Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
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China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Sweden’s industrial production dropped in May, implying a sluggish development in the nation’s manufacturing sector. According to Statistics Sweden, industrial production fell 0.8 percent month-on-month in May, as compared with April’s decline of 0.2 percent. On a year-on-year basis, industrial production grew 1.7 percent, as compared with April’s rise of 3.2 percent.
The aggregate for the other manufacturing industry was the sub-sector, which indicated the highest increase, whereas the motor vehicle industry indicated the largest decrease.
In the March to May 2016 period, industrial production rose 1.4 percent, as compared with the earlier three-month period. The May figures are preliminary. April’s month-on-month figure has been revised downwards by 0.3 percentage points to a drop of 0.2 percent.
Order intakes for the month remained flat on a sequential basis. It had dropped 0.6 percent in April. Meanwhile, on a year-on-year basis, order intake dropped 0.5 percent, as compared with April’s growth of 0.1 percent.
May’s order intakes to manufacturing sector were subdued. It implies a down turn in production, noted Nordea Bank in a research report. But the showdown in Swedish economic activity would be because of a weaker development in domestic demand rather than deceleration in the exporting sector.
Meanwhile, services production dropped 0.1 percent month-on-month in May, on seasonally adjusted basis, stated Statistics Sweden. On a year-on-year basis, the index of service production rose 5.4 percent in volume and working day adjusted figures. In the March to May 2016 period, production rose 1.2 percent in seasonally adjusted terms.
