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International

Banking Sector Growth Fastest Among 18 Broader Asian Sectors in May, S&P Data Shows

Banking sector growth was the fastest among the 18 broader Asian sectors in May, with activity expanding at the strongest pace in seven months, S&P Global said in a Wednesday release.Output growth was recorded across 16 of the 18 monitored Asian sectors last month, which was unchanged from April. Only the forestry and paper products, and construction materials sectors incurred declines from April, along with lower new orders received, S&P said.New orders rose across the remaining 16 sectors last month, led by the transportation sector.Employment increased in 10 of 18 sectors, with software & services and technology equipment experiencing the strongest hiring, while insurance witnessed a cutdown in employed staff.

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ASEAN Manufacturing Scene Strong in May: PMI Report
US Markets

ASEAN Manufacturing Scene Strong in May: PMI Report

Despite Persian Gulf troubles, ASEAN manufacturers logged stronger new orders and boosted production in May, reported S&P Global on Tuesday.The ASEAN manufacturing purchasing managers index (PMI) posted at 51.5 in May, up from 50.7 in April, and striking above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly surveys.The ASEAN PMI logged in positive territory for the 11th-straight month, as stronger domestic demand offset sluggish export orders.The S&P Global ASEAN PMI is a composite of national reports from 2,100 manufacturers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.After somewhat lagging in the three previous months, ASEAN manufacturers reported a "solid rise in new orders" in May, although "export sales declined for a third consecutive month," explained S&P Global.Despite improving orders and rising production, ASEAN factory managers kept a tight rein on payrolls in May. Factory sector employers "remained cautious about expanding employment, with May showing a slight decline in jobs," noted S&P Global.Manufacturers also faced rising costs in May, and responded by raising charges on customers. Both "cost burdens and charges rose at substantial and historically marked rates," said S&P Global.With orders improving, ASEAN factory managers in May were more confident in their year-ahead outlooks. Business "confidence regarding output over the coming 12 months improved further to a four-month high, suggesting that firms anticipate continued production growth," said S&P Global.But global events still tempered views. "However, ongoing trade disruptions and inflationary pressures, driven by the current war, will continue to act as headwinds to growth," advised S&P Global.ASEAN survey responses were collected by S&P Global from May 12 through May 20.

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International

Correction: Thailand's Manufacturing Activity Growth Eases in May, S&P Global Data Shows

(Corrects the first paragraph and headline to note that activity growth eased)Thai manufacturing activity expanded at a softer pace in May versus the previous month, S&P Global said Tuesday.The latest seasonally adjusted S&P Global Thailand Manufacturing PMI came in at 52.6, compared with 52.7 in April. The reading was the slowest improvement in manufacturing performance since July 2025.While the output indicator rose at its weakest since May 2025, Thai manufacturers reported a stronger increase in new order intakes and improving business sentiment.

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International

Thailand's Manufacturing Activity Up in May, S&P Global Data Shows

Thai manufacturing output expanded in May, S&P Global said Tuesday.The latest seasonally adjusted S&P Global Thailand Manufacturing PMI came in at 52.6, compared with 52.7 in April. The reading was the slowest improvement in manufacturing performance since July 2025.While the output indicator rose at its weakest since May 2025, Thai manufacturers reported a stronger increase in new order intakes and improving business sentiment.

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International

Asia Week Ahead: Manufacturing Activity; Policy Rate Decision; and Inflation Prints

