Germany’s DIHK Chambers of Commerce cut its economic growth estimate to 0.3% for 2013 from 0.7% earlier, citing concerns that growth in exports would be less than expected. DIHK added GDP would expand by more than 1% in 2014. Separately, the Conference Board Leading Economic Index for Germany rose 1.3% in the six months to March compared to the previous six months, where it fell 2.9%.

China’s flash HSBC Purchasing Managers’ Index (PMI) fell to 49.6 in May, contracting for the first time in seven months, after a final reading of 50.4 in April. A sub-index measuring total new orders declined to 49.5, its lowest reading since September.

Japan’s exports rose 3.8% y-o-y in April, below the market estimate of 5.9% and after gaining 1.1% y-o-y in March, the Ministry of Finance reported. Imports jumped 9.4% y-o-y in April due to a rise in liquefied natural gas purchases following a revised 5.6% increase in March. The trade deficit widened to ¥879.9bn after a revised deficit of ¥364.0bn in March.

Italy’s current account balance swung to a surplus of €1.9bn in March vis-à-vis a deficit of €1.6bn during the same period last year, as per the Bank of Italy. The surplus in goods account almost doubled to €4.7bn, while the deficit in services narrowed to €429m from €836m in the previous year.

China’s new home prices jumped 4.9% y-o-y in April, the fastest gain since April 2011, after a 3.6% y-o-y increase in March, the National Bureau of Statistics (NBS) said on Saturday. New home prices in Beijing and Shanghai advanced 10.3% and 8.5%, respectively, in April. However, on m-o-m basis, new home prices were up 1% in April, easing from the 1.2% gain in March.

Japan’s core machinery orders rose 14.2% to ¥793.1bn in March, its quickest monthly rate in eight years, and ahead of the market forecast of a 2.8% gain, the Cabinet Office said today. Orders increased a revised 4.2% in February. On y-o-y basis, core orders rose 2.4% after contracting 11.3% in February. However, manufacturers expect core orders to decline 1.5% in the next quarter and 7.7% on y-o-y basis.

Japan’s economy grew 0.9% q-o-q in Q1 2013, ahead of forecasts for 0.7% growth, after a flat reading the previous quarter, the Cabinet Office revealed today. On y-o-y basis, GDP climbed 3.5% following a revised 0.2% gain in Q4 2012. However, capital spending fell 0.7% in Q1, missing forecasts of a 0.7% rise.

The Congressional Budget Office (CBO) forecasts 2013 budget deficit to be US$642bn, nearly US$200bn below its February estimate, and much lower than last year’s US$1.1-trln deficit. This year’s deficit would be 4% of GDP. Higher tax revenues and bailout mortgage repayments were cited as the main reasons for the improved outlook.

The Royal Institution of Chartered Surveyors (RICS) said its seasonally adjusted house price balance was up at +1 in April from -2 in March, coming in positive for the first time since June 2010. Also, demand for housing rose to its highest level in nearly three-and-a-half years, aided by new government schemes to boost the sector.

China’s industrial production rose 9.3% y-o-y in April, from 8.9% in March, below market expectations of a 9.5% rise, the National Bureau of Statistics said today. Separately, property investment jumped 21.2% y-o-y in the January-April period.