Friday, 12 July 2013

CIMB Global Economic News - 12 July 2013

US jobless claims rose 16,000 to 360,000 in the 6 Jul week (a revised 344,000 in the earlier week), exceeding consensus of 337,000. (Bloomberg) 

US export prices fell 0.1% mom in Jun from a revised -0.5% in May, matching consensus, whilst import prices fell 0.2% mom from a revised -0.7% in May, underperforming consensus of +0.1%. (Bloomberg) 

Japan’s machine orders rose 16.5% yoy in May (-1.1% in Apr), far exceeding the consensus estimate of 3.1%. On a mom basis, orders surged 10.5% in a sharp rebound after an 8.8% fall in Apr. (Bloomberg) 

The Bank of Japan maintained course on its unprecedented monetary stimulus and upgraded its view of the economy, referring to a recovery for the first time since before a record 2011 earthquake. (Bloomberg) 

The Bank of Korea kept its benchmark interest rate unchanged at 2.5% as it boosted its forecast for 2014 growth to 4% from an Apr projection of 3.8%. (Bloomberg) 

Bank Indonesia surprised the market by hiking its benchmark policy rate by 50 bp, twice as much as expected, to 6.50% as it stepped up its battle to stem outflows and combat inflation. The central bank also raised the overnight deposit facility rate, known as FASBI, by 50bp to 4.75%. (Bloomberg)

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