(menafn – ecpulse) Last week saw the release of important Asian data that should be taken in consideration, especially amid the global tension over Europe’s sovereign debt crisis that hindered many economies. Australia, China and Japan released critical data that might be influential on policy decisions in the coming period.
Last week saw the release of important Asian data that should be taken in consideration, especially amid the global tension over Europe’s sovereign debt crisis that hindered many economies. Australia, China and Japan released critical data that might be influential on policy decisions in the coming period.
The first two days of the week were focused on the Australian economy the start was with business conditions and confidence that slowed in April, as well as retail sales that rebounded and recorded a rise in March easing some of the tension. Seasonally adjusted sales increased 0.9% from previous of 0.2%. At the same time the retail sales excluding inflation recorded 1.8% rise from previous of 0.4% in first quarter.
Moreover, Australia recorded a widened trade balance in March, the biggest in five years, where imports rose 5.0% to outpace exports growth in an economy driven by the mining industry, which shall add pressures on the central bank governor Glenn Stevens to continue interest rate cuts where the nation’s economy slows and inflation eases, as traders weigh the next interest rate cut.
The Australian trade deficit widened A1587 million revised to -754 million, compared with the previous surplus of A480 million.
Moving to Japan, the world’s third largest economy recorded the second consecutive current account surplus, signaling higher overseas income and higher demand which significantly boosted the nation’s imports.
The current account total showed an unexpected surplus of 1589.4 billion yen in March, compared with previous surplus of 1177.8 billion yen, while expectations were leading to a surplus of 1431.3 billion yen.
On May 10, Kim Choong the governor of the Bank of Korea and his board members kept the benchmark interest rate unchanged for the eleventh consecutive month, where inflation eased leaving the chance for policy makers to keep their focus on growth.
South Korea’s 7-Day Repo Rate decision remained steady at 3.25% in line with expectations. Moreover, the Bank of Korea reduced its forecasts for the nation’s growth in 2012 to 3.5% from 3.7% last month, adding that South Korea is well prepared to face any unexpected economic shock amid the global uncertainty and worries over Europe’s crisis and growth outlook.
At the same time, Australia’s recorded a drop in its unemployment rate to a one year low, unlike expectations, as payrolls inclined for the second consecutive month supported by the stronger local currency.
Employment change in April showed 15.5K added jobs compared with a previous of 44.0K revised to 37.6K, while analysts’ expectations were leading to -5.0K. Meanwhile, the unemployment rate dropped to 4.9% less than expectations for 5.3% and the previous of 5.2%.
On May 11, Chinese economy released the Consumer price index where price pressures on a yearly basis in April eased to 3.4% compared with a previous of 3.6% while expectations were 3.3%. While Producer Price index for April also declined to -0.7% compared with a previous of -0.3%.