Singapore advance GDP estimates rise by 2.2%
The advance estimate of the Singapore economy rose by 2.2% on an annual basis in 2Q16, slightly higher than the previous quarter’s growth of 2.1% and in line with expectations.
On a quarterly basis, the advance GDP for Singapore rose by 0.8%, marginally below estimated forecasts of 0.9% and higher than the 0.2% growth seen in the previous quarter. This increase in economic growth was fostered by a recovery in the manufacturing and the services sector. The iShares MSCI Singapore ETF (EWS) rose by 1.1% on July 14, 2016, at 4:00 PM EST.
Australian unemployment rate rises, Chinese GDP growth in focus
The number of jobs created in the Australian economy stood at 7,900 for the month of June, which was lower than expectations of a rise of 10,000 and the previous month’s rise of 19,000. The unemployment rate rose to 5.8%, in line with estimated forecasts.
The iShares MSCI Australia ETF (EWA) was trading on a positive note by more than 1% on July 14 at 4:00 PM EST, while the Vanguard FTSE Pacific ETF (VPL) rose by 0.56%. The upcoming GDP growth numbers and the increase in China’s industrial production will be strong market movers for Australian indexes.
Bank of Korea keeps rates unchanged, reduces growth forecasts and inflation expectations
The Bank of Korea (or BOK) kept interest rates unchanged on July 14 at 1.25%, in line with expectations. However, the Korean central bank cut its growth forecast to 2.7% for 2016.
The financial turmoil resulting from the British referendum and sluggish growth in the shipbuilding sector remain concerns for the BOK. It also lowered inflation expectations by 0.1% to 1.1%.