Macro Data


This and previous notes can be found on SubStack ( Asian Market Sense )
Check out ERI-C.com for your research needs

End of the quarter and first half so expect some window dressing and possibly more rotation ahead of another earnings season.

Shortened week for HK with markets closed Thursday for SAR day and an important week for China with the 100th anniversary of the communist party. There is also an OPEC meeting on 1 July too.

Main focus is the US jobs report because of the implication for Fed policy, only two Fed speakers, both on Monday.

Summary of Key data this week
Australia Private Sector Credit, Balance of Trade, Home Loans
Japan Unemployment, Retail Sales, Industrial Production, Consumer Confidence, Housing Starts, Tankan Survey, Manufacturing PMI
S Korea Industrial & Manufacturing Production, Retail Sales, Construction Output, Balance of Trade, Manufacturing PMI, Inflation Rate.
Taiwan Manufacturing PMI
China Data wise Manufacturing & Non PMI’s but key will be the Party Annicversary on July 1
HK Balance of Trade, Retail Sales

Europe focus
Eurozone 
Sentiment and Confidence data, Inflation, Unemployment, PPI and Manufacturing PMI
German Inflation, Unemployment, Retail Sales and Manufacturing PMI  
French Inflation, PPI and Manufacturing PMI
UK Manufacturing PMI

US Focus likely to be Friday’s jobs report. Still a few interesting earnings due; like Constellation Brands, General Mills, Micro Tech, Bed Bath & Beyond, Walgreen Boots and others but only a couple of Fed Speakers on Monday.

Sunday 27 June 
China Industrial Profits May 83.4% vs 106.15 Apr (F/cast was 82%)

Monday 28 June
AUSTRALIA  No data due
JAPAN 
BoJ Summary of Options
S KOREA No data due  
TAIWAN No data due  
CHINA No data due  
HONG KONG Balance of Trade, Exports and Imports after market
EUROZONE No data due
GERMANY Import Prices  
FRANCE No data due  
UK No data due  
US Dallas Fed Manufacturing Index
Fed Speakers Williams and Harker

Tuesday June 29
AUSTRALIA  
No data due
JAPAN Unemployment, Jobs/Applications Ratio, Retail Sales
S KOREA No data due  
TAIWAN No data due
CHINA No data due
HONG KONG No data due  
EUROZONE Consumer Confidence, Sentiment (Economic, Industrial and Services), Consumer Inflation Expectations
GERMANY Inflation Rate
FRANCE Unemployment Rate, Consumer Confidence
UK Nationwide Housing Prices, Car Production, Mortgage Approvals, Mortgage Lending, BoE Consumer Credit, Net Lending to Individuals
US Redbook, Case-Shiller Home Price, House Price Index, Consumer Confidence,  NY Fed Treasuries TIPS Purchases, API Crude Oil Stock Change.

Wednesday June 30
AUSTRALIA  
Private Sector Credit
JAPAN Industrial Production, Consumer Confidence, Housing Starts, Construction Orders
S KOREA 
Industrial Production, Retail Sales, Construction Output, Manufacturing Production.
TAIWAN No data due  
CHINA 
Manufacturing and Non PMI
HONG KONG 
Retail Sales
EUROZONE 
Core Inflation Rate, Inflation Rate,  
GERMANY 
Unemployment Rate, Unemployment Change
FRANCE 
Inflation Rate, Household Consumption, PPI,  
UK 
Current Account, Business Investment, GDP Growth Rate,
US MBA Mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Chicago PMI, Pending Home Sales, EIA Oil Report

Thursday 1 July
AUSTRALIA  
Manufacturing Index, Manufacturing PMI, Balance of Trade, Exports and Imports
JAPAN Tankan Survey (Large Manufacturers Index & Outlook, Non Manufacturers Index & Outlook, Large All Industry Capex, Small Manufacturers Index), Foreign Stock and Bond Investment, Manufacturing PMI
S KOREA Balance of Trade, Exports, Imports, Manufacturing PMI
TAIWAN 
Manufacturing PMI
CHINA Manufacturing PMI
HONG KONG 
Market closed SAR Day
EUROZONE 
Manufacturing PMI, Unemployment Rate
GERMANY Retail sales, Manufacturing PMI
FRANCE 
Manufacturing PMI, New Car Registrations,
UK Manufacturing PMI
US Challenger Job Cuts, Initial Claims, 4 week Average Claims, Continuing Claims, Manufacturing PMI, Construction Spending, ISM Manufacturing (PMI, Prices,  New Orders,Employment), EIA Natural Gas Report,

Friday 2 July
AUSTRALIA  
Home Loans, Investment Lending for Homes
JAPAN No data due  
S KOREA Inflation Rate
TAIWAN 
No data due  
CHINA No data due  
HONG KONG 
No data due  
EUROZONE PPI
GERMANY 
No data due  
FRANCE 
Budget Balance
UK 
No data due  
US Balance of Trade, Non Farm Payrolls, Unemployment Rate, Ave Hourly Earnings, Participation Rate, Ave Weekly Hours, Government Payroll, Manufacturing Payrolls, Exports, Imports, Factory Orders, Baker Hughes Rig Count.

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This and previous notes can be found at  SubStack ( Asian Market Sense )
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Summary
Australia
Light in terms of data just Retail Sales (Monday) and Flash PMI’s (Wednesday).
Japan BoJ minutes and Flash PMI’s Wednesday along with Coincident and Leading Economic Index, then Tokyo Core CPI Friday.  
S Korea PPI Tuesday, Consumer Confidence Thursday and Business on Friday.
Taiwan Export Orders Monday, Unemployment Tuesday, Industrial Production and Retail Sales Wednesday and M2 Money Supply Thursday.
China Loan Prime Rate Monday and Industrial Profits next Sunday.
HK ADR’s closed -247pts @ 28,554 with only CLP and Unicom in the green.
Europe Flash PMIs,
Eurozone Loans data and M3 Money Supply
German 
Ifo data and Consumer Confidence
France Business Confidence & Climate data, Unemployment
UK
  BoE rate decision and Consumer Confidence, CBI Distributive Trades
US More housing data. Richmond Fed Manufacturing Index, Powell’s testimony, Flash PMI’s, Durable Goods, GDP & PCE data and Michigan Final readings

Powells testimony will be watched careful for more insight into the Fed’s new position and then later in the week the PCE data.

Investors seem to be reposition judging but the initial sell off in Asia; following the sell-off in the US of value names.

Monday 21 June

AUSTRALIA  Retail Sales
JAPAN 
No data due
S KOREA Exports  20 day
TAIWAN Export Orders
CHINA Prime Loan Rate 1 and 5 year
HONG KONG No data due
EUROZONE No data  Largarde Speaks
GERMANY Bundesbank Monthly Report
FRANCE No data due  (BTF Auctions)
UK No data due  
US Chicago Fed National Activity Index, 3 & 6 Month Bill Auction
FED Speakers Bullard and Williams speaks
 
Tuesday 22 June
AUSTRALIA  
No data due
JAPAN No data due
S KOREA PPI
TAIWAN  Unemployment
CHINA 
No data due
HONG KONG Inflation and Current Account
EUROZONE Consumer Confidence Flash  ECB’s Lane speaks  
GERMANY No data due
FRANCE No data due  
UK No data due
US Redbook, Existing Home Sales, Richmond Fed Manufacturing Index, NY Fed Treasuries Purchases TIPS 1 - 7.5 yrs, API Crude Oil Stock Change.
FED Speakers Powell Testimonyto Congress, Feds Mester and Daly speak
Earnings Korn Ferry

