17 Octobre 2013
Emerging Macro News, 17 octobre
In China, the CPI rose 3,1% y/y in September, higher than the 2,6% in August, with food contributing as much as 2 percentage points to the headline figure.
Credit growth meanwhile remained strong at 14.3% y/y (14.1% previous). The volume of new loans issued was RMB787bn in September, compared to RMB711bn in August.
Indian inflation as measured by the WPI was at 6,46% y/y in September, up from 6,1% in August. HIgher food and commodity prices and INR depreciation contributed to the reading, well above the central bank's 5-5,5% target range. Core non-food manufacturing inflation was at 2,1% y/y.
CPI inflation was even higher at 9,84%, driven by food inflation of 11,5% y/y.
Industrial production grew by just 0,6% y/y in August, compared to July's 2,75%. The less volatile 3-month moving average was however up by 0,5% y/y.
In Singapore, GDP grew by a strong 5,1% y/y in 3Q, after 4,2% in 2Q. Growth was led by the services sector (5,7%), followed by manufacturing (4,5%), which rebounded from a weak 2A (1,3%).
In Poland, inflation measured 1,0% y/y in September, down marginally from 1,1% in August. Education prices fell 5,9% y/y, while food prices rose 2,8%.
The current account deficit meanwhile widened to €719mn in August from €497mn in July, driven by deficits on the income account, with high outflow to foreign direct investors.
Inflation was slightly higher in Hungary, with the CPI up 1,4% y/y, driven by higher prices of alcohol and tobacco (10,9%).
Turkey recorded a current account deficit of $2bn in August, taking the trailing 12-month deficit to $56,7bn, or 6,8% of GDP.
The budget deficit meanwhile stands at TRY4,5bn yeat-to-date, which is 1,2% of GDP, compared to an initial full-year target of 2,2% of GDP.
In Brazil, the IPCA price index rose 0,35% m/m in September, up from 0,24% in August, driven by higher clothing and transportation prices. The corresponding y/y figures are 5,86% and 6,09%. Food prices were up 9,2% y/y, but the number still represented a declining trend.
The central bank, as expected, raised its benchmark Selic rate by 50bps, stating concerns over inflation.
In Mexico, industrial production rose 0,49% m/m, the fourth consecutive sequential increase, with manufacturing up 0,37% and mining 0,31%. Measured year-on-year, IP fell by 0,7%.