International
Asia Week Ahead - PMI Reports; Inflation Prints; Malaysia's Interest Rate Decision
For the week ahead in Asia, the economic calendar is packed with key releases, including PMI data, inflation figures, and an interest rate decision.PMI reports from a number of countries will provide insight into the region's business activity.Retail sales, industrial production, and inflation numbers will also be in focus, with an interest rate decision also scheduled from Malaysia.MONDAY, Aug. 31South Korea published industrial production and retail sales data on Monday.All industry production index remained steady in July from a month earlier, while retail sales fell 0.8% year over year in the month.Elsewhere, Japan's industrial production rose 4.1% year over year in July, with retail sales also expanding 4% to 13.88 trillion yen.On the PMI front, business production and operational activities in China contracted in August, with the official Composite PMI Output Index coming in at 49.5.Factory activity also contracted, with a manufacturing PMI of 49.8. Business activity in the non-manufacturing sector stalled with a PMI of 49.Elsewhere, Hong Kong logged a 4.5% annual growth in total retail sales value in July to HK$31 billion, according to provisional data, while Thailand's retail sales fell 18.3% year over year in June.India will publish its Q2 GDP growth rate later today, with ING expecting a slight decrease to 7.5% from 7.8% previously. ANZ Research also believes the reading will be above 7%, according to the Wall Street Journal.TUESDAY, Sept. 1Tuesday will see the first major influx of PMI reports for the week.The S&P global manufacturing PMI for Japan (final) and South Korea for August is forecast at a respective 55.1 and 53.2, according to Trading Economics.India and Taiwan will also see S&P manufacturing PMI for the month, while Thailand's PMI numbers are also expected.China's RatingGod manufacturing PMI for August is projected at 51.2, while India's HSBC manufacturing PMI will likely come in at 52.9, Trading Economics said.Elsewhere, Indonesia will report inflation for August on Tuesday, with CPI and core CPI expected to come in at 3.1% and 2.8%, respectively, year over year, according to ING.The country is also projected to continue to see a monthly trade deficit in July, the WSJ reported citing Wong Xian Yong, an economist at RHB.Japan will report consumer confidence data.WEDNESDAY, Sept. 2Investors will closely follow a speech by Bank of Japan's policy board member Hajime Takata, whose proposed rate hike to 1.25% in the bank's July meeting was rejected by a majority vote, the WSJ said.South Korea's August inflation rate is expected to expand to 3.1% year over year, according to Trading Economics.Singapore's Manufacturing PMI print is scheduled for release.THURSDAY, Sept. 3An interest rate decision by Malaysia's central bank will take center stage on Thursday.Bank Negara Malaysia is projected to keep its policy rate steady at 2.75%, the Wall Street Journal reported citing CGS International economist Mas Aida Che Mansor.A wave of PMI data is also set to be released during the day.Japan's final S&P, China's RatingDog, and India's HSBC composite and services PMI numbers are expected to complete the picture for August.Japan's composite and services are projected at 53.4 and 52.3, respectively, according to Trading Economics.China's numbers will likely come in at a respective 51 and 50.8, while India's PMI figures are forecast at 54.6 and 54.5, Trading Economics projections showed.Singapore and Hong Kong's S&P global PMI, and India's global services PMI numbers are also anticipated, according to ING.FRIDAY, Sept. 4The Philippines' August headline inflation figure is projected to ease to 6% from 6.2% in July, the WSJ said citing ANZ Research's Kausani Basak.Singapore will release retail sales data for July.
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