Note: This will be the last WHTW post including all the global news events, going forward it will just be a summary of 10 key points in total

Thailand

• FPO still confident of 3% growth despite export woe – The decline in Thai exports is not as bad as those experienced by some of neighbouring countries and, even with a contraction in shipments, the Fiscal Policy Office (FPO) estimates that 3% economic growth is within reach this year. (Bangkok Post, 27/7/15)
• Shippers set to cut view once again – With negative factors still holding back shipments, exporters are set to further cut their forecast for the whole year. Thai National Shippers’ Council (TNSC) chairman Nopporn Thepsithar said if exports continued to contract in June, the council would revise down its export forecast again after last month’s prediction of a contraction of 2% from zero growth. The Commerce Ministry is scheduled to release June export figures today. (Bangkok Post, 27/7/15
• Worst monthly export fall since 2011 deepens gloom – The Thai economy is going from bad to worse after June exports saw the biggest fall in three years and six months. The Commerce Ministry yesterday reported exports tumbled for a sixth straight month in June, down by 7.87% year-on-year to US$18.2 billion, leading the first-half performance to fall by 4.84% to $107 billion. It was the biggest drop in exports since an 8.15% fall in December 2011. Somkiat Triratpan, director of the ministry’s Office of Trade Policy and Strategy, attributed the fall largely to the slower-than-expected global economic recovery and low crude oil prices. (Bangkok Post, 28/7/15)

• Thailand stays on Tier 3 – Thailand remained at Tier 3 – the lowest level – for another year in the US annual report on Trafficking in Persons (TIP), with the State Department saying the government had not fully complied with the minimum standards for the elimination of trafficking and was not making significant efforts to do so. (The Nation, 28/7/15)
• Retailer group slashes 2015 growth forecast – The Thai Retailers Association (TRA) has nearly halved its 2015 sales growth projection to 3.2% from last year’s 6.3% and 3.2 trillion baht. It blamed the cut on the combined impact of mounting household debt, drought and slow state investment in megaprojects. Those negative factors have kept consumer spending power low, and the trend is expected to continue for the rest of this year, president Jariya Chirathivat said. (Bangkok Post, 28/7/15)
• Manufacturing index tells bleak tale of first-half drop – The weak economic outlook and poor export performance have hurt Thailand’s industrial sector, causing the manufacturing production index (MPI) to drop for a fourth straight month in June to the lowest level in 15 months, says the Office of Industrial Economics (OIE). (Bangkok Post, 29/7/15)
• Tourism strong enough to expand economy by 3% – The economy will be able to expand by more than 3 per cent in 2015 as tourism is still going strong, the Council of Economic Ministers has maintained. Exports are predicted to pick up in the fourth quarter with the weaker baht while the process of private investment is still ongoing, they said, but most of the construction and real investment is expected to begin next year. (The Nation, 29/7/15)
• FPO cuts GDP view to 3% – The Fiscal Policy Office (FPO) has further trimmed its full-year economic growth forecast to 3% after a worse-than-expected export showing in the first half. (Bangkok Post, 29/7/15)
• Japanese Chamber of Commerce Bangkok (JCC) surveyed SME economic trends, covering a sample of 1,620 companies. It found that in 1H15, business continue to worsen on softer domestic demand than expected. The JCC believes the business trend will improve in 2H15 and needs the government to accelerate the economy. (Post Today, 29/7/15)
• Sommai upbeat on hitting 3.2%, Final disbursement push in last months – At least 350 billion baht worth of state budget will be injected into the economy in the final two months of the fiscal year, making 3.2% economic growth still possible if no more negative factors emerge, says Finance Minister Sommai Phasee. (Bangkok Post, 30/7/15)
• B133bn boost to budget, 2016 investment for rail, roads and water – The government will include a 133-billion-baht investment plan for the construction of electric train routes, roads and water management in the 2016 fiscal year starting Oct 1. (Bangkok Post, 31/7/15)
• Arkhom: Japanese keen on Kanchanaburi SEZ – With Dawei deep-sea port and special economic zone (SEZ) making progress, Japanese investors in Thailand are mostly keen to invest in Kanchanaburi, which has been designated for SEZ development in the second phase. (Bangkok Post, 31/7/15)

