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Singapore’s Economy Expanded More Than Forecast on Manufacturing
Singapore’s economy expanded more than economists estimated last quarter as manufacturing rebounded and services strengthened, reducing pressure on the central bank to ease monetary policy and bolster growth.
Gross domestic product rose an annualized 15.2 percent in the three months through June from the previous quarter, when it grew 1.8 percent, the Trade Ministry said in a statement today. That compares with the median of 12 estimates in a Bloomberg News survey for an 8.1 percent expansion.
Rising local demand has shielded some Asian nations from an uneven global recovery, with Singapore’s jobless rate near a five-year low spurring private consumption. The Monetary Authority of Singapore has let its dollar weaken about 3 percent against the greenback in the past six months, boosting the island’s export competitiveness, even after sticking to a policy of allowing gradual currency gains in April to contain inflationary pressures.
“Going into the second half of the year, we should continue to see steady and gradual improvement in the services sector,” Irvin Seah, a Singapore-based economist at DBS Group Holdings Ltd., said before the report. “The risk on inflation and growth remains very well-balanced. There’s little incentive for the MAS to deviate from the current monetary policy.”
The Singapore dollar was little changed at S$1.2599 against the U.S. dollar as of 7:53 a.m. local time.
GDP expanded 3.7 percent last quarter from a year earlier, better than the median estimate of 2 percent growth in a separate Bloomberg survey. The government forecasts growth of 1 percent to 3 percent in 2013.
‘Sharp Rebound’
“The sharp rebound largely reflected the strong growth in the output of the biomedical manufacturing and electronics clusters,” the Trade Ministry said today.
Singapore’s electronics exports by companies such as Venture Corp. have dropped for 10 straight months through May, the longest string of losses since 2009. Analysts have lowered their estimate for the island’s export expansion this year to 2.5 percent from 4 percent, according to a survey by the central bank last month.
Located at the southern end of the 600-mile (965-kilometer) Malacca Strait and home to one of the world’s busiest container ports, Singapore has remained vulnerable to fluctuations in overseas demand for manufactured goods. The government has boosted the financial services and tourism industries to become less reliant on exports.
Singapore’s unemployment rate was 1.9 percent in the first quarter. Wages will grow at a faster pace in 2013, the central bank said in April.
The central bank uses the exchange rate rather than borrowing costs to conduct monetary policy, adjusting the pace of appreciation or depreciation against an undisclosed trade-weighted basket of currencies by changing the slope, width and center of the band. A flatter slope allows slower appreciation or depreciation over time.
Manufacturing grew 1.1 percent from a year earlier in the three months ended June 30, and 37.6 percent from the previous quarter. The services industry rose 5 percent last quarter from a year earlier, while construction expanded 5.6 percent.
To contact the reporters on this story: Jasmine Ng in Singapore at jng281@bloomberg.net Kenneth Foo in Singapore at kfoo23@bloomberg.net
Singapore’s Economy Expanded More Than Forecast on Manufacturing
Singapore’s economy expanded more than economists estimated last quarter as manufacturing rebounded and services strengthened, reducing pressure on the central bank to ease monetary policy and bolster growth.
Gross domestic product rose an annualized 15.2 percent in the three months through June from the previous quarter, when it grew 1.8 percent, the Trade Ministry said in a statement today. That compares with the median of 12 estimates in a Bloomberg News survey for an 8.1 percent expansion.
Rising local demand has shielded some Asian nations from an uneven global recovery, with Singapore’s jobless rate near a five-year low spurring private consumption. The Monetary Authority of Singapore has let its dollar weaken about 3 percent against the greenback in the past six months, boosting the island’s export competitiveness, even after sticking to a policy of allowing gradual currency gains in April to contain inflationary pressures.