Wednesday 23 June
AUSTRALIA 
Manufacturing, Services and Composite Flash PMI’s.  RBA’s Ellis speaks
JAPAN BoJ Minutes, Manufacturing, Services and Composite Flash PMI’s, Coincident and Leading Economic Index.
S KOREA 
No data due
TAIWAN Industrial Production  & Retail Sales
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
ECB Non Monetary Policy Meeting, Manufacturing, Services and Composite Flash PMI’s
GERMANY 
Manufacturing, Services and Composite Flash PMI’s
FRANCE 
Manufacturing, Services and Composite Flash PMI’s
UK 
Manufacturing, Services and Composite Flash PMI’s
US MBA Mortgage Applications and 30 yr Mortgage Rate, Current Account, Manufacturing, Services and Composite Flash PMI’s, New Home Sales, EIA Oil Report.
NY Fed Treasury Purchases 4.5 - 7 yrs, 2 yr FRN Auction and 5yr Note Auction.
FED Speakers Bowman, Bostic and Rosengren speak
Earnings: IHS Markit, Winnebago, KB Home, Steelcase

Thursday 24 June
AUSTRALIA  
No data due  
JAPAN Foreign Stock and Bond Investment
S KOREA Consumer Confidence
TAIWAN 
M2 Money Supply
CHINA No data due  
HONG KONG 
No data due
EUROZONE 
ECB General Council Meeting
GERMANY Ifo Business Climate, Current Conditions and Expectations
FRANCE 
Business Confidence and Climate Indicator
UK BoE Interest Rate Decision, MPC Meeting Minutes, BoE QE. After Market Consumer Confidence
US Durable Goods, GDP Price Index, Corporate Profits, Goods Trade Balance, Wholesale Inventories, Initial Claims, 4 week Average Claims, Continuing Claims, Core PCE Prices and PCE Prices, EIA Natural Gas Report, Kansas fed Manufacturing Index.  Fed Bank Stress Test Results
NY Fed Treasury Purchases 22.5 - 30yrs
FED Speakers Bostic, Williams and Bullard
Earnings: Accenture, Darden, Rite Aid, Nike, FedEx, Blackberry

Friday 25 June
AUSTRALIA 
No data due
JAPAN Tokyo Core CPI & CPI
S KOREA Business Confidence
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
No data due
EUROZONE Loans to Households and Companies, M3 Money Supply
GERMANY 
No data due
FRANCE 
Unemployment Benefit Claims, Jobseekers Total  
UK 
CBI Distributive Trades, BoE Quarterly Bulletin.
US Personal Income  & Spending, PCE Price Index, Core PCE Price Index,  Michigan Final (Inflation Expecations, Consumer Sentiment, 5yr  Inflation Expectations, Consumer Expectations, Current Conditions),  Baker Hughes Rig Count, NY Fed Treasury Purchases (2.25 - 4.5 yrs).
FED Speakers Mester and Rosengren
Earnings: CarMax, Paychex

Sunday 27 June
China 
Industrial Profits.

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This and previous notes can be found at SubStack ( Asian Market Sense )
Check out ERI-C.com for your research needs

The G7 conference over now Biden travels to Europe to meet Nato allied and the trip culminates with a summit with Putin.

The main focus will be the FOMC meeting press conference and any tweaks over it’s forecasts for inflation, interest rates or talk of talks regarding tapering. Ahead of that we get US Retail Sales, PPI and Industrial Production data.
Bonds on Friday eased but that probably technical; reflecting the wall of money currently in the market looking for a home rather than any fundamental indication of the outlook for interest rates.

In Asia it is a short trading week for Australia, Taiwan, China and Hong Kong who are all closed Monday. China due to release Fixed Asset Investment, Industrial Production, Retail Sales, Unemployment Rate on Wednesday which will be watched for signs of slowing in the recovery. Then the House Price Index Thursday.
Japan Industrial Production Monday, Trade data Wednesday and Inflation Friday.
S. Korea no major data. Taiwan Interest Rate decision Thursday no change expected.
Australia more RBA minutes and Housing Data Tuesday, Lending Index Wednesday and Employment data Thursday.

Europe
Eurozone Key will be inflation on Thursday but we also get Industrial Production, Trade Balance, Labour costs, wage growth and construction output.
Within Europe German & French Inflation Tuesday and then German PPI Friday.
UK Employment data Tuesday, Inflation data Wednesday along with PPI and Retail Price Index and then Retail Sales Friday.

Monday 14 June
AUSTRALIA Market Closed No data due
JAPAN 
Industrial Production, Capacity Utilisation
S KOREA No data due  
TAIWAN Market Closed No data due  
CHINA Market Closed No data due  
HONG KONG Market Closed No data due  
EUROZONE Industrial Production
GERMANY No data due
FRANCE No data due  
UK No data due  
US Consumer Inflation Expectations

Tuesday 15 June
AUSTRALIA  
RBA Meeting Minutes, House Price Index
JAPAN Tertiary Industry Index
S KOREA No data due  
TAIWAN No data due
CHINA No data due
HONG KONG Industrial Production
EUROZONE Balance of Trade  
GERMANY Inflation Rate
FRANCE Inflation Rate  
UK  Claimant Count, Employment Change, Unemployment Rate, Average Earnings.  BoE Gov Baily Speaks.
US Retail Sales, PPI and Core PPI, NY Empire Stake Manufacturing Index, Redbook, Industrial Production, Manufacturing Production, Capacity Utilisation, Business Inventories, NAHB Housing Market Index, Foreign Bond Investment, Net Long Term Tic Flows, Overall Net Capital Flows, API Crude Oil Stock Change.
Earnings: Oracle, La-Z-Boy, H&R Block

Wednesday 16 June
AUSTRALIA  
Lending Index
JAPAN Balance of Trade, Exports, Imports, Machinery Orders
S KOREA 
No data due  
TAIWAN No data due  
CHINA 
NBS Press Conference, Fixed Asset Investment, Industrial Production, Retail  Sales, Unemployment Rate.
HONG KONG 
No data due  
EUROZONE 
Labour Cost Index, Wage Growth.
GERMANY 
No data due  
FRANCE 
No data due  
UK 
Inflation Rate, Core Inflation Rate, PPI Core Output, PPI output, PPI Input, Retail Price Index,
US MBA Mortgage Applications and 30 yr Mortgage Rate, Import Prices, Export Prices, Housing Starts, Building Permits, EIA Oil Report, FOMC Rate Decision, FOMC Economic Projections, Fed Press Conference.
Earnings: Lennar, The Honest Company

Thursday 17 June
AUSTRALIA  
Part Time Employment, Unemployment Rate, Employment Change, Full Time Employment Change, RBA Bulletin, Participation Rate
JAPAN Tankan Index, Foreign Stock and Bond Investment
S KOREA No data due
TAIWAN Interest Rate Decision
CHINA House Price Index.  May get FDI (YTD)  
HONG KONG 
Unemployment Rate
EUROZONE 
Construction Output, Core Inflation Rate, Inflation Rate.
GERMANY No data due  
FRANCE 
No data due
UK No data due
US Philadelphia Fed Manufacturing Index, Initial Claims, 4 week Average Claims, Continuing Claims, Leading Index, EIA Natural Gas Report, 5yr TIPS Auction.
Earnings: Adobe, Kroger, Jabil, Commercial Metals, Smith and Wesson

Friday 18 June
AUSTRALIA  
No data due
JAPAN Inflation Rate, Core Inflation, BoJ Interest Rate Decision.
S KOREA No data due  
TAIWAN 
No data due  
CHINA No data due  
HONG KONG 
No data due
EUROZONE Current Account
GERMANY 
PPI
FRANCE 
No data due
UK 
Retail Sales
US Baker Hughes Rig Count.

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Inflation remains in focus this week, especially in the US with few remaining earnings and no Fed speakers (blackout ahead of next weeks FOMC meeting) although meme stocks still prominent. China and Taiwan also reporting inflation data this week. Foreign reserves out from a number of Countries with China’s likely to be the most closely watched.

Trade data from China, Taiwan, France and Germany.

