3.3% growth in GDP expected. GROSS DOMESTIC product is forecast to expand by 3.3 per cent this year on increases in the government’s investment and other spending,while next year’s growth is estimated at 3.4 per cent, said Finance Ministry spokesman Krisda Chinavicharana. (The Nation, Kao Hoon 29/10/16)
Thai Sept factory output unexpectedly rises for 2nd straight month. Thailand’s industrial output unexpectedly rose for a second straight month in September, helped by stronger sales of air conditioners and jewelry, but the gain was much smaller than in August, suggesting a recovery remains fragile. The Industry Ministry said on Monday its manufacturing production index (MPI) in September was up 0.6 percent from a year earlier. Capacity utilization rose to 65.23 percent in September. (Reuters, IQ Biz, 31/10/16)
High-speed train projects face delay. Plans to begin four high-speed train projects this year now will be put off until next year, though the timeframe will remain the same, Transport Minister Arkhom Termpittayapaisith says. The projects are a 252.5km Bangkok-Nakhon Ratchasima route under a 179-billion-baht Thai-Chinese joint development; a 382km BangkokPhitsanulok rail track under a 224-billion-baht Thai-Japanese venture, and the 193.5km BangkokRayong and 165km Bangkok-Hua Hin routes, worth about 152 billion baht and 94.6 billion baht respectively. The delay is mainly due to unfinished studies. (Bangkok Post, Matichon 1/11/16)
Bidding for MRT Orange Line opening, total project value is Bt76bn. CK and STEC are bidding for six contracts. ITD and UNIQ are bidding independently for all contracts. CNT is working with a partner from China to bid for a repair center. (Kao Hoon, 01/11/16)
Big injection seen as 1st-car scheme ends. THE CLOSURE of the first-car buyer scheme is expected to inject up to Bt33 billion into the economy over the next two years, the Economic Intelligence Centre (EIC) says. (The Nation, 1/11/16)
US advance Q3 gross domestic product up 2.9%, vs 2.5% increase expected. Gross domestic product increased at a 2.9 percent annual rate after rising at a 1.4 percent pace in the second quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending, the Commerce Department said on Friday in its first estimate. This beat economists’ expectations for a 2.5 percent expansion pace. (CNBC, IQ Biz, 31/10/16)
China Factory Gauge Jumps to Two-Year High, Services Strengthen. Manufacturing Purchasing Managers index rose to 51.2 in October, the National Bureau of Statistics said Tuesday, from 50.4 in the prior two months. PMI beat all economist forecasts in a Bloomberg survey, with a median estimate of 50.3. Non-manufacturing PMI rose to 54 from 53.7 in September. Separate PMI reading from Caixin Media and Markit Economics rose to 51.2, also beating estimates and climbing to a two-year high (Bloomberg, IQ Biz, 2/11/16)
BOJ keeps policy unchanged; rates at -0.1%, bond purchases at current pace. The Bank of Japan (BOJ) held off on expanding stimulus on Tuesday, despite pushing back the time frame for hitting its 2 percent inflation target. In a widely expected move, the BOJ maintained the 0.1 percent interest it charges for a portion of excess reserves that financial institutions park with the central bank. (CNBC, IQ Biz, 2/11/16)
Fed says ‘case for an increase’ in rates strengthens. The Federal Reserve on Wednesday pointed to “somewhat” higher inflation in asserting the case for an increase in U.S. interest rates “has continued to strengthen.” Yet the Fed also left its benchmark rate unchanged, saying it’s waiting for “some further evidence” before making a move. The bank’s policy-setting board voted 8-2 to leave the fed funds rate at a range of 0.25% to 0.5%. (Marketwatch, IQ Biz, 3/11/16)
US: ISM non-manufacturing PMI drops to 54.8 in October. The Institute for Supply Management (ISM) reported on Thursday its non-manufacturing index fell to 54.8 in October from 57.1 in September. Expectations were for a higher reading of 56.0 in October. (FXstreet, IQ Biz 3/11/16)
