperforms consensus of 54.5. (Bloomberg)

The US trade deficit widened by 12.1% in May to US$45bn, the biggest since Nov, from a revised US$40.1bn in Apr. Economists expected a reading of -US$40.8bn. (Bloomberg)

US jobless claims decreased by 5,000 to 343,000 in the 29 Jun week from a revised 348,000 in the prior week. Economists expected a reading of 345,000. (Bloomberg)

The eurozone’s Markit Composite PMI registered at 48.7 in Jun compared with 47.7 in May. This was revised down slightly from a preliminary reading of 48.9. (CAN, Reuters)

Chinese Premier Li Keqiang said fiscal funds should be used to redevelop shantytowns and improve basic infrastructure as part of efforts to stabilise the world’s second-largest economy.

  • Money should also be allocated to transform the structure of the economy to focus more on domestic consumption, the State Council, or Cabinet, said in a statement on its website yesterday, after a meeting led by Li. (Bloomberg)

China's official non-manufacturing PMI stood at 53.9 in Jun, down from 54.3 in May. (Xinhua) Singapore's manufacturing PMI expanded for the fourth straight month in June to 51.7. This is up 0.6pt from May and is above market estimates of 51.0. (CNA)

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