We are also likely to get Chinese Loans data

Monday  7 June

AUSTRALIA  Services Index
JAPAN Foreign Exchange Reserves, Leading Economic Indicators
S KOREA 
No data due
TAIWAN No data due  
CHINA 
Balance of Trade, Exports, Imports, Foreign Exchange Reserves  
HONG KONG 
Foreign Exchange Reserves  
EUROZONE No data due
GERMANY Factory Orders
FRANCE No data due  
UK Halifax House Price Index, BBA Mortgage Rate
US Consumer Credit Change
Earnings Vail Resorts, Marvell Tech, Stitch Fix, Coupa Software

Tuesday
AUSTRALIA  
New Home Sales, Business Confidence
JAPAN Ave Cash Earnings, Current Account, GDP data (Growth Rate, Price Index, Bank Lending, Private Consumption, Capital Expenditure)
S KOREA Current Account
TAIWAN Wholesale Prices, Inflation Rate, Balance of Trade, Exports, Imports
CHINA No data due
HONG KONG No data due  
EUROZONE Employment Change, GDP Growth Rate, ZEW Economic Sentiment Index  
GERMANY Industrial Production, ZEW Economic Sentiment & Current Conditions
FRANCE Balance of Trade, Current Account
UK No data due
US Balance of Trade, Exports, Imports, Redbook, JOLTs Openings, API Crude Oil Stock Change
Earnings Thor Industries, Casey’s General Stores, Navista

Wednesday
AUSTRALIA  
Consumer Confidence Change & Index, Building Permits,
JAPAN Machine Tool Orders.
S KOREA 
Unemployment Rate, GDP Growth Rate
TAIWAN No data due  
CHINA 
Inflation Rate and PPI
HONG KONG 
No data due
EUROZONE 
No data due  
GERMANY 
Balance of Trade, Exports, Imports and Current Account.
FRANCE 
No data due  
UK 
No data due
US MBA Mortgage Applications and 30 yr Mortgage Rate, Wholesale Inventories, EIA Oil Report.
Earnings : Chewy, Dave & Buster’s, Signet Jewelers, John Wiley

Thursday
AUSTRALIA  
Consumer Inflation Expectations
JAPAN Foreign Stock and Bond Investment, PPI
S KOREA No data due
TAIWAN 
No data due
CHINA No data due but could get New Yuan Loans, Ourstanding Loan Growth, Total Social Financing, M2 Money Supply
HONG KONG 
No data due
EUROZONE 
ECB Rate Decision
GERMANY No data due  
FRANCE 
Non Farm Payrolls, Industrial Production
UK No data due
US Core Inflation Rate, Inflation Rate, Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report, WASDE report, Monthly Budget Statement

Friday
AUSTRALIA  
No data due
JAPAN  BSI Large Manufacturing  
S KOREA Import Prices
TAIWAN 
No data due
CHINA No data due Could get Vehicle Sales
HONG KONG 
No data due
EUROZONE No data due
GERMANY 
Bundesbank Semi Annual Forecasts
FRANCE 
IEA Oil Report
UK 
Construction Output, Industrial & Manufacturing Production, GDP 3-month average, Goods Trade Balance, GDP, NIESR monthly GDP tracker
US Michigan Data Prelim (Current Conditions, Inflation Expectations, Consumer Sentiment, 5year Inflation Expectations, Consumer Expectations) Baker Hughes Rig Count.

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Globally covid concerns remain and whilst the situation in India is improving; concerns remain. Another concern is the USD weakness and the surge in commidities hard and soft. 

Asia

A busy week; Japan, S Korea, Taiwan, China and Australia releasing PMI data.
Japan Monday pre market Industrial Production Retail Sales then later Consumer Confidence, Housing Starts and Construction Orders. Tuseday Capital Spending and Friday Household Spending.
S Korea Monday pre market Construction Output, Industrial & Manufacturing Production then later in the week Trade & Inflation data
Taiwan later in the week GDP Growth Rate and Foreign Reserves
Australia Housing data, GDP, Trade data, Retail Sales amongst the data to be released.
US
Focus
will be on the May Jobs report but there is also important ISM data on the manufacturing and services sector activity along with the Beige Book.  Also in focus will be the amount of liquidity in the system and the amount of cash being placed with the Fed.
Europe 
Loans and Inflation data along with PMI data (Manufacturing, Services and Construction), retail sales.


Monday 31 May
AUSTRALIA  
Private Sector Credit,
JAPAN 
Industrial Production, Retail Sales, Consumer Confidence, Housing Starts and Construction Orders.
S KOREA Industrial Production, Construction Output and Retail Sales  
TAIWAN No data due  
CHINA Manufacturing and Non Manufacturing PMI
HONG KONG No data due
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply
GERMANY Inflation Rate
FRANCE No data due  
UK No data due Market closed
US No data due Market closed

Tuesday 1 June
AUSTRALIA  
Manufacturing Index, Manufacturing PMI, Inflation Gauge, Building Permits, Company Gross Profits, Current Account and RBA Interest Rate Decision.
JAPAN Capital Spending, Manufacturing PMI  
S KOREA Balance of Trade, Exports and Imports, Manufacturing PMI
TAIWAN Manufacturing PMI
CHINA Caixin Manufacturing PMI
HONG KONG Retail Sales
EUROZONE Manufacturing PMI, Core Inflation Rate, Inflation Rate, Unemployment  
GERMANY Manufacturing PMI, Unemployment data
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI, Nationwide Housing Prices
US Manufacturing PMI, Construction Spending, IBD/TIPP Economic Optimism, ISM Manufacturing Data (PMI, Employment, New Orders, Prices) Dallas Fed Manufacturing Index,  Logistics Managers Index Current, Total Vehicle Sales (after market).
Fed Speakers Quarles and Brainard
Earnings Canopy Growth, Hewlett Packard Enterprise, Ambarella, Zoom Video

Wednesday 2 June
AUSTRALIA  
GDP Data (Growth Rate, Capital Expenditure, Final Consumption, Deflator), RBA Chart Pack
JAPAN No data due  
S KOREA 
Inflation Rate
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
PPI
GERMANY 
Retail Sales
FRANCE 
Budget Balance
UK 
BoE Consumer Credit, Mortgage Lending, Mortgage Approvals, Net Lending to Individuals
US MBA Mortgage Applications and 30 yr Mortgage Rate, Redbook, Beige Book, API Crude Oil Stock Change.
Fed Speakers Harker, Bostic, Evans and Kaplan
Earnings: Advance Auto Parts, Lands’ End, NetApp, Splunk, Cloudera, PVH, C3.ai

Thursday 3 June
AUSTRALIA  
Construction Index, Services and Composite PMI, Balance of Trade, Exports, Imports and Retail Sales.
JAPAN Foreign Stock and Bond Investment, Services and Composite PMI
S KOREA Foreign Exchange Reserves
TAIWAN 
No data due
CHINA Caixin Services and Composite PMI,
HONG KONG 
No data due
EUROZONE 
Services and Composite PMI,
GERMANY Services and Composite PMI,
FRANCE 
Services and Composite PMI,
UK Services and Composite PMI,
US Challenger Job Cuts,  ADP Employment Change, Initial Claims, 4 week Average Claims, Continuing Claims, Services and Composite PMI,  ISM Non Manufacturing Data (PMI, Employment, New Orders, Prices), EIA Oil Report, EIA Natural Gas Report.
Fed Speakers Bostic, Kaplan, Harker and Quarles.
Earnings: Broadcom, Lululemon Athletica, Five Below, Hovnanian, Express, J.M. Smucker, DocuSign, Cooper Cos, CrowdStrike

