Factory setup in EEC area surged to 500 factories over the first 11 months with a value of Bt140bn, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). (Thai Post, 12/12/17)
Thai Retailer Association expects 2017 retail growth of 3.2-3.4%. It expects 2018 retail growth to be 4% in line with GDP growth. (Thai Post, 12/12/17)
Thai central bank says it has intervened to slow baht strengthening. The Bank of Thailand said on Tuesday it has intervened this year to slow the baht’s strengthening to soften impact on businesses. (Nasdaq, 13/12/17)
Ministry of Commerce is working with retailers to help them sell goods for 22 days with discounts of up to 20-80%. This is expected to generate sales of Bt35bn. (Reuters, 13/12/17)
ADB, Escap raise GDP outlook Asian Development Bank (ADB) yesterday hiked its forecast for Thai GDP growth to 3.8% this year and next, while the UN Economic and Social Commission for Asia and the Pacific (Escap) upgraded its 2017 estimate to 3.5% and raised its 2018 view to 3.4% (Bangkok Post, 13/12/17)
China Nov CPI rises 1.7 y/y; PPI up 5.8 pct y/y, below forecasts. China’s consumer inflation slowed more than expected to 1.7 percent in November, official data showed on Saturday. The annual consumer price index (CPI) had been expected to rise 1.8 percent compared with an increase of 1.9 percent in October. Producer prices rose 5.8 percent from a year earlier, compared with the previous month’s rise of 6.9 percent, the National Bureau of Statistics (NBS) said on Saturday, Analysts polled by Reuters had predicted the PPI would rise 5.9 percent in November on an annual basis. (Reuters, 8/12/17)
Eurozone economy to grow at faster rate, says central bank. The European Central Bank (ECB) has lifted its economic growth forecasts as growth across the eurozone picks up. It now expects the eurozone’s economy to grow 2.4% this year, ahead of its previous guidance of 2.2%. The bank also kept its main interest rate at zero and confirmed its asset purchase programme would drop from €60bn to €30bn a month in January. (Reuters, 14/12/1 7)
Fed raises interest rates, keeps 2018 policy outlook unchanged. The Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in U.S. economic growth from the Trump administration’s proposed tax cuts. The expected fiscal stimulus, coming on the heels of a flurry of relatively bullish data, cleared the way for the U.S. central bank to raise rates by a quarter of a percentage point to a range of 1.25 percent to 1.50 percent. It was the third rate hike this year. (Reuters, 13/12/17)
U.S. crude stockpiles fall for fourth week on huge Cushing draw: EIA. Crude inventories fell 5.1 million barrels in the week to Dec. 8, compared with analysts’ expectations for a decrease of 3.8 million barrels. At 443 million barrels, stocks were the lowest since October 2015. (Reuters, 13/12/17)
U.S. Payrolls Rise 228,000 While Wages Gain Less Than Forecast. Payrolls rose 228,000 in November, above the median economist estimate of 195,000, Labor Department figures showed Friday. Average hourly earnings increased 2.5 percent from a year earlier, less than the 2.7 percent projection, and October’s figures were revised lower. The jobless rate held at 4.1 percent, the lowest since late 2000. (Bloomberg, 8/12/17)