Globally

• Sales of U.S. New Homes Unexpectedly Fall to Seven-Month Low – Purchases of new U.S. homes unexpectedly retreated in June and prior readings were revised down, painting a picture of less robust improvement during the industry’s busiest time of year. Sales fell 6.8 percent to a 482,000 annualized pace, the weakest since November and lower than any forecast of economists surveyed by Bloomberg, Commerce Department figures showed Friday in Washington. Three of four regions suffered setbacks. (Bloomberg, 24/7/15)
• U.S. Markit Flash Manufacturing PMI Edges Up Slightly in July – U.S. factory activity has been expanding at a slightly faster pace in July, according to a survey released Friday. The flash U.S. purchasing managers’ index compiled by data provider Markit ticked up to a seasonally adjusted 53.8 in July from a final June reading of 53.6. (Nasdaq, 24/7/15)
• ECB’s Noyer Says Greek Banks Should Be Recapitalized Soon – Bank of France Governor Christian Noyer said Greek banks should be recapitalized before the end of the summer, rather than after the results of a series of tests to be carried out by the European Central Bank in October. In an interview with French newspaper Le Monde released Friday, Mr. Noyer, who is also a member of the ECB’s governing council, recommended injecting a first tranche of cash into Greek banks as soon as the bailout agreement reached between Athens and its creditors is signed, which could take place Aug. 11. (Nasdaq, 24/7/15)
• Euro zone business growth wanes at start of second half – Euro zone business activity started the second half on a less secure footing than expected, even with continued price cutting, as euro weakness failed to boost export demand, a survey showed on Friday. Markit’s Composite Flash Purchasing Managers’ Index, based on surveys of thousands of companies and seen as a good guide to growth, fell to 53.7 this month from June’s four-year high of 54.2. A Reuters poll had predicted a more modest dip to 54.0. (Reuters, 24/7/15)
• Flash Caixin China manufacturing PMI hits 15-month low – China’s manufacturers fell in July, the biggest drop for 15 months, with lower output and fewer new orders, according to a private survey on Friday. The flash Caixin China Manufacturing Purchasing Managers’ Index (PMI) retreated from 49.4 in June to 48.2 in July, the lowest since April in 2014. A reading above 50 indicates expansion, while a reading below that represents contraction. (Xinhua, 24/7/15)
• U.S. durable goods orders increase in June – New orders for U.S. manufactured durable goods increased at a higher-than-expected rate in June, the U.S. Commerce Department reported on Monday. Orders for durable goods rose 3.4 percent in June from a month ago to 235.3 billion U.S. dollars, following two consecutive monthly declines. In May, the durable goods orders fell 2.1 percent. (Xinhua, 28/7/15)
• Greece to Begin Talks With Troika on New Bailout – Greece’s government is set to begin talks with creditors on a new bailout agreement this week as capital controls and the shutdown of the country’s financial markets enters a fifth week. (Bloomberg, 27/7/15)
• IMF warns of gloomy eurozone outlook – The International Monetary Fund has warned the eurozone faces a gloomy economic outlook thanks to lingering worries over Greece, high unemployment and a banking sector still battling to shake off the financial crisis. The IMF’s latest healthcheck on the eurozone found it was “susceptible to negative shocks” as growth continues to falter and monetary policymakers run out of ways to help. It called for an urgent “collective push” from the currency union to speed up reforms or else risk years of lost growth. (The Guardian, 27/7/15)
• French Unemployed Number Creeps up to Fresh Record – The number of unemployed people in France rose slightly in June to hit a new record high, data from the Labor Ministry showed Monday. The number of “category A” job seekers–defined as registered job seekers who are fully unemployed–rose by 1,300 in June from May to 3,553,500 the ministry said. The number is 4.7% higher than June 2014. (Nasdaq, 27/7/15)
• Ifo Business Climate Index rises in July after two falls in Germany – The Ifo usiness Climate Index for industry and trade in Germany rises to 108.0 points in July after two falls in May and June, the Ifo institute reported here on Monday. “Assessments of the current business situation improved significantly after last month’s setback,” Ifo president Hans-Werner Sinn said. (Xinhua, 27/7/15)
  China’s industrial profit down 0.3 pct in June – Profits at major Chinese industrial firms dropped 0.3 percent year on year in June, down from a 0.6 percent growth posted in May, the National Bureau of Statistics (NBS) said on Monday. He Ping, an official with the Department of Industry at NBS, attributed the decline to the drop in price of industrial goods, rise in unit costs, and a large base of comparison last year. (Xinhua, 27/7/15)
• China to continue to stabilize stock market – China Securities Finance Corporation, Ltd. (CSF) will continue to buy stocks to stabilize the market, the securities watchdog said on Monday. Zhang Xiaojun, spokesperson with the China Securities Regulatory Commission (CSRC), made the remark after the benchmark Shanghai Composite Index experienced the sharpest daily drop since Feb. 27, 2007, dispelling rumors that the national margin trading service provider has backed off from stabilizing the stock market. (Xinhua, 27/7/15)
• U.S. services sector growth picks up in July: Markit – The U.S. services sector expanded at a faster clip in July than June as employment and new business growth accelerated, an industry report showed on Tuesday. Financial firm Markit said its preliminary or “flash” reading of its Purchasing Managers Index for the services sector rose to 55.2 in July from the final 54.8 reading in June, slightly beating the 55 level expected by economists. (Business Insider, 28/7/15)
