Thailand

• Better economic indicators – The Fiscal Policy Office says that Thai economic indicators in Feb improved, supported by tourism and industrial sectors. However, exports remained slow. Economic stability remained favorable with low unemployment rate. (Khao Hoon, 31/03/15)
• Central bank confident of rebound from spending – The economy still recovered at a slow pace in February, but improving disbursement for public investment, private investment and tourism indicate the rate is likely to accelerate, says the Bank of Thailand. Bank of Thailand governor Prasarn Trairatvorakul said the economy was gradually turning around, but slowdowns in trading partners, especially China, coupled with tumbling agricultural prices had added challenges. It is unnecessary to launch new economic stimulus to boost domestic consumption, he said. Mr Prasarn said revocation of martial law would be positive for the economy. (Bangkok Post, 1/4/15)
• Exporters expect flat growth – Exporters have slashed their export forecast this year to flat growth from an earlier projection of 1.5% growth due largely to the slower-than-expected global economic recovery and falling oil and farm prices. (Bangkok Post, 1/4/15)

• Business confidence improves slightly in February – According to the Bank of Thailand, Monthly Business Confidence edged up to 49.4 in February from 49 as a result of higher purchases in the wholesale sector and higher investment in electrical appliances and paper and chemical sectors. (IQ Biz, 31/3/15)
• Consumer prices fall in March ‘but no deflation’ – Consumer prices fell for the third consecutive month in March to a 66-month low due mainly to weak global oil prices. But authorities remain adamant Thailand has yet to enter deflationary territory, as its economic fundamentals remain strong. “Deflation is a condition in which the prices of goods and services fall for six months in a row while people are not spending, leading manufacturers to cut prices,” Commerce Ministry inspector general Somkiat Triratpan said. “Thailand’s inflation decline is due mainly to falling oil prices, but we expect global oil prices to rise later this year, driven by higher and strong demand during the cool season, propping up inflation accordingly.” (Bangkok Post, 2/4/15)
• Property tax rethink scheduled, Committee has four months to specify rates – A controversial draft bill on the land and buildings tax will be reviewed and is expected to take four months to complete. The draft bill will become clearer during that time, Finance Minister Sommai Phasee said after meeting with an appointed committee on tax reform. (Bangkok Post, 2/4/15)
• Consumer confidence continues to decline, UTCC March survey finds – The University of the Thai Chamber of Commerce now projects the economy to expand by only 3-3.5 per cent this year instead of 3.5-4 per cent because of mounting concern over the global economic uncertainty, lack of timely and concrete actions to help stimulate the domestic economy, and crumbling consumer confidence, which means lower spending. (The Nation, 3/4/15)
• BoI green-lights 700 projects – The Board of Investment (BoI) is more upbeat about Thailand’s investment prospects after approving some 700 projects with a combined investment cost of 110 billion baht in the first quarter. Acting secretary-general Hiranya Sujinai said the BoI-promoted projects in the first quarter, combined with investment projects worth 700 billion baht approved by the BoI last year, would play a vital role in boosting the economy this year. The BoI has set a target of approving 1,600 projects valued at 1.4 trillion baht in 2015. (Bangkok Post, 3/4/15)
• Makkasan plot will host commerce, park – The Finance Ministry now plans to develop a prime land plot owned by the State Railway of Thailand (SRT) in Bangkok’s Makkasan area for both commercial and social purposes in a bid to ease public opposition. The 490-rai plot will be developed for commercial purposes and as a public park, Deputy Finance Minister Wisudhi Srisuphan said yesterday. The SRT recently agreed to lease the Makkasan plot for a certain period to the Finance Ministry to partly clear its hefty debt. (Bangkok Post, 3/4/15)

Globally

• U.S. consumer spending rebounds in February – U.S. consumers’ personal income continued rising in February and the consumers’ spending in the same month also rebounded after falling for two months, the U.S. Commerce Department reported on Monday. (Xinhua, 31/3/15)
• U.S. Consumers Are Saving at Highest Rate Since 2012 – The saving rate jumped in February to 5.8 percent, the highest since December 2012 and up from 4.4 percent just three months earlier, government data showed Monday. (Bloomberg, 31/3/15)
• The U.S. Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.1 percent to 106.9 in February, its highest level since June 2013, said the National Association of Realtors Monday. (Xinhua, 31/3/15)
