Australian retail sales declined 0.5% in Q1 2011 compared to the earlier quarter when they had increased by 0.8%, sending the Australian dollar to its lowest level in over a week.
New Zealand's unemployment rate fell in the first quarter to 6.6% from 6.7% earlier, providing some support for the economic recovery although the data did not take into account the impact of a devastating earthquake that struck the nation's second largest city of Christchurch in February.
Mexico's central bank purchased almost 100 metric tons of gold in February and March, another signal that emerging markets are likely to steadily raise their gold reserve holdings.
US ISM non-manufacturing index declined to 52.8 last month, lower than its March reading at 57.3 and market forecast of 57.5. This marks the slowest pace of monthly growth in non-manufacturing industries since August 2010.
China’s central bank said taming inflation is its top priority, signaling that more tightening is possible even after a manufacturing survey showed that growth may be moderating in Asia’s biggest economy.
US ADP employment increased by 179,000 in April from a revised 207,000 in the prior month, but was slightly lower than the expected gain of 198,000 advances this month.
Overnight US stocks fell, with commodity producers driving a third straight loss for the S&P 500 Index, as lower-than-estimated reports on service industries and job growth damped optimism in the economy.
Today, Asian stocks declined on the back of soft US data, which raised concerns regarding the pace of recovery. The Indian equity benchmarks opened flat amid subdued cues from overseas markets. IT and bank stocks were the key laggards at the time of writing.
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