Friday 4 June
AUSTRALIA  
Home Loans, Investment Lending for Homes
JAPAN Household Spending.
S KOREA No data due  
TAIWAN 
GDP Growth Rate, Foreign Exchange Reserves
CHINA No data due  
HONG KONG 
No data due
EUROZONE Construction PMI, Retail Sales
GERMANY 
Construction PMI, New Car Registrations
FRANCE 
Construction PMI, Retail Sales
UK 
New Car Sales, Construction PMI
US Non Farm  Payrolls, Unemployment Rate, Average Weekly Hours, Average Hourly Earnings, Participation Rate, Factory Orders, Baker Hughes Rig Count.
Fed Speakers Chairman Powell on central banks and climate change

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This and previous notes can be found at SubStack Asian Market Sense
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I was on Bloomberg Radio Friday talking about Asian markets
: https://www.bloomberg.com/news/audio/2021-05-21/andrew-sullivan-on-the-markets-radio

The last week of trading for May; Economic releases are relatively light this week. But speeches from Central Banks will be watched carefully for references to inflation. The markets seem to be buying into the Fed’s line that it will be transitory, I remain unconvinced. Also Bitcoin/Crypto remains in the headlines on regulation, emission and the fact that whislt the PBOC, FED and others crack down on it they are thinking about Central Bank Digital currencies. Covid also continues to overhang the markets.
US Earnings winding down but still some key names and Monday we have the Lordstown Motor Spac reporting. Later in the week: Toll Brothers, Dicks Sporting Goods, American Eagle, Nvidia, Snowflake, Workday, Best Buy, Dollar General, Dollar Tree, Medtronic, Gap, Costco, SalesForce, Dell, Big Lots and others.
Hedge Funds continue to be active looking for opportunities created by the volatility in the crypto world; along with a number of M&A and privatisation deals in Asia. June is AGM month in Japan which typically hedge funds use as an opportunity to look for insight into targets; Mitsubishi Logistics and Toshiba are high on the list.
Markets continue to trade at highs raising concerns about a potential major correction. Tech (non internet) remains strong on good demand (confirmed by Tech companies increasing Capex to meet demand). Interestingly US REITs had a strong week; which suggest investors are more confident that the general economic recovery’s will have a positive impact on property.

Key Asian data
Australia Construction Work Done, Leading Index, Private Capex.
Japan Coincident & Leading Indexes then Friday Jobs and CPI.
S Korea Consumer & Business Confidence and BoK rate decision.
Taiwan Jobs, Industrial Profits, Retail Sales, M2 Money supply.
China only Industrial Profits.
Hong Kong Trade Data
Europe
Eurozone Consumer Confidence final, Sentiment data
German GDP, Ifo data, Consumer Confidence, Import Prices
France Consumer & Business Confidence, Unemployment, GDP, Inflation and Inflation.
US
More housing data, Richmond Fed, Durable Goods, GDP Growth & Price Index, PCE data, Corporate Profits, Personal Income & Spending, Goods Trade Balance, Wholesale Inventories, Michigan Final reading, Chicago PMI

Monday 24 May
AUSTRALIA  No data due
JAPAN No data due BoJ Kuroda speech
S KOREA No data due  
TAIWAN Unemployment, Industrial Production, Retail Sales  
CHINA No data due  
HONG KONG No data due  
EUROZONE No data due
GERMANY No data due
FRANCE No data due  
UK No data due  
US Chicago Fed National Activity Index
Fed Speakers Atlanta Fed President Raphael Bostic Noon
Kansas City Fed President Esther George After Market
Earnings: Lordstown Motors

Tuesday 25 May  
AUSTRALIA 
No data due  
JAPAN No data due  
S KOREA Consumer Confidence
TAIWAN No data due  
CHINA No data due  
HONG KONG No data due  
EUROZONE No data due  ECB’s Lane Speech  
GERMANY GDP Growth Rate, Ifo (Business Climate, Expectations and Current Conditions),
FRANCE No data due  
UK CBI Distibutive Trades. BoE’s Tenreyro Speech
US Redbook, Case-Shiller Home Price Index, House Price Index, Consumer Confidence, New Home Sales, Richmond Fed Manufacturing Index, 2 yr Note Auction, API Crude Oil Stock Change (after market).
Fed Speakers Fed Vice Chairman Quarles 3:30pm
Earnings: Nordstrom, Toll Brothers, Intuit, Agilent, Autozone, Cracker Barrel, Pershing Square Holdings, Urban Outfitters, Zscaler

Wednesday 26 May
AUSTRALIA  
Construction Work Done, Leading Index
JAPAN Coincident Index, Leading Economic Index, BoJ’s Suzuki Speech
S KOREA 
Business Confidence
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
No data due  
GERMANY 
No data due  
FRANCE 
Business & Consumer Confidence, Business Climate Indicator.
UK 
No data due  
US MBA Mortgage Applications and 30 yr Mortgage Rate, EIA Oil Report, 2 yr FRN Auction, 5yr Note Auction
Fed Speakers None
Earnings:
NVIDIA, Snowflake, Bank of Montreal, Capri Holdings, Abercrombie and Fitch, Dick’s Sporting Goods, American Eagle Outfitters, Workday, Pure Storage, Designer Brands

Thursday  27 May
AUSTRALIA  
Private Capital Expenditure
JAPAN Foreign Stock and Bond Investment
S KOREA BoK Interest Rate Decision
TAIWAN 
No data due  
CHINA Industrial Profits
HONG KONG 
Balance of Trade, Exports, Imports
EUROZONE 
No data due, ECB’s Guindos,  Elderson & Schnabel Speeches
GERMANY No data due, Bundesbank Weidmann Speech
FRANCE 
Unemployment Benefit Claims, Jobseekers Total
UK No data due BoE’s Vlieghe Speech
US Durable Goods Orders, GDP (Price Index & Growth Rate), Corporate Profits, Initial Claims, 4 week Average Claims, Continuing Claims, Core PCE Prices, PCE Prices, Pending Home Sales, EIA Natural Gas Report, Kansas Fed Manufacturing Index,
4 & 8 week Bill and 7year Note Auction,
Fed Speakers None
Earnings
: Best Buy,Salesforce.com,Costco,Dell Technologies, Box, Ulta Beauty, VMWare, Autodesk, Lions Gate, Canadian Imperial Bank, Toronto Dominion, Burlington Stores, Dollar General, Dollar Tree, Royal Bank of Canada, Medtronic

Friday 28 May
AUSTRALIA  
No data due
JAPAN Unemployment, Job/Application Ratio, Tokyo Core CPI and CPI
S KOREA No data due  
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
No data due
EUROZONE Consumer Confidence & Inflation Expectations, Sentiment (Economic, Industrial and Services),
GERMANY 
Import Prices
FRANCE 
GDP Growth Rate, Inflation Rate, Household Consumption, PPI
UK 
No data due
US Personal Spending and Income, Goods Trade Balance, Wholesale Inventories, PCE Price Index, Core PCE Price Index, Chicago PMI, Michigan Data Final (Current Conditions, Consumer Expectations, 5 yr Inflation Exepctations, Consumer Sentiment, Inflation Expectations) Baker Hughes Rig Count Presdients FY 2022 Budget.
Fed Speakers None

Read More  

This and previous notes can be found at Substack
Check out  ERI-C.com ; for your research needs

Quite light for Asian data this week but China data on Monday and Japan’s GDP data on Tuesday, Trade Data Thursday plus Inflation and Flash PMI Friday are the highlights. China also releases it Loan Prime Rate on Thursday but no change expected. A broken trading week with S Korea, HongKong closed Wednesday for Budda’s Birthday.
In Europe; Flash PMI out Friday for most countries. Ahead of that employment data for the EU and UK along with Eurozone GDP and Inflation data. UK Inflation, PPI and Retail Sales in focus.
German PPI and the Bundesbank Report.
US Housing data, FOMC minutes and Flash PMI’s in addition to the normal weekly data.

Earnings US  Retail earnings in focus this week with Walmart and Home Depot will report Tuesday. Target, TJX and Lowe’s release results Wednesday, and B.J.’s Wholesale and Kohl’s on Thursday.  

