Malaysia’s ringgit fell after a gauge of manufacturing in China, its biggest export market, trailed estimates and minutes of a Federal Reserve meeting suggested stimulus cuts would continue.
The Philippines will probably end three quarters of slowing growth, with central bank Governor Amando Tetangco seeing less room to hold interest rates after inflation accelerated to a two-year high.
India’s central bank unexpectedly raised its key interest rate, signaling it’s ready to implement the most sweeping changes in its 78-year history to fight the fastest consumer-price gains in Asia.
India’s 10-year bonds rose after the central bank, which unexpectedly raised borrowing costs today, said further tightening may not be necessary should inflation cool as per projections.
Glenn Maguire , chief Asia economist at Societe Generale SA in Hong Kong, comments on odds of a one- off revaluation in the yuan. He was speaking in a Bloomberg Television interview.
Chinese officials are likely to “tolerate” banks breaching the nation’s 7.5 trillion yuan ($1.1 trillion) loan target for 2010 to sustain growth as the economy cools, Societe Generale SA says.
Singapore’s economy shrank for the first time in five quarters after its manufacturing and services industries weakened, a contraction that may be short-lived as the global recovery strengthens.
China’s pledge to make the yuan more flexible may boost shares denominated in the currency when markets open tomorrow, China International Capital Corp. and Societe Generale SA said.
Indonesia posted its biggest trade surplus in 20 months in November, easing pressure on the central bank to raise interest rates further to narrow a current-account gap and support the currency. The rupiah erased losses.
Highlighting the global economic data calendar this week is the U.S. employment report, which is projected to show the world’s largest economy gained more jobs in 2013 than at any time in eight years.
"It's a statement of two halves: more optimistic on the global backdrop, and more benign on the inflation outlook."
- Glenn Maguire on Feb 07, 2013