June 18, 2024

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Risk on Monday, China ‘data dump’ looms

2 min read

By Jamie McGeever

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.

Asia is poised to start this week as it finished last week, with risk assets and investor sentiment buoyed by growing confidence in the U.S. economic ‘soft landing’, and easing financial conditions from the slide in the dollar and U.S. bond yields.

The regional economic and policy events calendar this week is jammed with top-tier releases which are sure to give local assets strong steers, especially from China.

October’s import and export figures are released on Tuesday, and Thursday sees the release of bank lending and credit, money supply, producer price inflation and consumer price inflation, all for October also.

China’s economic surprises index turned positive three weeks ago but despite stronger-than-expected third quarter GDP growth, that momentum has faded. This week’s ‘data dump’ will give a clearer picture of how the economy started the fourth quarter.

Elsewhere in Asia, the main economic indicators this week will be the latest consumer inflation readings from Thailand, the Philippines and Taiwan, and third quarter GDP from the Philippines, Hong Kong and Indonesia.

Indonesian GDP figures and Thai inflation figures are out on Monday.

Indonesia’s quarter-on-quarter growth rate is expected to more than halve to 1.71% from 3.86%, according to a Reuters poll, and annual growth is expected to essentially hold steady just above 5%.

The rupiah last week snapped an eight-week losing streak, picking itself up from a three and a half year low of almost 16,000 per dollar.

The Thai baht, meanwhile, climbed 1.5% on Friday for one of its strongest rallies this year. Further progress on inflation could pave the way for it to move further away from last month’s one-year low around 37.20 per dollar.

On the policy front, the Reserve Bank of Australia’s rate decision on Tuesday is the regional highlight of the week. Economists polled by Reuters expect the…



2023-11-05 16:46:29

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