Monday 17 May
AUSTRALIA  
Consumer Inflation Expectations
JAPAN 
PPI, Machine Tool Orders
S KOREA No data due  
TAIWAN No data due  
CHINA China House Prices, NBS Press Conference, Retail Sales, Industrial Production, Unemployment and Fixed Asset Investment
HONG KONG No data due  
EUROZONE No data due  
GERMANY No data due  
FRANCE No data due  
UK No data due  
US NY Empire State Manufacturing Index, NAHB Housing Market Index, Foreign Bond Investments, Overall Net Capital Flows, Net Long-term Tic Flows.
Earnings Hostess Brands, Lordstown Motors, Tencent

Tuesday 18 May
AUSTRALIA  
RBA Meeting Notes
JAPAN GDP Data (Rate, Annualised, Price Index, Capital Expenditure, External Demand, Private Consumption) Tertiary Index
S KOREA No data due  
TAIWAN No data due
CHINA No data due
HONG KONG No data due  
EUROZONE Balance of Trade, Employment Change, GDP Growth Rate
GERMANY No data due
FRANCE No data due  
UK  No data due
US Housing Starts, Building Permits,  Redbook, API Crude Oil Stock Change
Earnings Walmart, Home Depot, Macy’s, Baidu, Take-Two Interactive, Trip.com, NetEase

Wednesday 19 May
AUSTRALIA  
Consumer Confidence (Index and Change) Wage Price Index
JAPAN Industrial Production, Capacity Utilisation
S KOREA 
No data due
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
New Car Registrations, ECB Financial Stability Review, Core Inflation Rate, Inflation Rate.
GERMANY 
No data due  
FRANCE 
No data due  
UK 
Inflation Rate, Core Inflation Rate, PPI Core Output, Retail Price Index, PPI Output and Input,
US MBA Mortgage Applications and 30 yr Mortgage Rate, EIA Oil Report, FOMC minutes.
Earnings Target, Lowe’s, JD.Com, Cisco, Shoe Carnival, TJX, Eagle Materials, Analog Devices, L Brands

Thursday 20 May
AUSTRALIA  
Part time & Full time Employment Change, Employment Change, Unemployment Rate, Participation Rate.
JAPAN Tankan Index, Balance of Trade, Export, Imports, Machinery Orders, Foreign Stock and Bond Investment
S KOREA No data due
TAIWAN 
Export Orders, Current Account.
CHINA Loan Prime Rate 1 and  5 year.
HONG KONG 
Unemployment Rate
EUROZONE 
Current Account, Construction Output
GERMANY No data due  
FRANCE 
No data due
UK CBI Industrial Trends Orders
US Philadelphia Fed Manufacturing Index,  Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report,  CB Leading Index.
Earnings BJ’s Wholesale, Kohl’s, Petco, Ralph Lauren, Applied Materials, Ross Stores, Deckers Outdoor, Hormel Foods, Palo Alto Networks

Friday 21 May
AUSTRALIA  
Manufacturing, Service and Composite Flash PMI, Retail Sales.
JAPAN Inflation Rate, Core Inflation Rate,  Inflation Ex Food & Energy, Manufacturing, Service and Composite Flash PMI
S KOREA PPI
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
Inflation Rate
EUROZONE Manufacturing, Service and Composite Flash PMI, Consumer Confidence Flash,
GERMANY 
Manufacturing, Service and Composite Flash PMI, Bundesbank Monthly Report,
FRANCE 
Manufacturing, Service and Composite Flash PMI
UK 
Retail Sales,  Manufacturing, Service and Composite Flash PMI
US Existing Home Sales, Baker Hughes Rig Count.
Earnings Deere, Foot Locker, Buckle, VF Corp, Booz Allen Hamilton 

Read More  

Whilst it is a light week for Asian Data focus is likely to be on China Inflation data and the possible release of New Loans data.  
Outside of that Japanese household spending and Bank Landing are likely to be closely watched.
S Korean Unemployment and Export and Import prices are the only releases.
Taiwan no data this week
Hong Kong Industrial Production and GDP Growth Rate

In Europe; ZEW data, German Inflation and French Unemployment
UK GDP Growth and Balance of Trade in focus.
For the US Inflation data out Wednesday will be the main focus but also PPI and Retail Sales.
Earnings continue but with fewer heavyweight names.
Multiple Fed speakers are on the calendar, including Vice Chairman Richard Clarida, who speaks a half-hour after the CPI print Wednesday. Other officials speaking include Federal Reserve Board Governor Lael Brainard, New York President John Williams and Dallas Fed President Rob Kaplan.

Also federal income tax return filing date of May 17 could be adding pressure to tech stocks as investors may be selling winners to pay their taxes.

Monday 10 May 
AUSTRALIA  Business Confidence and Retail Sales
JAPAN No data due
S KOREA No data due  
TAIWAN No data due  
CHINA No data due  
HONG KONG No data due
EUROZONE No data due
GERMANY No data due
FRANCE No data due  
UK No data due  
US ISM New York Index and Consumer Inflation Expectations

Earnings: Marriott, BioNTech, Jacobs Engineering, Simon Property Group, International Flavors and Fragrances, Wynn Resorts, SmileDirectClub, Duke Energy, Air Products, Tyson Foods, Party City, Energizer, Coty

Tuesday 11 May
AUSTRALIA  New Home Sales
JAPAN Household Spending, BoJ Summary of Options
S KOREA No data due  
TAIWAN No data due  
CHINA Inflation Rate, PPI. Could also get Vehicle Sales, New Yuan Loans, Outstanding Loan Growth, Total Social Financing, M2 Money Supply.
HONG KONG No data due  
EUROZONE ZEW Economic Sentiment Index
GERMANY ZEW Economic Sentiment Index & Current Conditions, Wholesale Prices
FRANCE No data due  
UK No data due
US Redbook, JOLT’s Job Openings, API Crude Oil Stock Change

Earnings: Electronic Arts, Chesapeake Energy, Hanesbrands, Aramark, International Game Technology, Palantir Technologies, Perrigo, Unity Software, Opendoor Technologies, Kinross Gold, Lemonade, Vizio

Wednesday 12 May 
AUSTRALIA  Building Permits
JAPAN Foreign Exchange Reserves, Coincident Index, Leading Economic Index
S KOREA 
Unemployment
TAIWAN No data due  
CHINA 
No data due  
HONG KONG
Industrial Production
EUROZONE 
No data due  
GERMANY 
Inflation Rate
FRANCE 
No data due  
UK 
Balance of Trade, GDP Growth Rate, GDP, Business Investment, Industrial Production, Manufacturing Production, Construction Output & Orders, Goods Trade Balance, NIESR Monthly GDP Tracker.
US MBA Mortgage Applications and 30 yr Mortgage Rate, inflation Rate, Core Inflation Rate, EIA Oil Report, Monthly Budget Statement

Earnings: Toyota, Wendy’s, Fossil, Bumble, Allianz, Jack in the Box, Vroom, SoftBank, Sonos, Bayer, 1Life Healthcare

Thursday 13 May
AUSTRALIA  Consumer Inflation Expectations
JAPAN Foreign Stock and Bond Investment, Current Account, Bank Lending, Eco Watchers Survey Outlook and Current
S KOREA No data due
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
No data due
EUROZONE 
No data due
GERMANY No data due  
FRANCE 
No data due
UK No data due
US PPI, Core PPI Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report.