For the week ahead in Asia, manufacturing activity will be in focus as S&P Global releases a broad mix of purchasing managers' index reports covering multiple economies.The week opens with a flurry of manufacturing PMI readings for May, followed by inflation data from South Korea and Indonesia on Tuesday.Mid-week, Australia's first-quarter GDP report will take center stage, while markets will also watch a heavy batch of readouts from Vietnam.Thursday will be lighter, led by Australia's April trade report, before Friday brings India's policy rate decision and GDP figures and inflation readouts from multiple regions.Here's what to watch in the week ahead.MONDAY, June 1The week kicked off with a flurry of S&P Global's purchasing managers' index (PMI) reports covering May manufacturing activity across the region.China's manufacturing activity eased after the seasonally adjusted RatingDog China General Manufacturing PMI came in at 51.8, compared with 52.2 in the previous month and the consensus estimate of 51.4 from Investing.com.Data from the National Bureau of Statistic similarly showed factory activity easing, with the official purchasing managers' index falling to a neutral 50 from 50.3 in April.A reading above 50 means growth, while a reading below 50 indicates contraction.Manufacturing activity similarly slowed in Australia as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East.In contrast, Japan's manufacturing production expanded, with the latest S&P Global Japan Manufacturing PMI coming in at 54.5, compared with 55.1 in April, matching the flash data.South Korean manufacturing output also expanded during the month, hitting its highest in five years due to a rise in production and new order volumes, S&P Global said.India, Taiwan and Vietnam were also among the regions that experienced improved output during May.Meanwhile, The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports.Moving ahead, the Melbourne Institute said its monthly inflation gauge fell in May after two consecutive monthly increases, driven largely by a decline in transport costs. The monthly cost of living also declined in May, particularly for self-funded retirees.Elsewhere, South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus.TUESDAY, June 2Focus shifts Tuesday to inflation data coming in from South Korea.Economists at ING said consumer prices could reach 3% year on year in May, reflecting higher input costs that are likely to be passed on to consumers.Pipeline cost pressures are also likely to reflect in Indonesia's inflation print due Tuesday, with ANZ expecting prices to tick up to 3% from 2.42% in the prior month, the Wall Street Journal reported.Trade figures due in Indonesia the same day could also show moderating exports as the effects of front-loaded demand fade and commodity prices soften, the WSJ said, citing an RHB economist.On the activity front, S&P Global releases its monthly manufacturing PMIs for Indonesia, Malaysia, and Thailand. The Singapore Institute of Purchasing and Materials Management's PMI report is also expected.Lastly, Hong Kong will release its retail sales stats for April.WEDNESDAY, June 3Australia's first-quarter gross domestic product (GDP) data will dominate headlines Wednesday.Both Westpac and CommBank said they expect growth to have moderated during the first three months of the year, though their estimates differed.CommBank forecast a 0.2% quarterly rise in GDP, while Westpac projected 0.5%; both would be slower than the 0.8% growth recorded in the final quarter of 2025.Neighboring New Zealand will disclose first-quarter export and import price stats.Markets will also be following a speech by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next interest-rate hike.Wednesday also features a heavy slate of macro data from Vietnam, including inflation, balance of trade, industrial production, and retail sales.Trading Economics expects Vietnam's May inflation to accelerate to 6% from 5.46% in April. Meanwhile, the data platform estimated the country's trade deficit could widen to $3.4 billion from $3.28 billion a month prior.Meanwhile, S&P Global will release the next batch of its PMI reports covering composite and services activity in China, India, Japan, Australia, and Hong Kong.THURSDAY, June 4Thursday will be relatively light on readouts, with Australia's April trade figures among the handful of releases of note.Australia is expected to post a trade surplus of A$2.6 billion in April, rebounding from a A$1.8 billion deficit in March - its first shortfall since late 2017, Westpac said in a preview.According to the bank, major commodity exports appeared to have increased notably during the period after recording three consecutive monthly declines.In Singapore, S&P Global's monthly PMI will be due, while Thailand will release a business confidence report.FRIDAY, June 5The tail end of the week brings a policy rate decision in India, which will also release its quarterly GDP growth figures.The Reserve Bank of India is expected to hold rates at 5.25% but could signal hawkish sentiment during its vote, the WSJ reported, citing a UOB economist.Meanwhile, a Trading Economics consensus placed the country's GDP growth rate at 7.3%, down marginally from the 7.8% recorded in the final quarter of 2025.ANZ Research said the economy stayed broadly healthy in the fiscal fourth quarter, although growth eased slightly in March as manufacturing, exports and profit margins came under pressure due to global disruptions, the WSJ reported.Taiwan is set to report monthly inflation data, with ING expecting consumer prices to rise above the 2% target for the first time since April 2025. The bank expects inflation to accelerate to 2.2% year on year in May from 1.7% in April, reflecting Taiwan's reliance on imported energy, which leaves the economy vulnerable to higher global prices."We expect inflation to peak toward the middle of this year, raising the risks for a potential central bank rate hike at the coming meetings," ING said in a preview.Thailand and the Philippines will similarly report their respective inflation rates for May, with the latter also releasing industrial production stats.Lastly, Singapore will report its retail sales figures for April.

