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ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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International

ADB Cuts Economic Growth Projections for Developing Asia Amid Middle East Crisis

The Asian Development Bank sharply downgraded its economic growth forecasts for developing Asia and the Pacific while raising inflation projections, citing prolonged disruptions from the Middle East conflict that are driving up energy prices and tightening financial conditions.The bank now expects regional growth of 4.7% in 2026 and 4.8% in 2027, down from its earlier forecast of 5.1% for both years. Meanwhile, inflation is projected to accelerate to 5.2% this year before slowing to 4.1% in 2027, according to the latest ADB report.ADB said the revisions reflect sustained pressure on oil and gas prices, with crude expected to average about $96 per barrel in 2026, significantly higher than pre-conflict levels, weighing on fuel-importing economies.Under a more severe scenario, growth could ease further to 4.2% this year and 4% next year, while inflation may spike to 7.4% in 2026, the bank added, urging targeted fiscal support and measured monetary responses.

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International

Philippines Manufacturing PPI Growth Quickens to 2.5% in March

The Philippines' producer price index (PPI) for manufacturing rose 2.5% year over year in March, accelerating from a 1.4% increase in February, data from the Philippine Statistics Authority showed Thursday.The pickup was driven mainly by an 8.7% rise in the manufacture of coke and refined petroleum products, up from 3.6% in the previous month.Faster growth in the manufacture of computer, electronic and optical products at 5.3%, along with a 4.3% increase in basic metals, also supported the expansion.Meanwhile, PPI growth for food manufacturing eased to 0.7% in March from 0.9% in February, the data showed.

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International

Philippines' Exports Rise, Imports Fall in March; Total Trade Hits $20.2 Billion

The Philippines' total external trade in goods reached $20.16 billion in March, based on seasonally adjusted data released by the Philippine Statistics Authority on Thursday.Exports inched up 0.4% to $7.81 billion from $7.78 billion in February, supported by a 7% rise in manufactured goods, while mineral and agro-based products declined.Meanwhile, imports slid 2% to $12.35 billion from $12.60 billion, weighed down by lower consumer and capital goods imports, although raw materials and intermediate goods increased.Manufactured goods remained the country's top export category during the month, the data showed.

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Asia

Market Chatter: Philippines Secures US Extension to Import Oil from Russia

The U.S. has approved an extension of the Philippines' waiver to import Russian oil and petroleum products, Business World reported Monday, citing the Philippine energy department.The new approval runs from April 17 to May 16. Energy Undersecretary Alessandro Sales said the one-month extension applies broadly to all eligible buyers. Energy Secretary Sharon S. Garin said the country currently holds 54 days of fuel reserves, indicating adequate near-term supply stability.The previous waiver, issued in March, expired on April 11 after allowing temporary Russian oil imports, reportedly.Meanwhile, the government will maintain its moratorium on new coal projects despite industry pressure, although projects approved before 2019 may still proceed as the Department of Energy reviews existing approvals and potential retirements, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Philippine Oil Companies to Slash Diesel, Kerosene Prices for Third Straight Week

The Philippines' diesel and kerosene prices are set to fall for a third consecutive week, starting Tuesday, Business World reported the same day.Diesel is expected to drop by at least 12.94 Philippine pesos per liter while kerosene is projected to decline by at least 15.71 pesos per liter, the report said, citing the country's energy department.However, gasoline may rise by up to 0.53 pesos per liter, the report added.The adjustments reflect actual market movements from the previous week, and fuel retailers are required to comply or face sanctions, Philippine Energy Secretary Sharon S. Garin reportedly said.The country continues to depend heavily on imports but is diversifying supply sources, including temporary Russian crude purchases and state-led diesel procurement, the news outlet reported.Fuel inventory stood at 54 days as of April 24, supported by steady replenishment despite daily consumption of about 34 million liters, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Asia Week Ahead: Central Bank Decisions; Inflation Prints; and Trade Data

