· In US, manufacturing activities was upheld, signaling solid 3Q; shipments, new orders and employment grow; prices growth slows. The index of US leading economic indicators rose for 5 consecutive months. The Conference Board’s gauge of the economic outlook for the next 3 to 6 months rose 0.6% in Aug. The gains in stock prices, consumer confidence and homebuilding results in buoying the leading index. On the other hand, US home prices rose 0.3% in Jul from the previous month, in a sign that the housing recovery is tenuous. The house price index fell 4.2% for the 12 months ended in Jul, the smallest decline this year.
· UK homesellers raised asking prices in Sep as confidence in the property market improved and the supply of homes dwindled. The average cost of a home increased 0.6% to £223,996 after falling 2.2% in Aug, indicating that confidence is up.
· Japan’s leading economic indicator was at 82.5% in Jul, compared with 80.9% the previous month, suggesting that the economy is recovering.
· At home, the foreign exchange reserves rose by US$0.22bn in 1H Sep to US$93.5bn as at 28 Aug. This suggests that the repatriation of export proceeds was more than sufficient to pay off import bills. The inflow of foreign portfolio funds might have contributed to the increase as well.
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