Earnings: Walt Disney, Airbnb, Plantronics, Burberry, Casper Sleep, Brookfield Asset Management, Door Dash, Petrobras, Aurora Cannabis, Alibaba

Friday 14 May
AUSTRALIA  No data due
JAPAN No data due
S KOREA Export and Import Prices
TAIWAN 
No data due
CHINA No data due  May get FDI (YTD)
HONG KONG 
GDP Growth Rate
EUROZONE Monetary Policy Meeting Account
GERMANY 
No data due
FRANCE 
Unemployment Rate
UK 
No data due
US Retail Sales, Industrial Production, Manufacturing Production, Capacity Utilisation, Business Inventories, Michigan Data (Sentiment, Inflation Expectations, Consumer Expectations 5 year Inflation Expectation and Current Conditions)  Baker Hughes Rig Count.

Earnings: Honda, Rosneft

Read More  

Asia a light week for data and trading with Japan closed until Thursday and China until Wednesday.  S Korea closed on Wednesday too.  We do get Manufacturing PMI data and inflation for S Korea and Taiwan. China Trade data will be watched for slowing.
Europe Retail Sales, PMI and Traded data and the BoE rate decision.
US the focus will be earnings and the Jobs report Friday with people listening to the Fed speakers for hints on progress regarding its goals for the economy; especially in regard to bond purchasing as the economy recovers faster than expected.  We also get PMI and ISM data.
Earnings also in focus, so far 87% of S&P have beaten with earnings growing by more than 46% prompting some to raise their full year forecasts but others feel the good news is priced in and markets are due some consolidation.

Worth noting some of the comments from Buffett and Munger (now 97 and doing well) at the Berkshire Hathaway AGM They were surprised but the speed of the recovery and seeing inflationary pressures in some of the companies they own.  Buffett expects more inflation “People have money in their pocket and they’ll pay the higher prices.”. Negative on bitcoin and crypto, worried about tax changes but would adapt and defended their buybacks as being good for existing shareholders. Buffet doubted the Spac craze would last. Munger worried that unchecked Federal spending would be disastrous and that Modern Portfolio Theory was not the answer; (see my note on the ERIC Shilling/Napier deflation debate).Buffet said selling some Apple was probably wrong but owning Cheveron was OK as it will adapt to renewable energy; it was a matter of being reasonable.  Doesn’t want to own airlines still not confident about the outlook.  

Interestingly started with a list of today’s 20 largest companies; asking how may would be around in 30 years; in the list were; Apple, Saudi Aramco, Microsoft, Amazon, Alphabet and Facebook.  He then said that none of the top 20 companies from 1989 was on the list; which then had over 50% Japanese banks and industrials with the only US firms being Exxon, GE, Merck, IBM, American Tel & Tel and Philip Morris.  So capitalism had worked, the world would change and he still thought the best way to invest was investment funds.  

Monday 3 May 
AUSTRALIA  Manufacturing Index, Manufacturing PMI, Inflation Gauge , Job Advertisments
JAPAN Market closed Constitution Memorial Day
S KOREA Manufacturing PMI.  Short Selling resumes.
TAIWAN Manufacturing PMI
CHINA Market closed Labour Day Holiday
HONG KONG GDP Growth Rate,  
EUROZONE Manufacturing PMI
GERMANY Retail Sales, Manufacturing PMI
FRANCE Manufacturing PMI, New Car Registrations
UK Market Closed
US Manufacturing PMI, Construction Spending, ISM Manufacturing Data (PMI, Prices, New Orders and Employment), Total Vehicle Sales

Earnings Avis Budget, Loews, Alexion Pharmaceuticals, Rambus, Leggett and Platt, Vornado, American Water, Iamgold, Mosaic, Apollo Global Management, ZoomInfo, Estee Lauder, ON Semiconductor

Tuesday 4 May 
AUSTRALIA  Balance of Trade, Home Loans, Imports, Exports, Investment Lending for Homes, RBA Interest Rate Decision.
JAPAN Market closed Greenery Day
S KOREA Inflation Rate
TAIWAN No data due
CHINA Market closed Labour Day Holiday
HONG KONG Retail Sales
EUROZONE No data due  
GERMANY No data due
FRANCE Budget Balance
UK Mortgage Approvals, Mortgage Lending, BoE Consumer Credit, Manufacturing PMI, Net Lending to Individuals.
US Balance of Trade, Exports, Imports, Redbook, ISM New York, Factory Orders, Factory Orders Ex. Transportation,  IBD/TIPP Economist Optimism, API Crude Oil Stock Change.

Earnings Pfizer, CVS Health, ConocoPhillips, Martin Marietta Materials, Activision Blizzard, DuPont, KKR, T-Mobile, Akamai, Pioneer Natural Resources, Lattice Semiconductor, Denny’s, Hyatt Hotels, Host Hotels, PerkinElmer, Prudential Financial, Viavi, Caesars Entertainment, Thomson Reuters, Cummins, Vulcan Materials

Wednesday 5 May 
AUSTRALIA  Construction Index, Services and Composite PMI, Building Permits, RBA Chart Pack
JAPAN Market closed Children's Day
S KOREA 
Market closed Children’s Day
TAIWAN Foreign Exchange Reserves  
CHINA 
No data due  
HONG KONG 
PMI
EUROZONE 
Services and Composite PMI, PPI
GERMANY 
Services and Composite PMI
FRANCE 
Services and Composite PMI
UK 
New Car Registrations
US MBA Mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Services and Composite PMI, ISM Non Manufacturing Data (PMI, Prices, New Orders and Employment), EIA Oil Report

Earnings  General Motors, Hilton Worldwide, Booking Holdings, Fox Corp., Uber Technologies, Etsy, PayPal, Allstate, Accolade, Cognizant Technology, MetLife, Marriott Vacations, CF Industries, Marathon Oil, CyberArk Software, Emerson Electric, Amerisourcebergen, BorgWarner, Zynga, Tanger Factory Outlet, Twilio

Thursday 6 May
AUSTRALIA  No data due  
JAPAN BoJ Meeting notes
S KOREA Foreign Exchange Reserves
TAIWAN 
Wholesale Prices, Inflation Rate
CHINA No data due  
HONG KONG 
No data due
EUROZONE 
Construction PMI, Retail Sales
GERMANY Factory Orders, Construction PMI
FRANCE 
Construction PMI, Retail Sales,
UK Services and Composite PMI, BoE Interest Rate Decision, BoE Quantative Easing, Local Government Elections.
US Challenger Job Cuts, Unit Labour Costs, Nonfarm Productivity, Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report,

Earnings Regeneron, ViacomCBS, Kellogg, Moderna, Murphy Oil, Beyond Meat, Shake Shack, Square, Roku, Axon, Cushman and Wakefield, Tapestry, Neilsen, AIG, Anheuser-Busch, EOG Resources, Consolidated Edison, DropBox, Expedia, Roku, Peloton Interactive, Datadog, Cardinal Health, Ambac Financial

Friday 7 May
AUSTRALIA  Services Index, RBA Statement on Monetary Policy
JAPAN Average Cash Earnings, Services and Composite PMI,
S KOREA Current Account
TAIWAN 
Balance of Trade, Exports, Imports.
CHINA Caixin Services and Composite PMI, Balance of Trade, Exports, Imports, Foreign Exchange Reserves
HONG KONG 
Foreign Exchange Reserves
EUROZONE No data
GERMANY 
Balance of Trade, Exports, Imports, Industrial Production, Current Account
FRANCE 
Balance of Trade, Exports, Imports, industrial Production,
UK 
Construction PMI
US NonFarm Payrolls, Unemployment Rate, Ave Weekly Hours, Ave Weekly Earnings, Participation Rate, Wholesale Inventories,  Baker Hughes Rig Count, Consumer Credit Change.

Earnings Cigna, Siemens, Gannett, AMC Networks, Draftkings, Liberty Broadband, Elanco Animal Health

Read More  

Data likely to take second place to earnings for the main part with 33% of the Dow and S&P 500 reporting including a lot of the big tech names.  Similar in HK as earnings pick up including Cinda AM, HSBC, WM Group, Jiangxi Copper, Huaneng Power, Anhui Conch, Sinopharm,  Cosco Shipping, Chalco, BYD, HKEX and more (see full list below).BUT the FOMC meeting will be in focus as investors look for clues on whether the inflation being seen is still viewed as temporary.  For Asian the BoJ meeting and quarterly outlook will be studied for the impact of covid and the emergency state impositions.