• U.K. February Mortgage Approvals Increase to Six-Month High – U.K. mortgage approvals rose to a six-month high in February, according to data from the Bank of England. Loans for house purchases increased to 61,760, the highest since August, from 60,707 in January, the BOE said in a monthly report on Monday. Economists had forecast 61,500, based on the median of 24 estimates in a Bloomberg survey. (Bloomberg, 30/3/15)
• China welcomes Russia, Finland’s applications to AIIB – China has welcomed the applications of Russia and Finland to join the Asian Infrastructure Investment Bank on Monday, one day before the deadline to join the bank as a founding member. (Xinhua, 30/3/15)
• Japan’s industrial output in Feb. fall faster than expected – Japan’s industrial output in February declined at a faster-than-expected pace in February, government data showed Monday. The figure dropped 3.4 percent from the previous month, in contrast to a 3.7 percent increase in January. Economists had forecast a 1.8 percent fall for the month. (Xinhua, 30/3/15)
• U.S. consumer confidence rebounds in March – U.S. consumer confidence rebounded in March, according to a report released by the Conference Board on Tuesday. U.S. Consumer Confidence Index stood at 101.3 in March, up from 98.8 in February. The Expectations Index increased from 90.0 last month to 96.0 in March. The Present Situation Index, however, decreased from 112.1 in February to 109.1. (Xinhua, 31/3/15)
• U.S. home prices stable in January – U.S. home prices didn’t change much in January, according to S&P/Case-Shiller Home Price Indices released Tuesday. The S&P/Case-Shiller Home Price Indices, a leading measure of U.S. home prices, showed that the 10-City Composite gained 4.4 percent year-over-year, up from 4.3 percent in December, and the 20-City Composite added 4.6 percent year-over-year, compared to a 4.4 percent increase in December. (Xinhua, 31/3/15)
• Chicago PMI Points to Continued Economic Weakness in Midwest – A widely-watch barometer of the manufacturing heavy U.S. Midwest continues to indicate a slowdown in the economy. The Chicago Business Barometer, also known as Chicago PMI, registered 46.3 in March–up from its 5-1/2-year low of 45.8–but still below 50, which points to contraction. (Nasdaq, 31/3/15)
• Eurozone inflation rises to -0.1 pct, jobless rate drops – The annual inflation in the eurozone is expected to rise to -0.1 percent in March, and the seasonally-adjusted unemployment rate declined to 11.3 percent in February, the European Union (EU) statistical office Eurostat said Tuesday. Meanwhile, the unemployment rate dropped to 11.3 percent in February, the lowest since May 2012. The Eurostat said the unemployment rate of the 28-nation EU was 9.8 percent in February, down from 9.9 percent in January 2015 and from 10.5 percent in February 2014. This figure is the lowest rate recorded in the EU since September 2011. (Xinhua, 31/3/15)
• British Gov’t revises up GDP growth in 2014 – The British government revised up its quarterly economic growth estimate from 0.5 percent to 0.6 percent for the fourth quarter (Q4) of 2014, data from the Office for National Statistics (ONS) showed Tuesday. (Xinhua, 31/3/15)
• China sees USD67 bln current account surplus in Q4, 2014, SAFE – China’s finalized current account surplus hit 67 billion US dollars in the fourth quarter of 2014, according to figures released by the State Administration of Foreign Exchange (SAFE) on Tuesday. (Xinhua, 31/3/15)
• Auto output in Japan falls for eighth straight month – Vehicle production in Japan fell 5.3 percent in February from a year earlier to 817,390 units, down for the eighth straight month, as demand shrank following a consumption tax hike last year, an industry body said Tuesday. Auto output in Japan falls for eighth straight month – Vehicle production in Japan fell 5.3 percent in February from a year earlier to 817,390 units, down for the eighth straight month, as demand shrank following a consumption tax hike last year, an industry body said Tuesday. (The Japan Times, 31/3/15)
• ADP Says Companies in U.S. Added 189,000 Workers in March – Companies in the U.S. added fewer workers than forecast in March, keeping staffing levels in line with a recent slowdown in demand, according to a private report. Employment climbed 189,000 last month, the smallest gain since January 2014, after a revised 214,000 rise in the prior month, figures from the ADP Research Institute in Roseland, New Jersey showed Wednesday. The median projection of 42 economists surveyed by Bloomberg called for an advance of 225,000. (Bloomberg, 1/4/15)
• Markit manufacturing beats expectations – The latest manufacturing reading from Markit came in at 55.7, beating expectations. Expectations were for the reading to come in at 55.3. (Business Insider, 1/4/15)
