(RTTNews) - Friday saw economic data releases from Japan, Malaysia, Thailand, South Korea, India and Singapore.

Japan’s Ministry of Economy, Trade and Industry said the index measuring tertiary industrial activity in Japan fell 1.4% in August compared to the previous month. That was sharply lower than analyst expectations that predicted a monthly decline of 0.8%, and it was also significantly lower than the 1.2% monthly gain in July.

Elsewhere, the Ministry of Finance reported that foreigners bought a net JPY34.7 billion worth of Japan stocks for the week ending October 11, having been net sellers the preceding two weeks. Overseas residents sold a net JPY861.0 billion in Japanese bonds and notes for the week, their fourth straight week as net sellers.

According to a report from the Japan Department Stores Association, sales at Japan’s department stores declined at a faster pace of 4.7% year-on-year in September, compared to a 3.1% fall recorded in August. At the same time, sales at Tokyo’s 28 major outlets operated by 13 companies fell 4.6% in September, quicker than a 4.1% decrease seen in the previous month.

Wang Huaqing, the Secretary of the China Banking Regulatory Commission for Discipline Inspection, said in a speech that the impact of the financial crisis, which started in developed countries, is relatively limited on China’s banking sector. The reasons he cited were the openness of the Chinese capital account, careful stance of regulatory authorities and prudent supervision of the banking sector.

A report from the Department of Statistics Malaysia showed that the manufacturing sales value rose 15.1% year-on-year in August compared with a revised 16.2% growth in July. Initially, July’s annual growth was recorded as 15%. Sales value stood at 51.6 billion ringgit in August. On a monthly basis, manufacturing sales value fell 2.7% or 1.4 billion ringgit in August.

Later in the day, the statistical office reported that Malaysia’s production of natural rubber fell 0.8% month-on-month in August. Production totaled 103,767 tonnes in the month. On a yearly basis, production declined 6.8% in August.

South Korea’s Customs Service revealed in a report that trade deficit stood at US$2.06 billion in September, compared with the US$1.90 billion seen in the preceding report. The September trade gap was initially reported at $1.9 billion.

Elsewhere, Moody’s Investors Service said it is maintaining the stable outlook for South Korea’s A2 local and foreign currency government bond ratings.The rating agency said stable ratings outlook is premised on the ability of the South Korean authorities to manage the country’s vulnerability to the global financial market crisis and avoid a deep and sustained deterioration in relative credit metrics.

In other news, Singapore’s International Enterprise announced that the nation’s non-oil domestic exports, or NODX, decreased 5.7% year-on-year in September, after falling 14% in August. Economists had expected a decrease of 9.7% for September. Month-on-month, the seasonally adjusted NODX decreased 0.8% in September, in contrast to a 1.9% rise recorded in the preceding month.

Non-oil re-exports, or NORX increased 8% year-on-year in September, after declining 0.5% in August. The increase was mainly driven by rise in both electronic and non-electronic NORX. On a monthly basis, NORX grew 1.6%, compared with the 1% fall in the previous month.

The Bank of Thailand said in its inflation report for October that it now projects the Thai economy to grow in the range of 4.3%-5% in 2008, down from 4.8%-5.8% reported in July. For 2009, the central bank lowered its growth forecast to 3.8%-5% from 4.3%-5.8%.

Similarly, the central bank reduced its inflation forecast for 2008 to 6%-6.5% from 7.5%-8.8%. Inflation outlook for 2009 is reduced to 3%- 4% from 5%-7.5%. Meanwhile, the core inflation is expected to average within the range of 2%-2.5% in 2008 and 2%-3% in 2009. In July, the central bank had projected core inflation log 2.8%-3.8% in 2008 and 3%-4% in 2009.

Separately, the Bank of Thailand said its international reserves as on October 10 fell to US$102.14 billion from US$103.40 billion recorded as on October 3.

India’s central bank announced that the nation’s international reserves as on October 10 fell to US$274.004 billion from US$283.941 billion recorded as on October 3.

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Posted in Categories: Economy, Forex, Japan, Releases, Stocks, USA.

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