For the week ahead in Asia, the economic calendar is packed with major data releases, central bank decisions and inflation updates across the region.Monday brings China's first-quarter industrial profits data, as well as Malaysia's producer prices.On Tuesday, markets will turn to the Bank of Japan's interest rate decision, alongside trade figures from Hong Kong and Macao, and India's March production report.Wednesday features Thailand's central bank rate decision and Australia's closely watched quarterly inflation print, while Thursday brings China's official and private PMI readings.On Friday, Japan's Tokyo core inflation reading will be in focus, along with South Korea's April trade data.Here's what to watch in the week ahead.MONDAY, April 27The week kicked off with the release of China's industrial profits data for the first quarter.The total profits of China's industrial enterprises rose 15.5% year on year to 1.696 trillion yuan during the first three months of 2026, with increases seen in the mining, manufacturing, technology, and chemical industries.A drop in profits was witnessed in the utilities industry, as well as the electricity and heat and agricultural industries, data from the National Bureau of Statistics showed.Singapore disclosed its manufacturing output stats for March, highlighting a 10.1% jump in production thanks to strong growth across almost all clusters.Malaysia's producer prices rose in March for the first time in a year, driven largely by a rebound in the mining sector, according to Trading Economics.Producer prices climbed 1.1% year on year, reversing a 3.4% decline in the previous month.Meanwhile, Taiwan's consumer confidence index edged up to 62.47 in April, rising 0.17 points from March.The uptick was driven by improvements in four sub-indicators, with sentiment on employment opportunities posting the largest monthly gain.A pair of reports covering business and consumer confidence was also due in the Philippines.TUESDAY, April 28Markets will turn their attention to an interest rate decision scheduled in Japan.The upcoming decision could be a complicated one for the Bank of Japan as it grapples with intensifying inflation domestically and the uncertainty surrounding the Middle East, ING said in a preview.While markets broadly expect the central bank to maintain rates at 0.75%, ING said it continues to believe there's a chance the Bank of Japan may hike rates.Japanese unemployment data is also due the same day, with observers expecting the jobless rate to hover around the 2.6% mark, unchanged from the prior month, according to a consensus compiled by Trading Economics.Hong Kong will disclose trade stats for March. According to Trading Economics, the city state's trade deficit could narrow to HK$43 billion from the HK$64.2 billion recorded in February.Macao will similarly release balance of trade figures. The city state's trade deficit could narrow to 9.4 billion pataca in March from 9.9 billion pataca a month prior, Trading Economics forecasted.India's industrial production data for March will also be in the news. A consensus compiled by Trading Economics indicated analysts expect India's industrial production growth to slow to a rate of 4.2% from 5.2% in February.India's manufacturing weakened in March as geopolitical tensions in the Middle East, unstable market conditions, and inflationary pressures impacted output, S&P Global said previously. However, conditions appeared to have improved in April, according to the firm's most recent flash purchasing managers' index release.South Korea's business confidence report for April will be due the same day.WEDNESDAY, April 29Thailand's central bank will meet for its interest rate decision.The Bank of Thailand is seen to hold rates steady at 1% amid softening growth and inflationary pressure due to the conflict in the Middle East, the Wall Street Journal reported.Thailand's March Industrial production data is also expected on the same day.Australia's latest inflation print will be in the news, providing markets with an overview of pricing pressure ahead of the Reserve Bank of Australia's May board meeting.Westpac said it expects to see a 4.2% yearly gain in headline inflation for the March quarter.The quarterly data is likely to affirm for the Reserve Bank of Australia that the underlying inflation pressures are evident in the economy before the escalation of the Middle East conflict in late February, ANZ said in a preview.In Singapore, March import and export prices will be expected, as well as producer price inflation data.THURSDAY, April 30China's manufacturing and services sectors will be in focus as the National Bureau of Statistics releases its monthly purchasing managers' index covering manufacturing, non-manufacturing, and general PMI for April.The release will be accompanied by a private reading on China's manufacturing sector from S&P Global.Economists at ING said they expect official data to show activity dipped back into contractionary territory following the expansion witnessed in March.ING forecasts manufacturing PMI falling to 49.9 and the non-manufacturing PMI dipping to 49.8, and said it expects to see pricing pressure continuing to build in the PMI sub-indices.Taiwan will release its first-quarter advance gross domestic product growth rate, with markets looking for signs of whether the island state's economy can continue posting stellar growth due to its global positioning in high-precision semiconductor production.Researchers at ANZ expect Taiwan's first-quarter GDP growth rate to come in at 11.8%, slowing from the 12.7% rise witnessed in the prior quarter, the Wall Street Journal reported.In Australia, the first-quarter import and export prices data is expected. CommBank said it expects export prices to rise 1.2% while import prices to decline 0.6%, both on a quarter-on-quarter basis.Meanwhile, a confidence report due in New Zealand is likely to show a further deterioration in business sentiment due to the ongoing Middle East conflict, CommBank said in a preview.Further trade data is expected in the Philippines, which could see its trade deficit widen to $4.1 billion in March from $3.68 billion in April, according to Trading Economics.Both South Korea and Japan will release industrial production and retail sales data for March.ING said it expects Japan's industrial production to "rebound quite firmly" during the month. The firm expects industrial output to rise 2.2% year on year from the 0.4% rise witnessed in February.Japan will additionally release a consumer confidence report for April, while a similar release covering business confidence will be due in Singapore.Singapore's first-quarter preliminary unemployment rate will also be released on Thursday.Thailand's February retail sales stats will be due.FRIDAY, May 1Japan's closely watched Tokyo core consumer price index for April will capture headlines, offering markets an early indicator of the overall inflation rate in the country."The Tokyo CPI is expected to rise faster in April, reflecting recent energy price hikes, a weak JPY, solid wage growth, and bi-annual price adjustments," ING said in a preview.South Korea announces April trade data.The country's trade surplus could drop marginally to $26 billion from $26.2 billion a month prior, even as exports show a 50% year on year growth due to robust chip shipments, ING said.A consumer confidence report due in New Zealand could show sentiment weakening further in April and over the coming months amid the Middle East conflict, CommBank said in a preview."As the conflict progresses, overall consumer confidence is expected to continue falling," CommBank said.Neighboring Australia will release first-quarter produce price data.On the activity front, S&P Global releases its PMI reports covering manufacturing activity in Australia and Japan.

