To read the full report, data and graphs go to http://www.asianbondsonline.adb.org/newsletters/abowdh20150907.pdf?src=newsletter&id=uWidK3KdmgXVUWes9IgIcqKp1miwxx
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News Highlights - Week of 31 August - 4 September 2015
Consumer price inflation in Indonesia eased to 7.2%
year-on-year (y-o-y) in August from 7.3% y-o-y in July. Between July and
August, consumer price inflation declined 0.4%, as prices normalized following
the Ramadan and Idul Fitri celebrations. Consumer price inflation in the
Republic of Korea was 0.7% y-o-y for the third consecutive month in August. In the Philippines, consumer price inflation
eased further to 0.6% y-o-y in August from 0.8% y-o-y in July, mainly due to
accelerating annual decreases in the transport and utilities indices, and
slower annual price increases in most commodity groups. Thailand’s Consumer Price
Index dropped 1.2% y-o-y in August, the eighth consecutive month of a y-o-y
decline, largely due to falling energy prices.
* Real gross
domestic product growth in the Republic of Korea stood at 0.3%
quarter-on-quarter (q-o-q) and 2.2% y-o-y in 2Q15, according to the Bank of
Korea’s preliminary estimates announced last week; these figures remained
unchanged from the central bank’s advance estimates released in July.
* The current
account surplus in the Republic of Korea narrowed to US$10.1 billion in July
from US$12.1 billion in June, mainly due to monthly decreases in the
merchandise trade surplus and primary income surplus. Malaysia’s trade surplus narrowed to MYR2.4
billion in July from MYR8.0 billion in June as exports contracted and imports
(led by capital goods) rose. Thailand’s current account surplus widened to
US$2.1 billion in July from US$0.9 billion in June, due to a monthly increase
in the merchandise trade surplus and a monthly decrease in the deficit position
in the net services, primary income, and secondary income account, according to
Bank of Thailand data.
* Last week, the
People’s Republic of China (PRC) removed the 75% loan-to-deposit cap for
commercial banks. The new regulation will take effect on 1 October.
* The PRC’s manufacturing
Purchasing Managers Index (PMI) fell to 49.7 in August from 50.0 in July,
indicating a contraction in manufacturing activity. The PRC’s non-manufacturing
PMI likewise fell to 53.4 from 53.9 in the same period. The PMI in Singapore fell to 49.3 from 49.7
in July. The electronics PMI also fell below the 50-point threshold to a
reading of 49.0 in August. Thailand’s manufacturing production contracted 5.3%
y-o-y in July, the fifth consecutive month of decline.
* The Republic
of Korea’s external debt rose to US$420.6 billion at end-June from US$418.9
billion at end-March, due to a quarterly increase in short-term external
debt. Short-term external debt climbed
by US$8.4 billion in 2Q15 to level off at US$121.2 billion at end-June,
offsetting the US$6.7 billion quarterly decrease in long-term external debt,
which stood at US$299.4 billion at end-March.
* Government
bond yields fell last week for all tenors in the Republic of Korea and Malaysia
and at the longer-end in Hong Kong, China, following US yield movements, and
for most tenors in the PRC, following additional stimulus and in the
Philippines, following a decline in inflation.
Yields rose for most tenors in Thailand and Viet Nam but were mixed in
Singapore. The 2-year versus 10-year
yield rose in all markets except the
PRC, Malaysia and the Philippines.
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