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Fundamental News Summary

Asian Session News Summary

Wed, Sep 16 2009, 03:56 GMT
by ecPulse.com analysis team

ecPulse.com

Australia's leading index inclined

Westpac leading index in Australia inclined by 1.1% in July compared with a previous 0.7% that was revised to 0.9%. On the other hand, the index fell 1.8% on yearly basis in July coming after a decline by 4.6% in June.

The Australian economy proved that it is performing better than other world economies as consumer spending gained supporting the economy along with improving housing sector and recovering exports. The Reserve Bank decided to keep interest rates at 3.00%, while it said the next move may be an increase as the economy is improving.

Pakistan overseas direct investments dropped

Overseas direct investment in Pakistan dropped 57% in the first two months of the fiscal year that started July 1 as investments in July and August declined to $3514 million compared with a previous $824.7 million a year earlier. Investors overseas bought $60.8 million of Pakistan stocks in July and August from a prior $178.3 million.

Overseas direct investment declined to $3.72 last fiscal year, while foreign investors bought $1.05 billion last fiscal year. Pakistan economy is expected to grow 3.3% during this year compared with 5.8% in the previous 12 months.

Remittances to Philippines gained in July

Remittances sent by Philippine citizens abroad gained 9.3% in July from a year earlier to record $1.49 billion. Remittances gained as job losses overseas eased along with improving economic conditions around the world, worth mentioning that remittances account for about 10th of the GDP.

Philippines economy expanded 1.5% during the second quarter compared with a previous expansion by 0.6% in the first three months. Remittances are considered as the largest source of foreign exchange after exports.

Published on  Wed, Sep 16 2009, 04:33 GMT