• Home Prices in 20 U.S. Cities Climbed at Slower Pace in May – Home prices in 20 U.S. cities rose at a slower pace in the year ended May, keeping more properties within reach for prospective buyers. The S&P/Case-Shiller index of property values increased 4.9 percent from May 2014 after rising 5 percent in the year ended in April, the group said Tuesday in New York. The median projection of 28 economists surveyed by Bloomberg called for a 5.6 percent year-overyear advance. Nationally, prices climbed 4.4 percent. (Bloomberg, 28/7/15)
• U.S. Retail Sales Rise in First 3 Weeks of July From June – National chain-store sales rose 0.1% in the first three weeks of July from the comparable period in June, according to Redbook Research’s latest indicator, released Tuesday. The index’s increase compared with a target for growth of 0.2%. The Johnson Redbook Sales Index also showed seasonally adjusted sales for the period rose 1.2% from a year earlier, against a target for an increase of 1.3%. (Nasdaq, 28/7/15)
• U.S. Consumer Confidence Falls Back Sharply in July – Consumers unexpectedly took a dimmer view of the U.S. economy this month. Householders were especially less optimistic about current and future job growth. The Conference Board, a private research group, said Tuesday that its index of consumer confidence plunged to 90.9 in July from a revised 99.8 in June. (WSJ, 28/7/15)
  EU urges more reforms on Greece as talks ongoing in Athens – The European Union (EU) on Monday urged more reforms on Greece to unlock the country’s third bailout money as talks between EU institutions and Greek authorities are ongoing in Athens. “Teams from the institutions are now already on the ground in Athens,” Deputy Chief Spokeswoman for EU’s executive European Commission Mina Andreeva told a daily press briefing. (Xinhua, 28/7/15)
• British GDP growth picks up in Q2, boosted by services, production – British gross domestic product (GDP) was estimated to have increased by 0.7 percent in the second quarter of 2015 compared with growth of 0.4 percent in Q1 2015, announced the Office for National Statistics (ONS) Tuesday. (Xinhua, 28/7/15)
• China: Central SOEs deliver strong performance in H1 – Centrally-administered state-owned enterprises (SOEs) performed well in the first half of the year, with better performance expected in the second half, regulators said on Tuesday. These SOEs have seen a steady rise of profitability, especially in the second quarter of the year, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council said. In the first six months, they garnered operating revenue of 11 trillion yuan (1.8 trillion U.S. dollars) and reaped 643 billion yuan of profits. (Xinhua, 28/7/15)
• U.S. economy expands at 2.3 pct rate in Q2 – The U.S. economy expanded at an annual rate of 2.3 percent in the second quarter, a moderate bounce from the revised 0.6 percent increase in the first quarter, the Commerce Department said Thursday. (Xinhua, 30/7/15)
• Fed’s ‘nearly balanced’ language no bar to Sept rate rise – The U.S. Federal Reserve will not need to see balanced risks to the economy to proceed with an interest rate hike in September, according to former Fed officials and a review of central bank statements through recent turns in policy. (Reuters, 30/7/15)
• U.S. mortgage applications edged up last week – Applications for U.S. home mortgages edged up last week while borrowing rates moved lower, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.8 percent in the week ended July 24. (Reuters. 29/7/15)
• U.S. Pending Home Sales Unexpectedly Pull Back Off Nine-Year High In June – Pending home sales in the U.S. unexpectedly decreased in the month of June, according to a report released by the National Association of Realtors on Wednesday, with pending sales pulling back off a nine-year high. NAR said its pending home sales index fell by 1.8 percent to 110.3 in June, while economists had expected the index to increase by 1.0 percent. (Nasdaq, 29/7/15)
• Chinese consumer sentiment rises in July, Westpac-MNI survey – Chinese consumersentiment was more upbeat in July with the pull back in Chinese stock market having no material impact on overall consumer confidence, according to results of a survey co-released by Westpac Institutional Bank and Market News International (MNI) on Wednesday. The Westpac-MNI China Consumer Sentiment Indicator increased 1.9 percent on a monthly basis to 114.5 in July, the survey showed. (Xinhua, 29/7/15)
• China’s manufacturing sector profits up 6.5 pct in Jan.-May – China’s manufacturing sector reported 6.5 percent of year-on-year growth in profits in January-May, saida release bynationalmacro economic planner the National Development and Reform Commission (NDRC) on Wednesday. Profits with electronics, textile, light industry and medicine sector grew 24.3 percent, 10.1 percent, 9.7 percent and 11.1 percent year on year, respectively. (Xinhua, 29/7/15)
• Japan’s Monthly Retail Sales Fall for Third Time This Year – Japan’s retail sales dropped for the third time this year, sapping an economy that analysts say struggled last quarter amid sluggish exports and production. Sales slid 0.8 percent from May, following declines in January and March. The median forecast in a survey by Bloomberg was for a drop of 0.9 percent. (Bloomberg, 29/7/15)
• Japan industrial output up 0.8% in June on month – Japan’s industrial output in June rose a seasonally adjusted 0.8 percent from the previous month, bouncing back from a 2.1 percent drop logged in May amid recovery in demand for automobiles, the government said Thursday. (Kyodo, 30/7/15)