“Going into the second half of the year, we should continue to see steady and gradual improvement in the services sector,” Irvin Seah, a Singapore-based economist at DBS Group Holdings Ltd., said before the report. “The risk on inflation and growth remains very well-balanced. There’s little incentive for the MAS to deviate from the current monetary policy.”
The Singapore dollar was little changed at S$1.2599 against the U.S. dollar as of 7:53 a.m. local time.
GDP expanded 3.7 percent last quarter from a year earlier, better than the median estimate of 2 percent growth in a separate Bloomberg survey. The government forecasts growth of 1 percent to 3 percent in 2013.
‘Sharp Rebound’
“The sharp rebound largely reflected the strong growth in the output of the biomedical manufacturing and electronics clusters,” the Trade Ministry said today.
Singapore’s electronics exports by companies such as Venture Corp. have dropped for 10 straight months through May, the longest string of losses since 2009. Analysts have lowered their estimate for the island’s export expansion this year to 2.5 percent from 4 percent, according to a survey by the central bank last month.
Located at the southern end of the 600-mile (965-kilometer) Malacca Strait and home to one of the world’s busiest container ports, Singapore has remained vulnerable to fluctuations in overseas demand for manufactured goods. The government has boosted the financial services and tourism industries to become less reliant on exports.
Singapore’s unemployment rate was 1.9 percent in the first quarter. Wages will grow at a faster pace in 2013, the central bank said in April.
The central bank uses the exchange rate rather than borrowing costs to conduct monetary policy, adjusting the pace of appreciation or depreciation against an undisclosed trade-weighted basket of currencies by changing the slope, width and center of the band. A flatter slope allows slower appreciation or depreciation over time.
Manufacturing grew 1.1 percent from a year earlier in the three months ended June 30, and 37.6 percent from the previous quarter. The services industry rose 5 percent last quarter from a year earlier, while construction expanded 5.6 percent.
To contact the reporters on this story: Jasmine Ng in Singapore at jng281@bloomberg.net Kenneth Foo in Singapore at kfoo23@bloomberg.net
LoveToInvest ( Date: 12-Jul-2013 14:02) Posted:
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皇 上 不 急 ， 太 监 急
Chinese Finance Minister Lou Jiwei said a 6.5 percent economic-growth rate wouldn’t be a “big problem,” signaling the government may tolerate a slower pace of expansion than officials have previously indicated.
Lou, speaking yesterday at the U.S.-China Strategic and Economic Dialogue in Washington, also said he’s confident in achieving a 7 percent growth rate this year. That’s lower than the government’s 2013 target of 7.5 percent, given in March. First-half expansion was probably below 7.7 percent “but not too far from it,” he said.
Video 04:30
China Favored Most Among Emerging Markets
His comments suggest China is prepared to allow the economy to slow further from a pace that’s already at risk of falling to a 23-year low this year as Premier Li Keqiang’s government focuses on policy changes to create more-sustainable expansion. The statistics bureau reports second-quarter gross domestic product on July 15, with the median estimate of analysts for a 7.5 percent increase from last year.
“We don’t think 6.5 percent or 7 percent will be a big problem,” Lou said at a press briefing in response to a question on whether there’s a limit on slower growth that officials will tolerate. “It’s difficult to give you a limit. But from the data we have, we have the confidence.”
Chinese Finance Minister Lou Jiwei said a 6.5 percent economic-growth rate wouldn’t be a “big problem,” signaling the government may tolerate a slower pace of expansion than officials have previously indicated.
Lou, speaking yesterday at the U.S.-China Strategic and Economic Dialogue in Washington, also said he’s confident in achieving a 7 percent growth rate this year. That’s lower than the government’s 2013 target of 7.5 percent, given in March. First-half expansion was probably below 7.7 percent “but not too far from it,” he said.
Video 04:30
China Favored Most Among Emerging Markets
His comments suggest China is prepared to allow the economy to slow further from a pace that’s already at risk of falling to a 23-year low this year as Premier Li Keqiang’s government focuses on policy changes to create more-sustainable expansion. The statistics bureau reports second-quarter gross domestic product on July 15, with the median estimate of analysts for a 7.5 percent increase from last year.
