Monday, 15 July 2013

CIMB Global Economic News - 15 July 2013

The US Thomson Reuters/University of Michigan's consumer sentiment index slipped to 83.9 in the preliminary reading for Jul from Jun's final 84.1. Economists expected a reading of 84.1. (Bloomberg)

US producer prices rose 0.8% mom in Jun from 0.5% in May, exceeding consensus of 0.5%, whilst on a yoy basis, the reading was 2.5% from 1.8% in May. (Bloomberg)

Eurozone industrial output fell 0.3% mom in May (+0.5% in Apr), the first decline in four months. The outcome was in line with expectations. (RTT News)

Japan's industrial production rose 1.9% mom in May, revised down from the preliminary reading of 2.0%. Capacity utilisation grew 2.3% mom in May, up from the 1.6% rise seen a month ago. (RTT News)

Economic growth in Indonesia and across Southeast Asia will slow as central banks tighten monetary policies and the United States scales back its stimulus programme, the IMF predicts.

  • This year, the average 2013 economic growth for five countries in Southeast Asia - Indonesia, Malaysia, the Philippines, Thailand, and Vietnam - is forecast at 5.6% this year, down from an Apr estimate of 5.9%. The IMF's update to its World Economic Outlook did not provide a specific forecast for Indonesia. 
  • The IMF added that "downside risks to global growth prospects still dominate: while old risks remain, new risks have emerged," which included lower potential growth, slowing credit and tighter financial conditions if the anticipated unwinding of US monetary policy stimulus leads to "sustained capital flow reversals". (Business Times)

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