Tuesday, 9 July 2013

CIMB Global Economic News - 09 July 2013

The OECD composite leading index rose 0.08pt in May (0.09pt in Apr), extending its streak of increases to nine months. The CLI for Asia’s top five economies also increased marginally (0.03pt vs. 0.02pt in Apr), with India’s CLI continued its rise and China’s falling further. The US and eurozone CLIs sustained their momentum. The same goes for Japan, Germany and Korea. (OECD) 

Please refer to our Economic Update for further details. 

US consumer credit rose US$19.6bn in May from a revised US$10.9bn in Apr, outpacing consensus of US$13.0bn. (Bloomberg) The eurozone Sentix index of investor confidence fell to -12.6 in Jul from a reading of -11.6 in Jun. Analysts had expected the index to improve to -12.5 this month. (Bloomberg) 

Outstanding loans held by Japanese banks rose 1.9% yoy in Jun (1.8% in May), marking the 20th straight month of increase and posting the biggest gain since Jul 2009. (Reuters) 

Japan's current-account surplus narrowed in May to ¥540.7bn from Apr's ¥750bn, as exports rose 9.1% from a year earlier, and imports increased by 9.6%. The result missed expectations for a ¥595bn surplus. (WSJ) 

Taiwan’s exports gained 8.6% yoy in Jun (0.9% in May), exceeding the 1.2% expected by economists. Imports rose 6.8% after contracting 8% in May. The trade surplus narrowed to US$3.25bn in Jun from US$4.46bn in May. (Bloomberg, Reuters) 

Indonesia's M2 money supply growth edged lower in May to 14.4% on an annual basis from a revised 14.7% the previous month. (Reuters) 

Sales of motorbikes in Indonesia jumped 21.7% yoy in Jun (5.5% in May), as higher fuel prices prompted consumers to switch away from cars. (Reuters) 

The Thai government is planning to launch a new pledging scheme for rice farmers next month, in time for the upcoming harvest season, under which the price will be set according to the size of paddy fields so poor farmers do not suffer from price cuts. (The Nation) 

Singapore’s foreign reserves climbed to US$259.8bn in Jun from US$258.4bn the previous month. (Bloomberg) 

Greece appeared poised to win €8.1bn in fresh aid as creditors signalled support for its reforms, in a long-awaited audit completed as eurozone finance ministers gather for key talks. (AFP)

Source: CIMB Daybreak - 09 July 2013

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