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International

Philippine Business Sentiment Drops Sharply in March Amid Middle East Tensions

Philippine business sentiment deteriorated sharply in March as concerns over higher fuel costs stemming from Middle East tensions dampened outlook, The Bangko Sentral ng Pilipinas survey showed Friday.The confidence index plunged to -24.3% from 8.2% in February, while the outlook for the next quarter fell to -17.3% from 37.4%.The 12-month outlook remained positive but weakened significantly to 11.7% from 51.1%, reflecting worries over geopolitical risks and ongoing inflation, the central bank said.Hiring plans also softened for both the coming quarter and year, indicating slower job growth ahead.Firms expect inflation to rise above the central bank's 3% target but stay within its allowed range, with the central bank ready to act if pressures increase., the report said.

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Asia

Emerging Asia Faces Heightened Food Cost Pressure Amid Iran Conflict, Fitch Says

Increasing food cost pressure could burden Asia's emerging markets as the lingering US-Iran war further strains fertilizer supply amid the upcoming planting season, Fitch Ratings said in a recent release.Limited fertilizer availability and price pressure would increase production costs, dissuade application rates, and dampen crop yield, impacting margins and food prices for this year, Fitch said.The Gulf region supplies a large portion of the world's fertilizer especially with natural gas' key role as feedstock, Fitch said.The rating agency also expects major Asian exporters such as China to further limit fertilizer shipments, at least until mid-year.Nitrogen-based urea prices posted a 50% rise to about $700 per tonne from about $465 pre-war, Fitch said.A resulting reduction in fertilizer use or planting could worsen the risk of weaker crop yields and increased food prices in the latter part of the year, the rating agency said.Given the reliance on domestic production by the region's emerging nations, less fertilizer supply will have a significant impact under constrained planting or yields, Fitch said.For those that are more dependent on imported food, such as the Maldives, Mongolia, the Philippines, Bangladesh, and Sri Lanka, weaker domestic harvests along with heightened global food prices and export restrictions would create more adverse situations, Fitch said.Continued conflict after mid-2026 and elevated oil prices could place an additional 9.1 million people in Asia into acute food insecurity, or a 24% increase from before the war, Fitch cited the World Food Programme as saying.

