Asia

S'pore Growth Beats Target. Singapore’s economy grew faster than initially estimated in the first quarter, handily beating expectations, with solid manufacturing activity and a recovery in developed markets set to underpin growth over the year. The latest numbers released yesterday by the Trade and Industry Ministry were complied after rebasing effects, with the base year for the national accounts now set to 2010 instead of 2005. The data showed the trade-dependent economy expanded an annualised and seasonally adjusted 2.3% in the January-March period from the previous three months. That compared with a 1% growth forecast in a Reuters poll and the government’s earlier estimate of a 0.1% expansion. (Reuters)

Russia's Putin Seeks Gas Deal On State Visit To China. Russian President Vladimir Putin has begun a two-day state visit to China with a major gas supply deal high on the agenda. A price for the Russian gas was not agreed on Tuesday, but analysts say a deal could still be struck before Mr Putin leaves China on Wednesday. Mr Putin described China as a reliable friend and Russia's leading foreign trading partner. It is his first visit to China since President Xi Jinping took office. China is Russia's largest single trading partner, with bilateral trade flows of $90bn in 2013, and the two neighbours aim to double the volume to $200bn by the end of the decade, according to agencies. (BBC)

Europe

UK Inflation Rate Rises To 1.8% In April. Higher fares for flights and ferries helped to push the rate of inflation up in April, the first increase in the rate for 10 months. The Consumer Prices Index, rose to 1.8% in April from 1.6% in March, according to the Office for National Statistics. The ONS said the timing of Easter, which fell in April this year, was likely to have had an impact on travel costs. It said the cost of petrol was also higher than the same month a year ago. The increase in travel and fuel costs were offset to some extent by a fall in the cost of food. The rate of inflation as measured by the Retail Prices Index (RPI) was unchanged at 2.5%, the ONS said. Despite the increase in the CPI inflation measure, the rate is still below the Bank of England's 2% target for inflation. (BBC)

German Exports To Russia Slump 13% In Q1. German exports to Russia slid 13% in the first quarter of the year, led by sharp falls in cars and machinery, as the Ukraine crisis pushed the rouble currency down to record lows. Data from the Federal Statistics Office on Tuesday showed exports slumped by €1.1bil to €7.6bil, bucking a rise in overall German exports of 3.1% in the first three months of 2014. Machinery exports to Russia, Germany's 11th biggest trading partner, fell 19%, while those of cars and trucks tumbled 18% compared to the same period last year. (Reuters)

Currencies

Aussie Falls Below 93 U.S. Cents; Dollar Mixed. The U.S. dollar gained against the Australian currency on Tuesday while moving lower against the British pound, though overall foreign-exchange movements remained limited. The Australian dollar fell to 92.51 U.S. cents from 93.27 U.S cents late Monday. The pound moved up to $1.6842 from 1.6822 late Monday. The euro was at $1.3703 versus $1.3710 late in the prior session. The dollar fell to ¥101.29 from ¥101.41. The ICE dollar index, a measure of the dollar’s strength against six other currencies, rose to 80.036 from 80.005 late Monday. (Market Watch)

Commodities

Brent Rises On Libya, Pulls U.S. Oil Up Despite Stocks. Brent rose modestly on Tuesday supported by instability in Libya, pulling U.S. oil for July delivery higher in spite of expectations for an increase in domestic stockpiles. Brent crude settled 32 cents higher at $109.69 a barrel. U.S. crude for June delivery, which expired Tuesday, settled 17 cents lower at $102.44, after hitting its highest price in nearly one month on Monday. U.S. crude for July delivery settled 22 cents up at $102.33 a barrel. (Reuters)

Platinum Firms On Strike Action, Gold Holds Near $1,290/Oz. Platinum group metals rose on Tuesday as South Africa's longest and costliest miners' strike ground on, while gold edged up as gains in the dollar held it near key chart support. Spot platinum was up 0.1 % at $1,464.75 an ounce by 3:51 p.m. EDT (1951 GMT). Spot platinum was up 0.1 % at $1,464.75 an ounce by 3:51 p.m. EDT (1951 GMT). Palladium rose 1.2 % to $821.90 an ounce. Spot gold edged up 0.2 % to $1,294.29 an ounce. Among other precious metals, spot silver edged up 0.2 % at $19.36 an ounce. (Reuters)