Week of March 11, 2012 thru March 17, 2012

Correct: Australia AI Group/CBA Services Contracts 4 Of 5 Mos


The Australian Industry Group/Commonwealth Bank corrected its services index drop to 5.2 points from the earlier reported 5.3 points, but said the total for the index remains unchanged at 46.7 in February. The corrected story follows.

SYDNEY (MNI) - Activity in the Australian services sector fell into contraction in February, after just a month of expansion in January and has now been in contraction for 4 months out of the last 5, the latest services index from Australian Industry Group/Commonwealth Bank showed Monday.

The seasonally adjusted index fell by a sharp 5.2 points in February to 46.7 after rising 2.9 points in January.

China Economic Data Calendar


All figures year-over-year percent changes unless otherwise specified.

Date Time For Event Previous Local/GMT

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09 Mar 0930/0130 Feb CPI (% y/y, % ytd y/y) +4.5/+4.5 09 Mar 0930/0130 Feb PPI (% y/y, % ytd y/y) +0.7/+0.7 09 Mar 1330/0530 Feb Fixed-Asset Invest (%ytd y/y) +23.8/24.5 09 Mar 1330/0530 Feb Retail Sales (% y/y, % ytd y/y) +18.1/+17.1 09 Mar 1330/0530 Feb Industrial Output (%y/y, %ytd y/y) +12.8/+13.9 10 Mar -- / -- Feb Trade Balance ($ bln mth, ytd) 27.28/27.28 10 Mar -- / -- Feb Exports (% y/y, % ytd y/y) -0.5/-0.5 10 Mar -- / -- Feb Imports (% y/y, %

Australia AI Group/CBA Services Contracts For 4 Of Last 5 Mos


SYDNEY (MNI) - Activity in the Australian services sector fell into contraction in February, after just a month of expansion in January and has now been in contraction for 4 months out of the last 5, the latest services index from Australian Industry Group/Commonwealth Bank showed Monday.

The seasonally adjusted index fell by a sharp 5.3 points in Feruary to 46.7 after rising 2.9 points in January.

The drop was mainly due to a big fall in new orders which plunged 8.5 points to 45.6 and is now at its lowest level in over 12 months. New order levels fell across most service sub-sectors in February, with particularly sharp declines reported in the retail trade and communication services sub-sectors, AI Group/CBA said.

Australia TD-MI Inflation Slows But Non-Tradables Remain High


SYDNEY (MNI) - The pace of rise in TD Securities-Melbourne Institute's monthly inflation gauge slowed further in February but the index compilers say there are no indications that prices have cooled significantly so far in the quarter, though this may be due to strong seasonality in the March quarter.

The inflation gauge rose by 0.1% month-on-month in February, compared with a 0.2% rise in January, and marking the slowest pace of increase in three months, TD-MI said Monday.

In annual terms, the inflation measure rose by 2.0% versus a 2.2% rise in February, the lowest rate of increase since at least October 2010. The annual pace of increase has now fallen to the lowest end of the Reserve Bank of Australia's 2% to 3% target band.

IIF Board Backs Greek Plan, Says Joining PSI Up To Investors


PARIS (MNI) - The board of the Institute of International Finance, which represented private creditors in debt restructuring (PSI) negotiations with Greece, strongly endorsed the whole Greek package -- including PSI and a new official sector loan -- but was careful to note that it is up to each individual investor to decide whether to participate in the private sector component of it.

China Regulator Seeks Approval For High Yield Bonds: Press


BEIJING (MNI) - The China Securities Regulatory Commission has sought approval from the State Council to clear the way for the sale of high yield bonds, sina.com reported at the weekend.

The news portal said the securities regulator told major brokerages last week to expect the product to launch once the approval is given, with issuance initially limited to companies rated between BBB and AA- from developed areas such as Beijing, Shanghai and Guangdong province.

China CFLP: Service Sector Shrinks In Feb. Post New Year


BEIJING (MNI) - China's non-manufacturing sector shrank at its fastest pace in a year in February as retail and catering slumped following the New Year holiday, the China Federation of Logistics & Purchasing said Saturday.

The headline services purchasing managers index fell to a 12-month low of 48.4 last month from January's 52.9. The index stood at 56.0 in December, 49.7 in November and 44.1 last February.

The CFLP said the sharp decline was the result of a post-New Year holiday fall in areas such as retailing and catering.

PMI readings above 50.0 signal expansion in activity in the manufacturing sector while readings below 50.0 signal contraction. The further the index above or below 50, the faster the expansion or contraction in the sector.