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International

Thailand's Economy Expands Slowly in April As Middle East Conflict Bites

Thailand's economy softened in April from the previous month, weighed down by the impact of the Middle East conflict on tourism, the Bank of Thailand said Friday.Private consumption fell as spending on consumer goods and fuel eased following earlier front-loaded purchases, while higher energy prices affected travel and working patterns.Private investment also decreased after accelerating in the prior month. However, merchandise exports excluding gold rose across several categories, particularly technology and automotive products, though exports to the Middle East remained weak, the central bank said.The current account recorded a large deficit, mainly due to a wider trade gap from higher imports, while labor market conditions improved.Manufacturing output was broadly stable, supported by gains in automotive, rubber, and plastics production, while government expenditure expanded on higher current and capital spending, the data showed.

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Asia

Market Chatter: US, Iran Reach Tentative 60-Day Ceasefire Extension

The U.S. and Iran have tentatively agreed to extend a ceasefire for two months while initiating new negotiations over Tehran's nuclear program, fueling optimism that the ongoing three-month conflict may soon end, Bloomberg News reported on Thursday, citing a source familiar with the discussions.The anonymous source confirmed a prior Axios report, though President Donald Trump has not yet signed off on the terms, the newswire said.While both sides have previously celebrated progress and Trump has often claimed a deal was imminent, the impasse has repeatedly persisted, the publication said.Vice President JD Vance told reporters that the two nations are exchanging proposals on specific language regarding Iran's nuclear capabilities, and noted that Iran appears to be engaging in good faith, with tangible progress underway, 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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Asia

Thailand's Industrial Production Falls in April

Thailand's industrial production index stood at 92.76 in April, down 15.12% from May, the country's Office of Industrial Economics said Thursday.Compared with the previous year, industrial production was 0.36% lower due to pressures from the Middle East tension, fewer foreign tourist arrivals, and persistently high household debt.

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Asia

Market Chatter: Thailand, US Accelerate LNG Talks After Damage to Qatar Exports

Thailand and the United States are accelerating talks on U.S.-produced liquefied natural gas (LNG) supply deals following damage to export infrastructure in Qatar caused by the Iran conflict, Reuters reported Wednesday, citing sources.The negotiations center on a binding long-term agreement between Venture Global and Thailand's state-controlled energy company PTT PCL (BKK:PTT), according to the report.The news outlet noted that such contracts typically run 15 years or more.(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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Thailand's Trade Deficit Rises to Record High in April
US Markets

Thailand's Trade Deficit Rises to Record High in April

Thailand struck a record high trade deficit in April as imports surged 45% year over year in dollar terms during the month, according to data from the Ministry of Commerce.The Southeast Asian kingdom recognized a deficit of $10 billion in April, up from $3.04 billion in the year-ago period.The figure topped a median estimate of a $5.3 billion deficit during the month, Bloomberg reported separately the same day.Thailand's trade deficit is the widest on record since January 1991's $1.25 billion figure, the news outlet said.Imports soared to $41.6 billion in April, with electrical circuit boards, electrical machinery and components, jewelry, crude oil, and machinery comprising the top five, in that order, the ministry said.Exports fell 10% year over year to $31.6 billion, led by computer equipment and parts, jewelry, automobiles, telecommunications equipment, and rubber products, in that order.In local currency terms, exports jumped 19% year over year to 1.022 trillion baht, while imports surged 40% to 1.363 trillion baht.The figure led to a trade deficit of 340.7 billion baht, 201% higher than the 113.3 billion baht deficit recorded a year earlier.January-April cumulative exports jumped 10% to 4.003 billion baht, while imports grew 26% to 4.680 trillion baht, equivalent to a trade deficit of 677.2 billion baht.Thailand's strong imports and widening trade deficit could continue should energy prices stay high, and artificial intelligence helps boost trade flows, Bloomberg said, citing Trade Policy and Strategy Office director-general Nantapong Chiralerspong.

