Top 3 data/events
• Asia macro trackers – Singapore growth is in line with our tracker
• Euro area – We expect the final release of CPI to match the flash
• US – Retail sales likely hit by m/m drop in car sales and cheaper gas
• Market focus
• We revise our GDP growth forecast down on oil output, which is constrained by the operating environment
• The security situation has worsened substantially in recent months
• Oil potential remains vast but thwarted for now
• The non-hydrocarbon sector continues to show subpar metrics
• Moody’s has downgraded Bahrain again
• Refinery output capacity should rise by 38%
• Worries over the impact of eventual US tightening and policy actions in China may have affected markets, but Asia’s underlying macro resilience remains intact. Domestic demand indicators have been holding up. We have downgraded our 2013 growth for...
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