06 Novembre 2013
Emerging Macro News, 6 novembre
In Indonesia, Jakarta province hiked its minimum wage for 2014 by 10%, to Rp2,44mn per month. The hike is much smaller than this year's 44% hike, and comes in the face of demands for a 68% hike amid increasing living costs. Wage hikes in other provinces are also likely to be of moderate magnitude.
Inflation meanwhile measured 8,3% y/y in October, slightly lower than September's 8,4%. Core inflation remained steady at 4,7% y/y.
Finally, the trade balance swung back into deficit in September at -$657mn, largely due a 6,9% contraction in exports. The overall balance for 3Q was -$2,9bn, vs -$3,1bn in 2Q.
In contrast in South Korea, the trade balance was at a surplus of $4,9bn in October, driven by strong export growth of 7,3% y/y. The overall current account balance was at $6,6bn (in September).
Korean inflation dropped as well, to 0,7% y/y as prices of agricultural goods fell 5,4%. Core inflation remained at 1,6% y/y.
Singapore's PMI rose from 50,5 in September to 51,2 on October, with higher production output as well as higher new orders and new export orders. The electronics PMI also rose 0,7 points to 51,0.
Turkish PMI came in at 53,3 in October, a fall of 0,7 pts from September. The orders to inventories ratio eased, signaling some weakness ahead.
Turkish nationals repatriated TRY 6,1bn, or roughly $3bn under an amnesty scheme aimed at repatriating assets stashed abroad or in the unregistered economy. The number, though significant, is much less than initial expectations.
Brazil recorded a trade balance of -$0,2bn in October, down from +$2,1bn the previous month, due to a large increase in imports of $4,2bn. Year-to-date, the balance stands at -$1,8bn.
Industrial production meanwhile rose 0,7% m/m in September but contracted 1,4% overall for the quarter.
Mexican PMI registered 50,8 in October, down 0,27 points from September. Though this is the 50th consecutive print in expansionary territory (>50), the number has been relatively low in recent months, but is likely to follow recent US PMI numbers in an upward direction.
Separately, consumer confidence fell 4% y/y in October.