• US manufacturing growth slows to 22-month low – The pace of US manufacturing growth fell in March to its slowest in almost two years, pressured by slowing gains in new orders and stagnant employment, according to an industry report released on Wednesday. The Institute for Supply Management ( ISM) said its index of national factory activity fell to 51.5 from 52.9 the month before. The reading was shy of expectations of 52.5, according to a Reuters poll of economists, and was the lowest reading since May 2013. (Reuters, 1/4/15)
• US construction spending takes a dip in February – U.S. construction spending unexpectedly fell in February and the prior month’s outlays were revised to show a steeper decline than previously estimated, which could see economists further mark down their first-quarter growth forecasts. Construction spending dipped 0.1 percent to an annual rate of $967.2 billion, the Commerce Department said on Wednesday. January’s outlays were revised to show a 1.7 percent decline instead of the previously reported 1.1 percent drop. (CNBC, 1/4/15)
• Weak euro boosts eurozone manufacturing, says PMI survey – Markit’s purchasing managers’ index (PMI) for the manufacturing sector rose to a 10-month high of 52.2 in March as eurozone factories benefited from the weaker currency. (BBC News, 1/4/15)
• China’s PMI rebounds to 50.1 in March – Chinese manufacturing business activity rebounded slightly in March to expansion territory, official data showed on Wednesday. The manufacturing purchasing managers’ index (PMI), a key measure of factory activity in China, posted at 50.1 in March, up from 49.9 in the previous month, according to the data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. (Xinhua, 1/4/15)
  China’s March non-manufacturing PMI dips – China’s service sector activity expanded in March, but at a slower pace, an official monthly survey showed on Wednesday. The purchasing managers’ index (PMI) for the non-manufacturing sector dipped to 53.7 in March from 53.9 in February, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. (Xinhua, 1/4/15)
• U.S. initial jobless claims drop to 9-week low – The number of Americans initially applying for unemployment aid in the final week of March fell to the lowest level since late January, the latest sign of a strengthening job market, U.S. Labor Department said Thursday. In the week ending March 28, the advance figure of seasonally adjusted initial claims for jobless benefits fell by 20,000 to a nine-week low of 268,000, near a 15-year low of 267,000 hit in late January, the department said. (Xinhua, 3/4/15)
• Trade Gap in U.S. Shrinks to Five-Year Low as Imports Slump – The trade deficit in the U.S. shrank in February to the lowest level in more than five years as a labor dispute at West Coast ports contributed to the weakest reading on purchases from abroad since 2011. The gap, which measures the difference in the value between imports and exports, narrowed by $7.2 billion to $35.4 billion, lower than the lowest forecast of economists surveyed by Bloomberg and the smallest since October 2009, the Commerce Department reported Thursday in Washington. Imports contracted 4.4 percent, the biggest slump since February 2009, when the economy was still in the recession. (Bloomberg, 2/4/15)
• U.S. factory orders rise, offer glimmer of hope for manufacturing – New orders for U.S. factory goods unexpectedly rose in February after six straight months of declines, offering a ray of hope for a sector that has been battered by a strong dollar and weaker global demand. The Commerce Department said on Thursday new orders for manufactured goods increased 0.2 percent, the largest gain since July, after a revised 0.7 percent drop in January. (Reuters, 2/4/15)
• ECB policy makers question upbeat growth forecasts – Policy makers at the European Central Bank flagged up their concerns that eurozone growth could prove weaker than the upbeat forecasts issued by its staff earlier this month, according to the minutes of its latest rate-setting meeting. The ECB’s staff expects growth of 1.5 per cent this year, 1.9 per cent in 2016 and 2.1 per cent in 2017, as the effects of the central bank’s landmark quantitative easing programme seep through the eurozone’s economy. (FT, 2/4/15)
• The ECB has raised Greek banks’ emergency funding by 700 million euros – The European Central Bank further increased the maximum Emergency Liquidity Assistance that Greek banks can obtain by 700 million euros, a banking source said. The latest move on Wednesday lifts the total ceiling to 71.8 billion euros ($77.3 billion). (Business Insider, 2/4/15)
• Singapore Manufacturing Activity Contracts Further in March – Singapore’s manufacturing activity fell for the fourth consecutive month in March as orders for goods made in the island nation fell. Singapore Purchasing Managers’ Index fell to 49.6 in March from 49.7 in February, the Singapore Institute of Purchasing & Materials Management said in a statement on Thursday. (Nasdaq, 2/4/15)