Global Economy Highlights By Rajesh Sharma Cmd Money Matters Financial Services Ltd.

US Home prices edged higher for the second month in a row in March as the housing

recovery picked up in traction, while gains in some of the hardest hit areas suggested the improvement was becoming more broad-based. But consumer confidence cooled in May to its lowest level in four months, separate data showed on Tuesday, as Americans turned gloomy about the job market and the economic outlook. The closely watched S&P/Case Shiller composite home prices index of 20 metropolitan areas gained 0.1% in March on a seasonally adjusted basis, though it fell shy of economists forecasts for a gain of 0.2%.

The European Commission will set out its economic strategy for the euro zone on Wednesday, spelling out measures to balance growth with unpopular fiscal consolidation that will be particularly pointed for Spain and Italy. Italy, the euro zones third biggest economy and a country under close market scrutiny because of its large debt and slow growth, is likely to get praise for its fiscal consolidation efforts under technocrat premier Mario Monti, a draft document said.

Australian retail sales snapped three months of gains to drop 0.2% in April from the previous month as consumers spent less at department stores and household goods, a disappointing result that weakened the local currency. Construction work rose a solid 5.5% in the first quarter from the previous three month period due to surge in engineering to a 13.3%.

Japans manufacturing activity expanded in May at the same pace as the previous month, but there were signs that a growth spurt since last year could be losing momentum as manufacturers make fewer consumer goods. Japans PMI stood at seasonally adjusted 50.7 in May, unchanged from previous month.

Growing signs of nationalist policies in Indonesia ahead of major elections due in two years are spooking foreign investors already nervous about emerging markets. The sprawling, resource-rich archipelago has been one of the hottest investment destinations in a world buffeted by Europes debt crisis and slowing elsewhere.

British retail sales grew at their fastest pace in over a year in May and much more strongly than expected, helped by strong sales of clothing and durable goods. CBI monthly distributive trades survey reported sales balance rose to +21 from -6 in April versus forecast for -7 reading and +19 expected by retailers themselves.

by: Kiran K.

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