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International

Asia Week Ahead: Policy Rate Decisions, Inflation Prints and GDP Reports

Asia's economic calendar this week features a mix of inflation data, interest rate decisions, GDP releases and industrial figures across the region.The week opens with Singapore's GDP and inflation data, plus Thailand's trade figures, followed on Tuesday by Taiwan's industrial production and retail sales reports.Mid-week, attention turns to the Reserve Bank of New Zealand's policy decision and Australia's inflation print. On Thursday, the Bank of Korea will announce its rate decision, while Hong Kong releases trade data and India reports industrial and manufacturing output figures.Friday will be the busiest day for macro releases, led by a batch of key indicators from Japan. The week wraps up with China's PMI readings on Sunday.Here's what to watch in the week ahead.MONDAY, May 25Singapore's economy grew 6.0% year over year in the first quarter, government data showed, beating the 4.6% flash estimate and accelerating from the 5.7% growth in Q4.The expansion was driven by strong performances in the wholesale trade, manufacturing, and finance and insurance sectors.Meanwhile, the city-state's annual inflation rate held steady at 1.8% in April, unchanged from March but below market expectations of 2%.Core inflation, on the other hand, eased to 1.4% in April from 1.7% a month prior.In Thailand, exports surged 23.1% year over year to $31.6 billion in April, accelerating from an 18.7% increase in March and beating forecasts of 16.2%.Imports likewise strengthened, expanding 45% in April to $41.6 billion, compared with a rise of 35.7% a month prior.As a result, the trade deficit ballooned to $10.02 billion in April from $3.3 billion a year earlier, far above forecasts of a $5.1 billion shortfall.TUESDAY, May 26Singapore will release its April industrial production data, while Taiwan is due to report both industrial production and retail sales figures for the month.WEDNESDAY, May 27New Zealand's central bank will hold its policy meeting, with analysts expecting no change to the country's official cash rate of 2.25%, according to a Trading Economics consensus.Australia is set to release inflation figures on the same day. Consumer prices rose 4.6% year on year in March, the fastest pace since September 2023, and are expected to accelerate to 5.1% in April as oil prices climb amid the Middle East conflict.Meanwhile, China will report its industrial profits for April. A pair of confidence reports covering business and consumer sentiment will be due in South Korea and Taiwan, respectively.THURSDAY, May 28The Bank of Korea is set to meet for its policy rate decision, with markets watching for any change to its current 2.5% benchmark rate amid inflation and growth pressures linked to the ongoing conflict in the Middle East.Hong Kong will release its monthly trade figures. The April reading could show a narrowing of the trade deficit to HK$46 billion from HK$89.1 billion in March, Trading Economics forecasted.Meanwhile, India will report its industrial and manufacturing production data for April.Markets will also watch New Zealand's ANZ Business Confidence report for May, after the index dropped to -10.6 in April -- its first negative reading since August 2023 -- as the Middle East conflict weighed on sentiment.FRIDAY, May 29Japan's usual end-of-month data deluge, which includes the release of inflation, unemployment rate, industrial production and retail sales, will provide insights into the country's economic health.Markets will also watch Taiwan's final Q1 GDP growth figures for any revision from the preliminary estimate, which showed the economy expanding by 13.7%.Other highlights include trade balance figures from Macau and the Philippines, and export and import price data from Singapore.Both South Korea and Thailand will report their monthly industrial production and retail sales stats, while Macau will report its unemployment rate for April.Lastly, a report capturing business confidence in April will be due in the Philippines.SUNDAY, May 31China, the biggest economy in Asia, will release its official May PMI data covering manufacturing, non-manufacturing and general activity.