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Asia

Market Chatter: Philippines Eyes Series of 'Modest' Interest Rate Hikes to Beat Inflation

The Philippines is likely to implement a series of "modest rate hikes" to curb inflation driven by rising global oil prices, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona told Bloomberg Television on Friday.He said policymakers are acting proactively to stay ahead of inflation pressures, a day after the central bank raised its policy rate for the first time in over two years.Remolona added that the recent decision involved close deliberation, with officials also considering a larger 50-basis-point increase before opting for a smaller move. He added that the central bank is closely monitoring inflation expectations and currency movements, rather than focusing on specific peso threshold, according to the report.Despite tightening, the BSP still expects economic growth of about 4.6% this year, potentially rising to 6% in 2027, with remittances remaining resilient, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Weakened Remittances Amid Middle East Conflict to Put Further Pressure on Southeast Asian Economies

Southeast Asian countries could see additional constraints from dampened remittance inflows, greater unemployment, and other spillover impacts from the Middle East war, Nikkei Asia said in a Thursday release.These pressures will add up to already rising energy prices and currency depreciation due to the conflict, the report said.Among the region's economies, the Philippines could be impacted the most as it is the largest source of migrant workers to the Middle East, reaching 1.1 million in January, according to the report.About 8.7% of the Philippines' 2024 GDP is attributed to remittances, the report cited World Bank data as saying.Remittances from overseas Filipino workers reached $2.8 billion in February, but this is expected to decline in March, according to the report.The country has repatriated about 4,200 workers from the Middle East since early March, with Thailand, Indonesia, and Singapore also doing similar actions for their citizens, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Philippines Unexpectedly Hikes Policy Rate By Quarter Point to 4.5%

The Philippines raised its key policy rate by 25 basis points to 4.5% in a surprise move, citing worsening inflation risks, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.Analysts had expected the rate to remain steady at 1.25%.The overnight deposit and lending facility rates were also adjusted to 4% and 5%, respectively.The central bank said the inflation outlook has deteriorated due to the Middle East conflict, which has pushed up global oil, fertilizer, and domestic food prices. The headline inflation is now expected to exceed the 4% ceiling in both 2026 and 2027, with rising expectations increasing the risk of de-anchoring.The BSP added that the rate hike is meant to keep inflation expectations under control while still supporting economic growth, and it will take further action if necessary.

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Asia

Market Chatter: J.P. Morgan to Add Philippines to Emerging Market Index

J.P. Morgan plans to add the Philippines to its local currency emerging market debt index effective Jan. 29, 2027, Reuters reported Wednesday.As part of the inclusion, ​Philippine ​peso-denominated government bonds will enter the GBI-EM index series, according to the report. The weight of the bonds is anticipated to reach 1.78% once the phase-in is complete. Nine government bonds totaling $49 billion from the Philippines may be added, according to the report.The move is part of an index adjustment that will reduce country caps, or the maximum share a country can have in the diversified index, to 9% from 10% previously, the report said.The weight held by China, India, Mexico, Malaysia, and Indonesia will be lowered under this limit, Reuters said.J.P. Morgan is also adding Saudi Arabia to the index, with eight ​Saudi riyal-denominated sovereign sukuk entering the series and reaching a weight of 2.52% once phased in.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Taiwan, Philippines Seek to Deepen Economic Ties

Taiwan is seeking closer economic ties with the Philippines during talks with a visiting delegation from the Council on Foreign Relations, Foreign Minister Lin Chia-lung said in a Facebook post on Sunday.He said Taipei aims to link its Taiwan-Philippines Economic Corridor with the U.S.-Japan-Philippines Luzon Economic Corridor to boost supply chain resilience. Lin highlighted complementary strengths, with the U.S. offering advanced technology, Taiwan manufacturing capacity, and the Philippines labor and land resources.He also pointed to plans by the U.S. and the Philippines to establish a large economic security zone to boost industrial cooperation. Lin said combining these strengths could help build more resilient "democratic" supply chains and support regional stability and growth.

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Asia

Market Chatter: Philippine Banks Remain Broadly Resilient Despite Middle East-Linked Pressures

Philippine banks remain in "good shape" despite concerns raised by a few lenders over capital levels, Business World reported Tuesday, citing the Bangko Sentral ng Pilipinas.Governor Eli M. Remolona Jr. said the banking system is in strong shape, with capital adequacy at about 16% and liquidity well above global benchmarks. He noted that loan growth remains steady and non-performing loans have not shown a sharp increase so far, reportedly.Credit conditions, however, are being closely monitored as some slowdown in lending is observed. The central bank also said the country's foreign reserves remain sufficient to support financial stability amid external shocks, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Fitch Revises Philippines' Outlook to Negative on Uncertain Medium-Term Growth Prospects