“We don’t think 6.5 percent or 7 percent will be a big problem,” Lou said at a press briefing in response to a question on whether there’s a limit on slower growth that officials will tolerate. “It’s difficult to give you a limit. But from the data we have, we have the confidence.”
china gdp release on sunday night. just something to keep in thought.
http://www.cnbc.com/id/100876274
Consolidarion
LoveToInvest ( Date: 12-Jul-2013 12:02) Posted:
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Think profit taking plus yesterday's emotionally charged run up.
China property is a good opportunity now, and am looking at some under priced counters, e.g. Yingli and Weiye.
Peter_Pan ( Date: 12-Jul-2013 12:23) Posted:
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Broad market weakness due to China's GDP. May recover later i think.
Now China GDP is confirmed down if we hear what grapevines are saying.
Yesterday, China Finance minister said economic growth will slow to about 6.5%, but he thought it still not problematic. But do we think otherwise? To buy or sell China Stocks?
No harm buying now, rational is the key to success.. U can anytime short more if u think is not right..
LoveToInvest ( Date: 12-Jul-2013 12:06) Posted:
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Trick is to choose the correct Put & Call pairing and positioned just before major announcement......like 15/07/2013 China GDP data.
Tomique ( Date: 12-Jul-2013 11:56) Posted:
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By right Sg markets should have a brain of its own and not follow others. Let us be the leader instead. But as markets are intertwined, it is difficult to do this. Unless we are also not afraid others following us. Hahaha!!
LoveToInvest ( Date: 12-Jul-2013 12:02) Posted:
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Knee jerk reaction!!!
LoveToInvest ( Date: 12-Jul-2013 12:02) Posted:
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机 会 不 等 人 ， no bad news wo!!! Already starts to drip water...Aiyo
LoveToInvest ( Date: 12-Jul-2013 11:54) Posted:
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Must first understand the principles behind options. Playing options on US Stocks can be very profitable, actually.
Normally I would sell both calls and puts, or buy both calls and puts and wait it out until the profits on average is beyond equilibrium, i.e. more profit than loss, to close both the positions.
Siwomp ( Date: 12-Jul-2013 11:48) Posted:
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Earning reports will be nice.., 大 家 太 己 人 忧 天 了 吧 ！ Aiyo too emotional 整 样 干 大 事 ！
Singapore's economic growth zooms past forecasts
SINGAPORE--Singapore's economy expanded faster than expected in the second quarter due to a recovery in manufacturing output and an acceleration in services output.
GDP rose 15.2% in the April-to-June period on a seasonally adjusted and annualized basis, compared with a 1.8% expansion in the first quarter, according to advance estimates on Friday by the Ministry of Trade and Industry.
Nine economists in a Dow Jones poll had tipped second-quarter GDP to grow by a median 9.7% from the previous three months.
Compared with the year-earlier quarter the economy is estimated to have expanded 3.7% versus the median 2.1% increase tipped by the poll. GDP expanded 0.2% from a year earlier in the first quarter. Output in the manufacturing sector rose 1.1% on year in the second quarter compared with a 6.9% contraction in the previous quarter. Services sector output grew 5.0% while the construction sector expanded 5.6%, the data showed.
Options trading are only for the nimble..or/and the lucky
Siwomp ( Date: 12-Jul-2013 11:45) Posted:
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Agreed. Better to be on the safe side than to risk your gains.
I am happy with 5% to 10% gain every trade. Some may say I am overly cautious as I could have easily multiple my gains many times if I am more adventurous and keep overnight.....
Siwomp ( Date: 12-Jul-2013 11:42) Posted:
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Yes... Hence I am playing Options... intraday now.
Tomique ( Date: 12-Jul-2013 11:40) Posted:
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