For Asia 
Japan Retail Sales, Inflation and Unemployment data in a short trading week as Golden Week starts Thursday but still get data Friday.
S Korea a busy week; GDP growth rate, business and consumer confidence, Construction Output, Industrial & Manufacturing Production, Retail Sales, Consumer Confidence, Housing Starts and Construction Orders and then Trade Data on Saturday
Taiwan only GDP Growth rate on Friday. /China Industrial Profits and Non and Manufacturing PMIs
China just Industrial Profits along with Non and Manufacturing PMI
Australia inflation data, Export and Import prices, PPI and private sector credit.
In Europe 
Eurozone nothing until Thursday and Friday; Loans data, Consumer Confidence, Sentiment (Economic, Industrial and Services), Consumer Inflation Expectations, Flash Core Inflation Rate, GDP Growth Rate,  Inflation Rate.  Unemployment  Rate.
German Ifo data, consumer confidence, Unemployment, inflation and GDP Growth
France Unemployment, consumer confidence, GDP Growth Rate, Inflation Rate, Household Consumption, PPI.
UK CBI Distributive Trades, Car Production and Nationwide House Prices.
US main focus FOMC but also get Durable Goods, more Housing data, PCE data (a Fed favourite), Personal Income and Spending and Michigan data amongst other data.

Monday 26 April 
AUSTRALIA  No data due
JAPAN Final Coincident Index and Leading Economic Index
S KOREA No data due  
TAIWAN No data due  
CHINA No data due  
HONG KONG No data due  
EUROZONE No data due
GERMANY Ifo data (Business Climate, Current Conditions and Expectations) FRANCE No data due  
UK No data due  
US Durable Goods Orders, Dallas Fed Manufacturing Index
Earnings Tesla, Canadian National Railway, Canon, Check Point Software, Otis Worldwide, Vale, Ameriprise, NXP Semiconductor, Albertsons, Royal Phillips

Tuesday 27 April 
AUSTRALIA  No data due
JAPAN BoJ Interest Rate Decision and Quarterly Outlook
S KOREA GDP Growth Rate
TAIWAN No data Due
CHINA Industrial Profits
HONG KONG Balance of Trade, Exports and Imports
EUROZONE No data due  
GERMANY No data due  
FRANCE Unemployment Benefit Claims, Jobseekers
UK CBI Distributive Trades
US Redbook, Case-Schiller Home Price Index, CB Consumer Confidence, Richmond Fed Manufacturing Index API Crude Oil Stock Change. FOMC meeting starts
Earnings Microsoft, Alphabet, Visa, Amgen, Advanced Micro Devices, 3M, General Electric, Eli Lilly, Hasbro, United Parcel Service, BP, Novartis, JetBlue, Pultegroup, Archer Daniels Midland, Waste Management, Starbucks, Texas Instrument, Chubb, Mondelez, FireEye, Corning, Raytheon

Wednesday 28 April
AUSTRALIA  Inflation Rate and CPI data
JAPAN Retail Sales
S KOREA 
Consumer Confidence
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
No data due  
GERMANY 
Gfk Consumer Confidence
FRANCE 
Consumer Confidence
UK 
No data due
US MBA Mortgage Applications and 30 yr Mortgage Rate, Wholesale Inventories, Goods Trade Balance, EIA Oil Report, FOMC Rate Decision and Press Conference.
Earnings: Apple, Boeing, Facebook, Qualcomm, Ford, MGM Resorts, Humana, Norfolk Southern, General Dynamics, Boston Scientific, eBay, Samsung Electronics, GlaxoSmithKline, Yum Brands, SiriusXM, Aflac, Cheesecake Factory, Community Health System, CIT Group, Entergy, CME Group, Hess, Ryder System

Thursday 29 April 
AUSTRALIA  Export & Import Prices
JAPAN No data due
S KOREA Business Confidence
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
No data due
EUROZONE 
Loans to Households, Loans to Companies, M3 Money Supply, Consumer Confidence, Sentiment (Economic, Industrial and Services), Consumer Inflation Expectations
GERMANY Import Prices, Unemployment Rate, Unemployment Change, Inflation Rate,
FRANCE 
No data due
UK Car Production
US Initial Claims, 4 week Average Claims, Continuing Claims, GDP (Growth Rate and Price Index), Core PCE Prices, PCE Prices, Pending Home Sales,  EIA Natural Gas Report.
Earnings: Amazon, Caterpillar, McDonald’s, Twitter, Bristol-Myers Squibb, Comcast, Merck, Northrop Grumman, Airbus, Kraft Heinz, Intercontinental Exchange, Mastercard, Gilead Sciences, U.S. Steel, Cirrus Logic, Texas Roadhouse, Cabot Oil, PG&E, Royal Dutch Shell, Church & Dwight, Carlyle Group, Southern Co.

Friday 30 April 
AUSTRALIA  PPI, Private Sector Credit
JAPAN Unemployment Rate, Tokyo CPI, Jobs/Application Ratio, Industrial Production, Foreign Stock and Bond Investment, Manufacturing PMI
S KOREA Construction Output, Industrial & Manufacturing Production, Retail Sales, Consumer Confidence, Housing Starts and Construction Orders
TAIWAN 
GDP Growth Rate
CHINA Non and Manufacturing PMI
HONG KONG 
No data due
EUROZONE  Flash Core Inflation Rate, GDP Growth Rate,  Inflation Rate.  Unemployment  Rate
GERMANY 
GDP Growth Rate
FRANCE 
GDP Growth Rate, Inflation Rate, Household Consumption, PPI
UK 
Nationwide Housing Prices
US Personal Income and Spending, Employment Cost data (Index, Benefits and Wages) PCE Price Index, Core PCE Price Index, Chicago PMI, Michigan Data Final (Consumer Expectations, Current Conditions, 5 year Inflation Expectations, Consumer Sentiment) Baker Hughes Rig Count.
Earnings: ExxonMobil, Chevron, Colgate-Palmolive, AstraZeneca, Clorox, Barclays, AbbVie, BNP Paribas, Weyerhaeuser, Illinois Tool Works, CBOE Global Markets, Lazard, Newell Brands, Aon, LyondellBasell, Pitney Bowes, Phillips 66, Charter Communications

Saturday 1 May
S Korea Balance of Trade, Exports and Imports


Full list of HK listed companies due to report this week, listed by stock code
2012/04/26      Monday 
China Tian Yuan Healthcare Group Limited
00557.HK Hotel & Resorts
Zhengzhou Coal Mining Machinery Group Company Limited - H Shares
00564.HK Machinery & Equipment QTR RES
Xinjiang Tianye Water Saving Irrigation System Co Ltd -H Shs
00840.HK Machinery & Equipment
Tianjin Capital Environmental Protection Group Co. Ltd.-H Sh
01065.HK Water Supply
China Cinda Asset Management Co., Ltd. - H Shares
01359.HK Investments & Assets Management
China New Higher Education Group Limited
02001.HK Other Support Services
China Aluminum International Engineering Corp. Ltd.-H shares
02068.HK Construction & Decoration
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - H Shares
02196.HK Medicine
Xinjiang Goldwind Science & Technology Co., Ltd. - H Shares
02208.HK Electric Equipment

