Japanese March Small Business Confidence Improves

Japanese small business confidence rose to 48.7 in March from 45.3 in February, data from Shoko Chukin Bank showed Tuesday. However, a reading below 50 indicates that pessimists outnumber optimists.

Confidence among manufacturers rose to 48.7 from 44.7 a month ago. In April, confidence is expected to fall again to 44.7.

At the same time, non-manufacturers' confidence improved to 48.7 in March from 45.7 in February. It is seen easing to 47.7 in April.

Philippine Imports Fall For Second Month

Philippines' merchandise imports decreased for the second consecutive month in January, data released by the National Statistics Office showed Tuesday.

The value of imports decreased 3.2 percent year-on-year to $5.134 billion in January, after falling 6.4 percent in December. On a monthly basis, import of goods increased 10.8 percent during the month.

Arrivals of electronic products fell 26.9 percent annually to $1.344 billion in January, slightly faster than the previous month's 25.7 percent decease.

Imports of industrial machinery and equipment dropped 12 percent, while arrivals of telecommunication equipment and electrical equipment fell by 11.3 percent during the month. There was a 9 percent annual fall in imports of metalliferous ores and metal scrap.

Meanwhile, exports increased 3.1 percent on an annual basis to $4.123 billion in January, after recording declines in all of the previous eight months.

The trade balance was a deficit of $1.010 billion in January, down from the $1.302 billion deficit recorded a year earlier.

Austria January Production Index Up 1.7%

Austria's production index rose in January from a year ago, data from Statistics Austria showed Monday.

The production index combining industries and construction climbed a working-day adjusted 1.7 percent on an annual basis in January. Industrial production rose 1.2 percent, while construction output grew 5.4 percent.

Month-on-month, industrial output advanced a seasonally adjusted 2.5 percent in January. Industrial output increased 2.8 percent and construction rose 2.2 percent.

Dutch Producer Confidence Weakens For Third Month

Producer confidence in the Netherlands deteriorated for the third consecutive month in March, data released by the Central Bureau of Statistics showed Monday.

The producer confidence index dropped to -2.6 in March from -1.5 in February. In January and December, the readings were -1.4 and -1.3 respectively.

Among the components of the headline index, Dutch producers' views of their order books deteriorated sharply in March, with the relevant indicator falling to -4.7 form -1.6 in February. Producers were slightly more pessimistic about their expected activity in the coming three months. The corresponding indicator dropped to -5.8 in March from -5.3 in the previous month.

Meanwhile, the sub-indicator that measures producers' perception of stocks of finished products moved up to 2.6 in March from 2.5 percent in February, the agency said.

ECB Should Exit Exceptional Policies Once Economic Conditions Ripe, Says Coeure

The European Central Bank should exit from non-standard measures and return to a less accommodative policy stance once the economic conditions ripe, Executive Board member Benoit Coeure said Monday.

"We can withdraw the ample liquidity created as a side effect of the long-term operation whenever the Governing Council deems liquidity conditions are excessive in view of the outlook for price stability," he said.

"All the tools necessary for large-scale liquidity withdrawal are already in place or will be readily available when needed," said Coeure.

A prolonged period of monetary policy accommodation might fuel excessive risk-taking, leverage and asset price bubbles, Coeure added. Moreover, it might discourage banks, companies and governments from strengthening their balance sheets and therefore create a dependence on low rates.