China official services PMI rises to 53.7 for September. Activity in China’s services industry expanded in September at a slightly faster pace than the previous month, an official survey showed on Saturday. The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared to the previous month’s reading of 53.5. The 50-point mark that separates growth from contraction on a monthly basis. (Reuters, 3/10/16)
BOJ’s Tankan survey shows no improvement in big manufacturers’ sentiment. The Bank of Japan’s (BOJ) closely watched business sentiment survey, known as the Tankan, revealed the mood among big manufacturers was unchanged during the third quarter. But the Japanese market rose, signaling relief that sentiment had at least not worsened. Released before the market open on Monday, the headline index showed sentiment among large manufacturers at plus-6 points, flat on the previous quarter’s reading and below a Reuters forecast for plus-7 points. For the fourth quarter, the BOJ anticipated sentiment would remain steady at plus-6. (CNBC, 3/10/16)
Construction spending down 0.7% in Aug. U.S. construction spending fell in August for the second straight month to its lowest level in eight months, an unexpected drop driven by weakness across public and private sectors. (CNBC, 03/10/16)
ISM manufacturing index hits 51.5 in Sept. U.S. manufacturing rebounded in September after contracting in August, according to The Associated Press. New orders and production at factories increased, although employment fell — a sign that manufacturers have yet to fully stabilize after a difficult year. The Institute for Supply Management says its manufacturing index rose to 51.5 in September from 49.4 in August. (CNBC, 03/10/16)
IMF warns of hit to UK economic growth. The International Monetary Fund has cut its forecast for UK economic growth next year as it warned that the global recovery remains “weak and precarious”. Although the IMF raised its prediction for UK GDP growth this year to 1.8%, the figure for 2017 was cut to 1.1%. Its assumptions are based on “smooth post-Brexit negotiations and a limited increase in economic barriers”. The IMF’s latest World Economic Outlook predicts “subpar” global growth this year of 3.1%, rising slightly in 2017. (BBC, 5/10/16)
ECB has not discussed reducing bond purchases: spokesman. The European Central Bank’s decision-making body has not discussed reducing the pace of its monthly bond buying, ECB media officer Michael Steen tweeted on Tuesday, responding to a Bloomberg article. Bloomberg had reported the ECB would probably wind down its 80-billion-euro ($90-billion) monthly bond purchases gradually before ending its quantitative easing program, citing unnamed officials at euro zone countries’ central banks. (Reuters, 5/10/
Crude oil stockpiles down for fifth straight week: EIA. U.S. crude stockpiles fell last week for the fifth time in a row despite slowing refinery activity, although overall oil inventories remained at their highest in this century, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell 3.0 million barrels in the week to Sept. 30, the opposite of analysts’ expectations for an increase of 2.6 million barrels. (Reuters, 6/10/16)
NBTC sets early mobile auction. The telecom regulator has scheduled the auction of the 1800megahertz mobile spectrum used by Total Access Communication (DTAC) for July 2018, two months before the expiry of the concession. (Bangkok Post, 04/10/16)
Digital TV stations to get tax break under new plan. BROADCASTERS will be able to deduct their expenses fully for digital-terrestrial TV transmission under the “must carry” rule, while the progressive tariff for contributions to the broadcasting fund is expected to start next year. (The Nation, 04/10/16)
World Bank raises GDP view, with caveat. The World Bank has raised its full-year economic growth forecast for Thailand to 3.1% while voicing concerns about the main economic engine, government spending. (Bangkok Post, 6/10/16)
