Asia
Trans-Pacific Partnership: No Deal At Singapore Meeting. An ambitious 12-nation free trade plan, the Trans-Pacific Partnership (TPP), has hit a new roadblock after four days of negotiations in Singapore. Sticking points over market access and differences over tariffs on imported goods were the main reasons cited. TPP members were also aiming to set a common trading standard on a range of issues, including labour regulation and environmental protection. Negotiators were initially hopeful that a draft deal would be ready in April. That is when US President Barack Obama is scheduled to visit the region. (BBC)
S. Korea's Park Vows To Rebalance Export-Led Economy. South Korean President Park Geun-Hye unveiled Tuesday a three-year plan to rebalance the export-reliant economy, investing US$3.7bil on start-ups, boosting domestic spending and getting more young people and women in the workforce. Park said the plan – announced on the day she completed her first year in office – would deliver a potential economic growth rate of least four percent by 2017. "Our past... way of growth that made us one of the world's 10 largest economies has now reached its limit," Park said in a national televised speech. (AFP)
USA
Consumer Confidence In U.S. Declines More Than Forecast. Consumer confidence fell more than forecast in February as growing concern about the U.S. economy’s direction outweighed improving perceptions of its current state. The Conference Board’s index decreased to 78.1 from a revised 79.4 in January that was weaker than initially estimated, the New York-based private research group reported today. Another report showed home prices were increasing at a slower pace. (Bloomberg)
Home Prices In 20 U.S. Cities Increase At Slower Pace. Home prices in the U.S. climbed at a slower pace in the year through December, pointing to a moderation in the market that will help keep more properties within reach for prospective buyers. The S&P/Case-Shiller index of property values in 20 cities rose 13.4 percent from December 2012 after increasing 13.7 percent in the year ended in November, the group said today in New York. It was the first deceleration since June. The gain matched the median estimate of 33 economists surveyed by Bloomberg. (Bloomberg)
Europe
Overseas Trade Drives German Economic Growth. Germany's economic growth in the final three months of last year was largely driven by overseas trade, according to official statistics. The German economy grew by 0.4% in the quarter compared with the third quarter, the German statistics agency said, confirming its earlier estimate. Foreign trade drove the increase, accounting for 1.1 percentage points of the rise in gross domestic product. However, weak domestic demand cut 0.7 percentage points from the figure. (BBC)
European Commission Sees Recovery 'Gaining Ground'. The European Commission has said economic recovery is "gaining ground" in the EU as it revised up its growth forecasts for 2014 and 2015. The Commission said the 18-nation eurozone would grow by 1.2% this year and 1.8% next year. In both cases, the figure was 0.1 percentage points higher than in earlier redictions. The UK's economy is now expected to grow by 2.5% this year, up from a previous forecast of 2.2%. However, the Commission left its UK growth forecast for 2015 unchanged at 2.4%.The wider 28-nation EU’s prospects have been revised up by 0.1 percentage points, to 1.5% in 2014 and 2% in 2015. (BBC)
Currencies
Dollar Falls Against Yen Along With Stocks. The dollar fell against the Japanese yen Tuesday, taking cues from declines in U.S. stocks. The dollar fell to ¥102.18 from ¥102.44 late Monday and the S&P 500ended the day down 2.49 points, or 0.1%. The ICE dollar index , which tracks the greenback against six rival currencies, fell to 80.158 from 80.212 late Monday. The euro edged up to $1.3740 from $1.3733 late Monday. The British pound rose to $1.6673 from Monday’s $1.6656. The Aussie declined to 90.16 U.S. cents from 90.32 U.S. cents in the prior session. (Market Watch)
Commodities
Brent Rises On Tight Supply, Spread Supports U.S. Crude. Brent oil rose on Monday after production outages in Libya and South Sudan curbed exports and tightened global supply. Brent crude settled 79 cents higher at $110.64 a barrel, extending gains for a second straight week. U.S. oil was up 62 cents to $102.82, after climbing more than $1 earlier in the session. (Reuters)
Gold At 4-Month High On Disappointing U.S. Economic Data. Gold rose to a four-month high on Tuesday, extending its winning streak to a fourth consecutive session, after disappointing U.S. consumer confidence and a lackluster gain in home prices fueled concerns over the pace of U.S. economic recovery. Spot gold hit its highest since Oct. 31 at $1,343.20 an ounce after the U.S. data. Among other precious metals, silver fell 0.1 percent to $21.94 an ounce. Platinum rose 0.4 percent to $1,436.75 an ounce and palladium was down 0.8 percent to $732 an ounce. (Reuters)