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International

Thai Imports, Exports Rise in April; Trade Deficit Widens

Thailand's trade balance recorded a widening deficit in April, as both exports and imports rose sharply year on year, the Ministry of Commerce disclosed on Monday.Exports in April rose 19.07% annually to 1.022 trillion baht, while imports surged 40.25% to 1.363 trillion baht. This resulted in a trade deficit of 340.7 billion baht.Cumulative exports from January to April increased 10.44% to 4.003 trillion baht, while imports rose 26.34% to 4.680 trillion baht. This led to a widening trade deficit of 677.2 billion baht, the data showed.

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Asia

Emerging Asia Sees Strong Capital Flows, But Differentiation Emerges, Fitch Says

Solid Asia-Pacific corporate and financial institution credits continue to anchor capital flow and benchmark deals in the region, Fitch Ratings said in a Friday release.Global emerging market portfolio inflows reached $58.3 billion in April, a reversal of the $66.2 billion outflow in March, Fitch cited the Institute of International Finance as saying.Emerging Asia accounted for the largest share in debt investments for the month, indicating stable investor demand for Asian debt despite oil price pressure due to the Iran war, Fitch said.Emerging markets including India, Indonesia, the Philippines, Sri Lanka, and Thailand have observed depreciation in the 5% to 7% range due to the Iran conflict, reflecting oil import reliance and fuel buffers, the rating agency said.Investor appetite among emerging Asian markets exhibits differentiation, as seen in greater FX reserve drops for the Philippines and Sri Lanka compared to the others, Fitch said.The rating agency believes sovereign support anchors funding access for issuers, with debt markets gaining from countries' external positions, deeper domestic funding markets and better policy response to shocks.

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Asia

Market Chatter: Thailand Green Lights 200 Billion Baht Borrowing to Support Subsidy Initiative

Thailand's cabinet approved a ​200 billion baht borrowing, to be raised in stages through term loans and promissory notes, to bolster a consumer subsidy plan, Reuters reported Tuesday.The move comes to counter a rising cost of living resulting from the uncertainty related to the Middle East conflict, the newswire reported citing Finance Minister Ekniti Nitithanprapas.The scheme will offer 1,000 baht each to around 43 million people from June to September, Reuters said citing the finance ⁠ministry's permanent secretary Lavaron Sangsnit.Various consumer goods will be subsidized at 60% of their price, with a cap of 200 baht per day.Following the borrowing, the country's ​public debt-to-GDP ratio will rise ​to around ⁠68% by the end of the four months, lower than the 70% ceiling, head of the Public Debt Management Office, Jindarat Viriyataveekul, told Reuters.(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

Fitch Sees Manageable Risk in APAC Insurer Private Credit Exposure

Fitch Ratings says private credit exposure among major rated Asia-Pacific insurers remains broadly contained, with allocations still below 5% of total assets or around 10% of equity capital, including contractual service margin, in 2025.While positions have climbed over the past two to three years, Fitch said the shift has not materially altered overall portfolio risk profiles.The agency noted insurers are relying on tighter safeguards, including diversification across managers, borrowers, sectors and regions, alongside conservative sector choices and limits on leverage. Portfolios are mainly focused on senior secured and asset-backed loans, with regular checks on valuations, credit changes and recoveries due to the illiquid nature of the asset class.Fitch added that regulatory reforms and accounting changes, including risk-based capital frameworks and IFRS 17 and IFRS 9, have supported the allocation trend by improving capital efficiency.

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Asia

Thai Constitutional Court to Review Emergency Borrowing Plan

Thailand's Constitutional Court has agreed to review a petition challenging whether an emergency decree allowing the Ministry of Finance to borrow funds for energy crisis mitigation and energy transition measures complies with the constitution.The case was filed by 133 members of parliament, who argued that the Royal Decree on borrowing authority is not in line with constitutional requirements, according to a Monday court statement.The court said the petition is admissible under Section 173(1) and related procedural law, and has accepted it for consideration.It has ordered the Cabinet to submit clarifications and supporting documents within seven days of receiving the request.

