China's consumer price inflation slowed slightly in April because of moderating food prices, but was still marginally higher than expectations, keeping inflation concerns at the forefront. CPI rose 5.3% YoY in April, above the government’s full-year target for a fourth straight month, and more than the 5.2% median forecast.
South Korea’s unemployment rate fell to a three-month low of 3.6% in April from 4% in March, as an economic recovery spurred hiring at manufacturers and health and social welfare service providers.
Prices of goods imported into US rose more than forecast in April as a slumping dollar and growing economies overseas pushed up cost of fuel and food. The 2.2% increase in the import-price index followed a revised 2.6% gain in March.
Australia’s government plans to end 23 years of spending growth to ease inflation from a mining boom and support the return to a budget surplus. Australian Treasurer Wayne Swan announced the government's 2011-12 budget, mapping out an ambitious path to put its accounts back into surplus by 2012-13 to the tune of AUD 3.5 bn, compared with a record deficit of AUD 54.8 bn in 2009-10.
Greece now expects a new package of nearly EUR 60 bn in aid covering financial needs stretching into 2013 as early as next month, said a senior Greek government official.
French industrial production fell more than expected in March by 0.9% against expectation of a 0.4% contraction.
Overnight, US stocks rose for a third day as higher-than-estimated profit forecasts and Microsoft’s purchase of Skype bolstered optimism that earnings and takeovers will keep fueling the rally.
Today, most Asian stock rose as oil and metal prices maintained their upward movement. The Indian equity benchmarks opened flat amid choppy trade. While bank stocks were weak at the time of writing, the key laggard was the oil and gas sector, which slipped on reports of delay in fuel price hike by the government.
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