Wednesday, 17 July 2013

CIMB Global Economic News - 17 July 2013

US industrial production rose 0.3% in Jun from no change in May, exceeding consensus of 0.2%, whilst capacity utilisation rose to 77.8% from a revised 77.7% in May, exceeding consensus of 77.7%. The manufacturing gauge gained 0.3% mom from a revised 0.2%, exceeding consensus of 0.2%. (Bloomberg) 

US consumer prices rose 0.5% mom in Jun from 0.1% in May, exceeding consensus of 0.4%. On a yoy basis, inflation registered at 1.8% from 1.4% in May. (Bloomberg) 

The US NAHB housing market index rose to 57 in Jul from 52 in Jun, exceeding consensus of 52. (Bloomberg) 

The eurozone ZEW economic sentiment index fell to 36.3 in Jul from 38.5 in Jun, well below the consensus forecast for a rise to 39.6. (Reuters) 

The eurozone trade surplus rose in May to €15.2bn, an improvement on a downwardly revised €14.1bn for Apr and is more than double the €6.6bn recorded in May 2012. (AFP) 

Eurozone consumer price inflation increased to 1.6% in Jun from 1.4% in May, the second month in a row that CPI has risen. (Xinhua) 

South Korea’s producer prices fell 1.4% yoy in Jun (-2.6% in May). (Bloomberg) 

India decided to allow 100% foreign ownership in telecommunication companies and ease overseas-investment rules for several other sectors, as the government aims to attract long-term foreign investment to boost sagging economic growth. They also decided to abolish the need for government approval for certain levels of foreign investment in single-brand retail and petroleum refining. In insurance, it approved raising the FDI cap from 26% to 49%. (AFP, WSJ) 

The Reserve Bank of India increased the marginal standing facility rate and the bank rate to 10.25% from 8.25%. The monetary authority also said it will conduct open-market sales of government debt totalling INR120bn (US$2bn) on 18 Jul, a step that would drain cash from an economy expanding at the slowest pace in a decade. The RBI held its benchmark repurchase rate at 7.25%. (AFP) 

Myanmar hopes to set up its first ever stock exchange before the end of this year. (AFP)

Source: CIMB Daybreak - 17 July 2013

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