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International

Asia Week Ahead: Central Bank Moves, Inflation Data, Trade Numbers and GDP Reports

For this week in Asia, the economic calendar features a busy slate of macro releases across the region.The week begins with a slew of closely watched indicators from China, including industrial production and unemployment data.On Tuesday, markets turn to Japan's first-quarter GDP estimates and Malaysia's April inflation print.Wednesday features policy decisions in Indonesia and China, along with trade data from Taiwan.Thursday brings Japan's latest trade figures and Australia's closely watched labor market report. On Friday, Japan returns to the spotlight with its April inflation print.Here's what to watch in the week ahead.MONDAY, May 18The week kicked off with a flurry of macro releases from China.Industrial production: A 4.1% year-over-year expansion was recorded in April, sharply slowing from the 5.7% growth in March and way below expectations of a 5.9% rise.Retail sales: Growth decelerated to 0.2% year on year in April, versus 1.7% a month prior.Unemployment: The rate eased to 5.2% in April from 5.4% a month earlier.Meanwhile, prices of new residential properties in China's first-tier cities grew 0.1% month on month in April, decelerating from the 0.2% expansion in March.Chinese investments in real estate development fell 13.7% year on year to 2.397 trillion yuan between January and April.Outside China, Thailand reported that its gross domestic product grew at a faster rate of 2.8% in the first quarter of 2026 from 2.5% in the last three months of 2025.In Singapore, April trade showed a 24.5% year on year rise in non-oil domestic exports, extending the 15.3% increase in the previous month.Elsewhere, New Zealand's services sector showed a modest improvement in April but remained in contraction, with persistent cost pressures and global shipping disruptions continuing to weigh on sentiment, according to BusinessNZ.The BusinessNZ Performance of Services Index rose to 48.9 in April from 46.2 in March. A reading below the 50-point mark points to contraction.TUESDAY, May 19Markets will turn their attention to Japan's preliminary first-quarter GDP.Economists at ING said they expect the economy to grow at a similar rate as the previous quarter's 0.3% on a seasonally adjusted basis. "The war's impact on GDP should be minimal in 1Q26," the bank said in a preview.Meanwhile, Malaysia will disclose its April inflation print, with Trading Economics expecting prices to rise at a faster pace than the 1.7% year over year growth seen in March. According to the data platform, Malaysia's CPI could rise at a rate of 2.7%.In Australia, the Reserve Bank of Australia's meeting minutes will add color to the central bank's recent decision to increase the official cash rate by 25 basis points to 4.35%.CommBank said the minutes may provide more details on the board's discussion and how members were assessing the impact of the conflict around Iran.A consumer confidence report, due for release the same day, will capture sentiment over the most recent RBA rate hike and the ongoing conflict in the Middle East.Lastly, Hong Kong will report April unemployment stats on the same day.WEDNESDAY, May 20Bank Indonesia will meet for its monetary policy meeting and could raise rates by 25 basis points to 5% amid a depreciation of the local currency and a shift in expectations for Federal Reserve rate cuts, which bodes unfavorably for the Indonesian rupiah, ING forecasted.China will similarly set its one-year and five-year loan prime rates, with markets expecting no change in the prevailing rates of 3% and 3.5%, respectively.Trade data from Taiwan and Malaysia will be due.Taiwan is once again expected to show a "strong reading" when it releases April export orders data, with growth topping 54% year on year, ING said in a preview.The island nation started the year "quite strongly" amid external demand for its main high-tech products, which is expected to continue, according to the note.Meanwhile, Malaysia's trade surplus is expected to narrow to 10.5 billion ringgit from 24.6 billion ringgit in the month prior, Trading Economics forecasted.The Reuters Tankan Index for May, a key gauge of Japanese business confidence, will be due the same day.THURSDAY, May 21Japan will release several economic indicators on Thursday, including April trade data and March machinery orders.The country is expected to report a trade deficit of 29.7 billion yen for the month, reversing from a surplus of 667 billion yen in March, according to a Trading Economics consensus.New Zealand will similarly report its April trade balance, with analysts forecasting a trade surplus of around NZ$840 million, according to a Trading Economics consensus.Neighboring Australia will report labor data for April. Westpac expects unemployment to remain at 4.3%.Elsewhere, Hong Kong will report April inflation data while Macau will disclose first-quarter retail sales stats. In South Korea, the April producer price inflation data will be due.On the activity front, S&P Global will release flash purchasing managers' index reports covering May manufacturing, services, and composite activity in India, Australia and Japan.FRIDAY, May 22Japan's April inflation print will capture headlines on Friday, giving markets a look into how the energy shock from the Middle East conflict is impacting the economy.Economists at ING said energy effects may have a limited impact on growth but a greater impact on inflation, which is expected to clock in at 1.8% year on year in April -- up from 1.5% in March."Higher energy costs are expected to increase overall inflation. The impact, though, will likely be still less significant than that observed in other Asian and developed countries," ING said in a note.Inflation data will also be due in Macau.Meanwhile, Taiwan could see a marginal drop in its unemployment when it releases April labor stats. According to Trading Economics, Taiwan's jobless rate could go down to 3.3% from 3.35%.New Zealand is expected to see a "muted" rise in real retail sales when reporting its Q1 data, Westpac said in a preview. The bank expects a rise of 0.2% for the first three months of the year, versus the 0.9% growth recorded in the previous quarter. "The latter part of March saw fuel prices rising sharply, and that has been a drag on spending," Westpac said.Lastly, South Korea will release a report capturing consumer confidence for May. ING said it expects consumer sentiment to deteriorate further amid inflation hikes and energy headwinds.