Fitch Ratings has changed the outlook on the Philippines' long-term foreign currency issuer default rating to negative from stable while maintaining the rating at BBB, according to a recent release.The outlook revision stems from heightened risks to the country's solid medium-term growth trajectory, including disruptions to public investment and greater exposure to the global energy shock, Fitch said.The country's growth performance could weaken compared to peers, given more elevated post-pandemic government debt and a gradual erosion in its external finance position, according to Fitch.The rating agency estimates GDP growth to remain below recent rates at 4.6% this year, given a gradual recovery in public capex and increased energy costs that impact household consumption.The country has high exposure to the Middle East conflict due to its dependence on energy imports and a likely tempering of remittances from the region, Fitch said.The affirmation considers Fitch's view of a robust medium-term GDP growth despite increasing risks, leading to a gradual reduction in government debt.Material changes in the confidence level for a strong, medium-term economic growth and adherence to sound economic policies, government debt-to-GDP ratio, governance standards, or external position could lead to future rating actions.

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Asia

Fitch Ratings Lowers Philippines Outlook to Negative, Keeps 'BBB' Rating

Fitch Ratings has revised the outlook on Philippines' long-term foreign-currency rating to negative from stable, while affirming the rating at 'BBB'.The move reflects growing risks to economic growth from weaker public investment and high global energy prices, which may reduce the country's edge over its peers.Fitch expects GDP growth to remain relatively firm but slower, forecasting 4.6% in 2026 as higher energy costs weigh on consumption and infrastructure spending recovers gradually. Inflation is projected to rise to 4.1% in 2026, while the current account deficit is seen widening on higher energy import bills.Despite these pressures, the rating is supported by resilient medium-term growth prospects and ongoing economic reforms, the agency said.

