Malaysia

M'sian Property Market Falls 10.9% In Volume, Rises 6.7% In Value. The Malaysian property market saw a decline of 10.9% in volume for the year 2013, with 381,130 transactions done compared to 427,520 in 2012. However, it saw a 6.7% increase in value, with RM152.37bil done for 2013 compared to RM142.84bil a year ago, according to the Property Market Report. It said the residential sub-sector continued to spearhead the property market activities, taking up 64.6% share. “Prevailing low interest rate environment, with the base lending rate of commercial banks sustaining at 6.53%, and weighted average lending rate to 5.4% continued to support the domestic property market,” it said. It added the Bank Negara Malaysia’s pre-emptive strategies to preserve household sector resilience through application of 70% loan-to value ratio on third housing loans onwards as well as guidelines on responsible funding, had gradually impacted the housing market. (The Star)

Asia

ADB: Asia Needs To Strengthen Economic Cooperation. Shifting relations between Asian countries and the changing global economy mean that Asia needs to strengthen its economic cooperation, says the Asian Development Bank’s (ADB) Asian Economic Integration Monitor. ”Asia needs stronger cooperation now more than ever,” said head of ADB’s office of regional economic integration Iwan J. Aziz. He said regional trade and financial integration have ratcheted up over the past decade and closer cooperation is needed to counter geopolitical risks while surveillance and financial safety nets can address contagion. Asia’s intra-regional trade share has risen to 54% in recent years and into early 2013, with trade between subregions rising, particularly for Central Asia as well as the Pacific. (Bernama)

USA

Sales Of Existing U.S. Homes Fall For A Third Month. Sales of previously owned homes fell in March for a third consecutive month as rising prices and a lack of inventory discouraged would-be buyers. Closings, which usually take place a month or two after a contract is signed, fell 0.2 % to a 4.59 million annual rate, the lowest level since July 2012, the National Association of Realtors reported today in Washington. Purchases were down 8.5 % compared with the same month last year before adjusting for seasonal patterns. (Bloomberg)

U.S. Home Prices Rose 6.9% In February As Recovery Cools. U.S. house prices rose 6.9 % in the 12 months through February, the smallest gain in a year, in a sign that the housing market’s recovery is cooling. Prices climbed 0.6 % on a seasonally adjusted basis from January, the Federal Housing Finance Agency said today in a report from Washington. The average economist estimate was for a 0.5 % increase, according to data compiled by Bloomberg. (Bloomberg)

Currencies

Dollar Falls Vs. Aussie With Inflation Data On Tap. The U.S. dollar fell against the Australian dollar Tuesday as investors looked ahead to Australian first-quarter inflation data that could provide more evidence for a rate hike from the country’s central bank. The Australian dollar rose to 93.66 U.S. cents from 93.33 U.S. cents late Monday, hovering below its high for the year. The New Zealand dollar rose to 85.99 U.S. cents from 85.73 U.S. cents late Monday. The euro rose to $1.3805 from $1.3793 late Monday. The ICE dollar index , which pits the dollar against six rivals, was at 79.891 versus 79.957 late Monday. The dollar was flat at ¥102.60 from late Monday. The British pound rose to $1.6826 from $1.6802 late Monday. (Market Watch)

Commodities

US Oil Crumbles As Stockpiles Threaten Record Highs. U.S. crude futures fell on Tuesday ahead of data expected to show that inventories in the world's top oil consuming nation are close to exceeding record-highs. Brent crude was down nearly $1, clawing back above $109 a barrel after reaching a six-week high of $110.36 last week. U.S. crude plunged by $2.24 to settle at $102.13 a barrel, its largest one day drop since January 2. (Reuters)

Gold Hits Lowest Since Feb On ETF Outflows, S&P Gains. Gold prices dropped to their lowest in more than two months on Tuesday, weighed down by gains in Wall Street stocks and as outflows from physical gold funds pointed to weak investment appetite. Spot gold was down 0.5 % at $1,282.49 an ounce by 3:13 p.m. EDT (1913 GMT), having earlier hit $1,277.10, the lowest since Feb. 11. Among other precious metals, silver was down 0.1 % at $19.37 an ounce. Platinum rose 0.2 % to $1,395.50 an ounce, while palladium was up 0.6 % at $781.33 an ounce. (Reuters)