Singapore on Monday cut its 2020 growth and exports forecasts due to an expected economic blow from the new coronavirus outbreak, flagging the chance of a recession this year. The Southeast Asian city-state has reported 75 cases of the virus to date, one of the highest tallies outside China where it has claimed over 1,700 lives.
* Oct-Dec annualised GDP shrinks 6.3% vs f'cast -3.7% * Private consumption down 2.9% vs f'cast -2.0% * Domestic demand knocks 2.1 points off growth. * Some analysts warn Japan may slide into recession. By Leika Kihara and Daniel Leussink.
Singapore downgraded its 2020 economic growth forecast as it braces for a hit from the novel coronavirus outbreak, the trade ministry said in a statement on Monday. The city state lowered its forecast range to -0.5%-1.5% from 0.5%-2.5% previously, adding that it expected full-year growth to come in around 0.5%, the mid-point of the range.
Japan's economy contracted at an annualised pace of 6.3% in October-December, shrinking at the fastest pace since the second quarter of 2014, government data showed on Monday. The preliminary reading for fourth-quarter gross domestic product was much worse than economists' median estimate of a 3.7% contraction in a Reuters poll.
* Feb manufacturers' sentiment index -5 vs Jan -6. * Service-sector index +15 in Feb vs Jan +14. * Manufacturers, service-sector mood seen flat ahead. * Reuters Tankan closely correlates with BOJ tankan. By Tetsushi Kajimoto.
WELLINGTON, New Zealand--Growth in visitors to New Zealand was its slowest in six years in 2019 as fewer Chinese and Malaysians traveled to the country. The number of Chinese visitors dropped 9.0% to 407,100 and visitors from Malaysia slid 26.0% to 41,800, Statistics New Zealand said Monday. Total visitors to New Zealand in 2019 grew 0.7% to 3.89 million as Australia and U.S. visitors increased.
China's Finance Minister Liu Kun said on Sunday he expects the country's fiscal revenues to fall and expenditure to rise in the future. The comments were made in the leading Communist Party theoretical journal Qiushi.
* Jan U.S. crude imports at 1.72 mln T, up 53.3% y/y. * Total Jan crude imports edge down 0.3% at 12.42 mln T on-year. By Jane Chung. South Korea's U.S. crude imports in January rose 53.3% from a year earlier, customs data showed on Saturday, reflecting the country's steady purchases of U.S. oil in the absence of Iranian crude due to sanctions.
Dollar Index logs 0.4% weekly rise. The U.S. dollar just spent another week flexing its muscles. While that hasn't done much to derail upside momentum for the stock market so far, it's worth remembering that big moves by the word's reserve currency can send ripples through global financial markets.
Argentina's bloodied bond market could take another beating if debt renegotiations take longer than expected, analysts said on Friday, as investors digested a week full of bearish news and the economy minister's tough comments about creditors. Asset prices were driven down on Monday by a sovereign debt auction that had to be canceled due to poor investor appetite.
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