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International

Asia Week Ahead: Inflation; Trade Data; and Central Bank Decisions

The week ahead in Asia is packed with releases covering trade, inflation, and central bank updates which could offer markets fresh clues on how the region is navigating the conflict in the Middle East.Monday begins with trade data from New Zealand and Malaysia, as well as the release of China's loan prime rates.Attention then turns Tuesday to New Zealand's first-quarter inflation report, followed by Bank Indonesia's interest rate decision and Japan's March trade figures on Wednesday.Thursday brings another key central bank decision from the Philippines, as well as first-quarter GDP data from South Korea. Flash PMI reports from India, Japan and Australia will also be closely watched.Friday rounds off the week with Japan's March inflation data, as well as Thailand's trade report.Here's what to watch in the week ahead.MONDAY, April 20The week kicked off with the release of trade data from New Zealand and Malaysia.New Zealand recorded a goods trade surplus of NZ$698 million in March, compared with a deficit of NZ$364.7 million in February.Goods exports rose 7.3% to NZ$7.94 billion, while imports rose 9.6% to NZ$7.25 billion.Malaysia's total trade in goods rose 9.3% annually to 273 billion ringgit in March, driven by growth in both exports and imports.Exports increased 8.3% year on year to 148.8 billion ringgit, while imports rose 10.4% to 124.2 billion ringgit.China kept its loan prime rate or LPR, which is the benchmark for new loans, unchanged after posting a better-than-expected economy amid the Middle East conflict.The People's Bank of China held the one-year LPR at 3% and the LPR of five years or more at 3.5%.Economists at ING said the central bank may keep the rates on hold until conditions warrant monetary policy support. The People's Bank of China has maintained the one-year and five-year LPR since May 2025.TUESDAY, April 21New Zealand is due to report its first quarter inflation data.The country's consumer price index is anticipated to rise by 0.8% quarter on quarter and 2.9% year on year, BofA Securities estimated, slightly below the Reserve Bank of New Zealand's revised April forecast of 3%.Headline inflation is driven by soaring fuel prices in March due to the Middle East conflict, with petrol prices surging nearly 19% and diesel by nearly 43% month on month, according to the firm's research.Taiwan will release its export orders data. According to ING, the city state could see a rebound in orders to around 48.1% year on year from 23.8% previously.WEDNESDAY, April 22Indonesia's central bank will meet for its interest rate decision.ING said it expects Bank Indonesia to keep its policy rate at 4.75% despite inflation running above the central bank's 2.5% target. At 3.5%, inflation is still well below the roughly 5% peak in 2022 that triggered aggressive rate hikes, and with growth softening, the central bank is likely to remain on hold, according to ING.Japan's March trade figures will also be in the news. ING said it expects strong Japanese export growth in March thanks to demand for semiconductors and IT products, pushing the country's trade surplus to 1 trillion yen from 44.3 billion yen in the month prior.Elsewhere, South Korea reports producer price inflation data for March.THURSDAY, April 23Another interest rate decision, this time in the Philippines.The island nation's economy is one of the most susceptible to oil shocks in the region, and the Bangko Sentral ng Pilipinas' upcoming decision is "likely to be close" amid the current geopolitical situation in the Middle East, ING said in a preview.Still, the firm said its base case is for the central bank to maintain rates at 4.25%.South Korea's advance estimates for GDP growth for the first quarter will also capture headlines.Most analysts expect a rebound in growth after the economy contracted in the previous quarter, the Wall Street Journal reported.Barclays economist Bumki Son said the economy is likely to show a growth of 1.2% on a quarterly basis and 3% on a yearly basis thanks to stronger exports and a recovery in private consumption and facility investment, the WSJ reported.A consumer confidence report is also due in South Korea.Hong Kong and Singapore will announce Inflation data for March.Singapore's March print will capture the initial impact of the energy shock from the Middle East conflict, the WSJ reported, citing DBS economists. According to Trading Economics, the rate of price increase could quick to 1.5% year on year from the 1.2% witnessed in February.In Hong Kong, Trading Economics expects inflation to rise marginally to 1.8% on the year from the 1.7% recorded in February.Hong Kong will also release unemployment data the same day.A number of macro releases are expected in Taiwan, covering March retail sales, industrial production, and unemployment.Similar to its export orders, ING said it expects Taiwan's industrial production to rebound to 25.7% year on year from the 17.8% growth recorded in the month prior.On the activity front, S&P Global releases its flash PMI reports covering manufacturing, services, and composite activity in India, Japan, and Australia.FRIDAY, April 24Markets will await March inflation data from Japan.Core inflation, which excludes fresh food but includes energy, is expected to cool to a rate of 1.8% year on year from the 2% witnessed in February, according to a consensus compiled by Trading Economics.According to ING, efforts by Japan's government to stabilize gasoline prices should keep both headline and core inflation rates below 2%.March inflation data will also be due in Macao, which also reports unemployment rate the same day.Trading Economics estimates that March inflation could clock in at 1.2% year on year, modestly higher than the 1.16% witnessed in February.Unemployment, meanwhile, is expected to rise to 1.8% from 1.7% in the month prior, Trading Economics estimated.In Thailand, trade figures for March will be due.Trading Economics expects the country the post a trade deficit of $2 billion for the month, a reversal from the $2 billion surplus in February.A pair of reports covering business and consumer confidence in the first quarter will be due in the Philippines.A business confidence report covering the second quarter will similarly be made available in Hong Kong.

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Asia

Market Chatter: Oil Price Surge May Drive 3.5 Million Filipinos into Poverty

Rising global oil prices could push about 3.5 million Filipinos into poverty if the Middle East crisis continues, BusinessMirror reported Thursday, citing a policy note by the Philippine Institute for Development Studies (PIDS).The think tank said the impact depends on how much higher fuel costs are passed through to transport, food, and utility prices. In a worst-case scenario, where oil reaches $145 per barrel and pass-through is high, the poverty rate could climb to 16.3%, reportedly.PIDS said low-income households would be hit the hardest as they spend a larger share of their income on essentials like food. It added that targeted cash transfers would be more effective than fuel tax cuts in shielding vulnerable groups, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

US, Philippines to Develop Industrial Hub in Luzon Economic Corridor

The U.S. and the Philippines plan to build a 4,000-acre industrial hub in the Luzon Economic Corridor to strengthen supply chains for critical goods and advanced technologies, the U.S. State Department said Thursday.The site will be designated as an "Economic Security Zone," the first of its kind under the broader Pax Silica initiative, designed to accelerate AI-driven and allied manufacturing investment.Officials said the zone will use the Philippines' strategic location, skilled workforce, and resource base, while incorporating U.S. legal and regulatory frameworks to support investment certainty and dispute resolution.The project will serve as a model for future interconnected industrial hubs across partner countries, the department said.

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