9 February 2010
Jan exports were much stronger than expected — Exports reached US$21.7bn in January, the highest level since October 2008. Strong China demand led to broad-based growth in exports. Jan imports were the strongest since the beginning of global financial crisis in Oct 2008. Exports likely decelerate in Feb on Chinese New Year
6 February 2010
China — RMB could become one of the world’s top five currencies by 2020; Current account surplus shrunk to 5.8% of GDP in 2009; The holiday shift distorts inflation. India — The low base along with government stimulus measures are likely to maintain the double-digit IP growth. Indonesia — Exports rebound and robust consumption may post upside risks to growth. Korea — We expect the policy rate will remain at 2% during the upcoming MPC meeting; Jan jobless rate likely decline to 3.4%. Malaysia — Dec exports surprise on the upside at 18.7% YoY; Positive IP growth likely to resume in Dec 09. Philippines — Retreating food inflation led to lower-than-expected inflation in Jan. Singapore — Nominal retail sales in Dec09 likely fell further on outsized base effect. Taiwan — Jan CPI resumed a positive reading and is set on a rising trend.