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Asian stocks remained under pressure on Thursday as worries about a U.S. economic slowdown persisted, even as a spate of Chinese data pointed to only a mild cooling in that economy.
China's annual economic growth eased to 10.3 percent in the second quarter from 11.9 percent in the first quarter, a touch weaker than expected, in response to credit curbs and the fading of fiscal stimulus.
Nevertheless, the data showed concerns about a steep slowdown in the world's third-largest economy were overblown. Inflation at the producer and consumer level also eased in June from May, reducing the need for further policy tightening.
 

Average annual interest rate on term deposits in soums in July made up 21.51%, AFS-Research said in its monthly report “Uzbekistan: Interest rates on bank deposits for July”.
Average interest rate on checking accounts in soums in July comprised 3.86%. The interest rate increased by 0.37 points in past month.
Average interest rate on 3-month soums deposit increased by 2.44 points and in July made up 20.86%.
 

By the results of stock trades on Republican stock exchange «Toshkent» (UZSE) of last month the volume of deals with shares decreased in sum terms in 3,2 times comparing to the previous month and made 747,85 million soum (USD 470,65 thousand CBU rate).
There were no REPO deals and USD deals with shares on UzSE in June.
Total volume of deals in January – June decreased in 4,2 times comparing to the previous year and made USD 5,86 million CBU rate.
Volume of the secondary market in UZS terms made 100 %. There were no IPOs, REPO deals and USD deals in June.
Sector breakdown: banks – 84 %, agricultural companies – 3 %, retail companies – 3 %.
Volume leader of the month were shares of «Hamkorbank» JSC. Total volume of deals made USD 217,9 th.
Second volume leader were shares of «Ipak Yoli Bank» JSC. Total volume of deals made USD 175,03 th.
Top three close shares of «Toshkent-Tibtexnika» JSC with total volume of USD 37,8 th.
 

-- An International Monetary Fund (IMF) mission visited the Republic of Uzbekistan from 14 ? 29 June 2010 to hold discussions with the Uzbek authorities for the 2010 Article IV consultation.
The mission was headed by Ms. Taline Koranchelian, Assistant to the Director in the Middle East and Central Asia Department; David Owen, Deputy Director of the Middle East and Central Asia Department, joined the policy discussions.
?The discussions focused on Uzbekistan?s policy response to the global crisis and the economic outcome in 2009, the outlook for 2010 and for the medium term, and policy issues of importance for Uzbekistan,? the statement said.
 

Leaders of the world’s major industrialized and emerging market economies backed measures to sustain the global recovery and said they would work together to encourage economic growth, promote job creation, and enhance global prosperity while strengthening the financial system and curbing worrying public deficits.
Heads of the Group of Twenty (G-20) met June 26–27 in Toronto, Canada to assess the state of the recovery and decide on measures to keep it going, saying the social impact of the crisis was still widely felt. Their highest priority was to safeguard and strengthen the recovery from the global recession that remains uneven and fragile.
The G-20 leaders agreed to develop a comprehensive action plan to bolster growth and foster a strong and lasting recovery—to be finalized at the next summit in Seoul in November, an initiative IMF chief Dominique Strauss-Kahn said “holds out great promise.” The IMF has provided the G-20 with analysis on how to improve global growth and will continue to support what is known as the Mutual Assessment Process in the next phase.
 

Who will be a bigger driver of global trade rebalancing – the People’s Bank of China or the country’s migrant workers? The PBoC guides the yuan exchange rate, which U.S. politicians and investors are fixated on. But other factors, including labour costs, are probably doing more to increase the cost of exports from China.

OVERVIEW:

• China’s economy has continued to grow robustly, with some softening recently.

• China’s economic outlook remains favorable.

• Such prospects warrant further normalization of the macroeconomic stance, while keeping flexibility.

• Policy making needs to take into account several features of the medium term outlook.

• Moreover, further reforms are needed to ensure economic growth remains sustainable socially and with regard to energy and the environment.
 

Growth in the Middle East, North Africa, and Pakistan (MENAP) is set to reach 4.2 percent in 2010 as the global economy recovers, but the region is still coping with the legacy of the global economic crisis, the IMF says in its new regional forecast.
IMF Middle East and Central Asia Department Director Masood Ahmed told a May 25 press conference in Dubai that the outlook for the region had improved considerably from 2009.
 

The World Bank said on June 3 that it is on track to begin to implement the first phase of its new policy on Access to Information on July 1, one of several major reforms the Bank has undertaken to increase its effectiveness, efficiency, and accountability.

The new policy positions the Bank as a transparency leader among multilateral organizations. It moves the Bank from an approach that spelled out what information would be made publicly available under the current disclosure policy, to one that enables public availability of all information in the Bank’s possession that is not on a clear list of exceptions, such as staff personal information and deliberative documents.

The new policy provides for much greater access to information about projects under implementation to enable the public to track a project through the course of the project lifecycle.

“The new Access to Information Policy is much more than a simple policy change. It is an enormous cultural shift for the institution, both in terms of how we engage with the outside world and how we view and handle information,” said Jeff Gutman, Vice President, Operations Policy and Country Services.
 

Average annual interest rate on term deposits in soums in June made up 17.92%, AFS-Research said in its monthly report “Uzbekistan: Interest rates on bank deposits for June”.
Average interest rate on checking accounts in soums in June comprised 3.49%. The interest rate increased by 0.29 points in past month.
Average interest rate on 3-month soums deposit increased by 2.52 points and in June made up 18.42%.