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Asia

Thailand Plans Overhaul of 7,000 Rules to Attract Foreign Investment

Thailand's government is planning to review over 7,000 ministerial regulations, aiming for reforms to encourage foreign investment by reducing hurdles to business operations, according to a government statement released Monday.Under the plan, numerous rules will be removed or revised to make investment in Thailand more attractive to multinational firms.The government is looking to modify its role from the controller to the facilitator, spokesperson N. S. Ratchada Thanadirek said in the statement.A digital system is also in the cards to help minimize redundant procedures, boost transparency, and reduce unnecessary discretion.The government is also pursuing the idea of a Super License which would cover many activities and eliminate the need for multiple permits for varying activities.

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International

Thailand's GDP Growth Quickens to 2.8% in Q1

Thailand's GDP grew at a faster rate of 2.8% in the first quarter from 2.5% in the prior quarter, according to the Office of the National Economic and Social Development Council on Monday.Private consumption remained steady, rising 3.2%, supported by stronger spending on semi-durable and non-durable goods. Meanwhile, government spending increased 3.4%, accelerating from 1.3% in the fourth quarter, driven by higher purchases of goods and services and increased social transfers.Exports of goods and services expanded 12.6%, accelerating from 5.9% previously, while imports surged 21.1% from 9.5%. The external sector posted a surplus of 63.6 billion baht, comprising a trade deficit of 9.6 billion baht and a services surplus of 73.3 billion baht.On the production side, agriculture grew 1.2%, up from 0.6% in the prior quarter, while the non-agricultural sector expanded 3.0%, accelerating from 2.7% in the fourth quarter. Industrial output rose 1.8%, improving from 0.9%. The service sector increased 3.6%, slightly higher than 3.5% previously.Wholesale and retail trade expanded 6%, though slower than 6.7% in the previous quarter, the data showed.

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International

Fitch Sees Uneven Impact on APAC Finance Firms, Developed Markets More Resilient

Fitch Ratings said non-bank financial institutions in Asia-Pacific face uneven but broadly manageable risks from an energy shock linked to the US-Iran war, with developed markets expected to show greater resilience than emerging peers.The agency noted that higher fuel prices, imported inflation, softer demand and tighter funding conditions would weigh on finance and leasing companies, particularly in emerging markets. It added that currency weakness could further raise inflation and constrain monetary easing.Fitch warned that Vietnam and Thailand are more vulnerable due to faster fuel price transmission, riskier unsecured lending in Vietnam, and Thailand's already weak economic backdrop. India and Indonesia may also see higher funding costs as currency depreciation and inflation expectations push up interest rates, Fitch said.In contrast, China's leasing and asset management firms are expected to remain relatively stable, supported by controlled risk appetite and policy backing, despite property sector weakness.Developed Asia finance companies are seen as more resilient due to deeper funding markets and AI-related growth support, although SME exposure remains a key risk in some markets such as Taiwan, the agency said.

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