Economic and Financial Market Highlights
Exports continue to tumble across the Asia Pacific region. China, Taiwan, Japan, Malaysia and Philippines all recorded sharp contraction on yearly exports although month-on-month, all except Philippines and China registered higher export figures. Industrial output expanded in India and China albeit contracted slightly in Malaysia while retails sale shrank in Australia and swelled in China. Consumer confidence has picked up in Japan, Thailand and Australia while inflation in China, Taiwan and India remains in negative territory. Japan surprised the market, revising its second quarter GDP estimate downwards while the Korean central bank left its policy rate unchanged. Very positive week for Asia-Pacific stock markets with strong gains across the board while all currencies ended the week higher against the USD.