2021/04/27       Tuesday 
HSBC Holdings plc
00005.HK Banks
Hang Seng Bank Ltd.
00011.HK Banks
WH Group Ltd.
00288.HK Agricultural, Poultry & Fishing Production
Jiangxi Copper Co. Ltd. - H Shares
00358.HK Nonferrous Metal
Guangshen Railway Co. Ltd. - H Shares
00525.HK Public Transport
Skyworth Group Limited
00751.HK Household Appliances
China Education Group Holdings Limited
00839.HK Other Support Services
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.- H Shs
00874.HK Medicine
Dongjiang Environmental Co. Ltd. - H Shares
00895.HK Environmental Goods
Huaneng Power International, Inc. - H Shares
00902.HK Electricity Supply
Anhui Conch Cement Co. Ltd. - H Shares
00914.HK Construction Materials
Sinopec Yizheng Chemical Fibre Company Limited- H Shares
01033.HK Petroleum & Gases Equipment & Services
Sinopharm Group Co. Ltd. - H Shares
01099.HK Medicine
COSCO SHIPPING Ports Limited
01199.HK Marine & Harbour Services
China International Marine Containers (Group) Co., Ltd.- H Shares
02039.HK Machinery & Equipment
Aluminum Corporation of China Ltd. - H Shares
02600.HK Nonferrous Metal
China Molybdenum Co., Ltd. - H Shares
03993.HK Nonferrous Metal
China Merchants Securities Co., Ltd.-H shares
06099.HK Securities
China YuHua Education Corporation Limited
06169.HK Other Support Services

2021/04/28     Wednesday 
First Tractor Co Ltd. - H Shares
00038.HK Machinery & Equipment
Guangdong Land Holdings Limited
00124.HK Property Development
Jiangsu Expressway Co. Ltd. - H Shares
00177.HK Road and Railway
Guangdong Investment Ltd.
00270.HK Water Supply RES
BYD Electronic (International) Co. Ltd.
00285.HK Telecomm. & Networking Equipment
Maanshan Iron & Steel Co. Ltd. - H Shares
00323.HK Steel
Sinopec Shanghai Petrochemical Co. Ltd. - H Shares
00338.HK Petroleum & Gases
Hainan Meilan International Airport Company Limited - H Shares
00357.HK Airlne Support
China Petroleum & Chemical Corporation - H Shares
00386.HK Petroleum & Gases
Hong Kong Exchanges and Clearing Ltd.
00388.HK Other Financials
China Railway Group Ltd. - H Shares
00390.HK Infrastructure
Shenzhen Expressway Co. Ltd. - H Shares
00548.HK Road and Railway
Nanjing Panda Electronic Co. Ltd. - H Shares
00553.HK IT Hardware
Shandong Molong Petroleum Machinery Co. Ltd. - H Shares
00568.HK Petroleum & Gases Equipment & Services
Beijing North Star Co. Ltd. - H Shares
00588.HK Property Development
Sinotrans Ltd. - H Shares
00598.HK Marine & Harbour Services
Wai Chun Bio-Technology Limited
00660.HK Agricultural, Poultry & Fishing Production
Haitong International Securities Group Ltd.
00665.HK Securities
China Overseas Land & Investment Ltd.
00688.HK Property Development
China Telecom Corporation Ltd. - H Shares
00728.HK Telecomm. Services
Asia Cement (China) Holdings Corporation
00743.HK Construction Materials
ZTE Corporation - H Shares
00763.HK Telecomm. & Networking Equipment
Hisense Home Appliances Group Co., Ltd. - H Shares
00921.HK Household Appliances
China Construction Bank Corporation - H Shares
00939.HK Banks
Datang International Power Generation Co., Ltd. - H Shares
00991.HK Electricity Supply
Anhui Expressway Co. Ltd. - H Shares
00995.HK Road and Railway
China Gem Holdings Limited
01191.HK Investments & Assets Management
Guangnan (Holdings) Ltd.
01203.HK Steel
BYD Co. Ltd. - H Shares
01211.HK Automobiles & Components
China Maple Leaf Educational Systems Ltd.
01317.HK Other Support Services
The People's Insurance Co. (Group) of China Ltd. - H Shares
01339.HK Insurance
Lanzhou Zhuangyuan Pasture Co., Ltd. - H Shares
01533.HK Dairy Products
Bojun Education Company Limited
01758.HK Other Support Services
Hope Education Group Co., Ltd.
01765.HK Other Support Services
Ganfeng Lithium Co., Ltd. - H Shares
01772.HK Nonferrous Metal
GF Securities Co., Ltd. - H Shares
01776.HK Securities 1
BAIC Motor Corporation Limited - H Shares
01958.HK Automobiles & Components
Bank of Chongqing Co., Ltd. - H Shares
01963.HK Banks
PICC Property and Casualty Co. Ltd. - H Shares
02328.HK Insurance
China Pacific Insurance (Group) Co., Ltd. - H Shares
02601.HK Insurance
Shanghai Pharmaceuticals Holding Co., Ltd. - H Shares
02607.HK Medicine
Guotai Junan Securities Co., Ltd.-H Shares
02611.HK Securities
China Life Insurance Co. Ltd. - H Shares
02628.HK Insurance
AAG Energy Holdings Ltd.
02686.HK Petroleum & Gases RES
Liaoning Port Co., Ltd. - H Shares
02880.HK Marine & Harbour Services
China Oilfield Services Ltd. - H Shares
02883.HK Petroleum & Gases Equipment & Services
Hangzhou Tigermed Consulting Co., Ltd.- H Shares
03347.HK Biotechnology
Qinhuangdao Port Co., Ltd. - H Shares
03369.HK Marine & Harbour Services
Pharmaron Beijing Co., Ltd- H Share
03759.HK Medicine
CITIC Securities Co. Ltd. - H Shares
06030.HK Securities
Wisdom Education International Holdings Company Limited
06068.HK Other Support Services
Bank of Zhengzhou Co., Ltd. - H Shares
06196.HK Banks
China Everbright Bank Co. Ltd. - H Shares
06818.HK Banks
Haitong Securities Co., Ltd. - H Shares
06837.HK Securities
Flat Glass Group Co., Ltd. - H Shares
06865.HK Industrial Goods
Jilin Province Huinan Changlong Bio-pharmacy Co. Ltd. - H Shares
08049.HK Medicine
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. - H Share
09989.HK Medicine

2021/04/29     Thursday 
Northeast Electric Development Co. Ltd. - H Shares
00042.HK Electric Equipment
Sichuan Expressway Co. Ltd. - H Shares
00107 HK Road and Railway Beijing
Jingcheng Machinery Electric Company Limited - H Shares
00187.HK Machinery & Equipment
CSSC Offshore & Marine Engineering (Group) Company Limited - H Shares
00317.HK Commercial Vehicle
Angang Steel Co. Ltd. - H Shares
00347.HK Steel
China Eastern Airlines Corporation Ltd. - H Shares
00670.HK Airline Services
Air China Ltd. - H Shares
00753.HK Airline Services
Xinhua Winshare Publishing and Media Co., Ltd. - H Shares
00811.HK Publishing
PetroChina Co. Ltd. - H Shares
00857.HK Petroleum & Gases
China Longyuan Power Group Corporation Ltd. - H Shares
00916.HK Electricity Supply
China Suntien Green Energy Corporation Ltd. - H Shares
00956.HK Gas Supply
China CITIC Bank Corporation Ltd. - H Shares
00998.HK Banks
Chongqing Iron & Steel Co. Ltd. - H Shares
01053.HK Steel
China Southern Airlines Co. Ltd. - H Shares
01055.HK Airline Services
Huadian Power International Corporation Ltd. - H Shares
01071.HK Electricity Supply
Dongfang Electric Corporation Ltd. - H Shares
01072.HK Electric Equipment
Luoyang Glass Co. Ltd. - H Shares
01108.HK Industrial Goods
COSCO SHIPPING Energy Transportation Co., Ltd.- H Shares
01138.HK Marine & Harbour Services
Zoomlion Heavy Industry Science and Technology Co., Ltd-H Sh
01157.HK Machinery & Equipment
Yanzhou Coal Mining Co. Ltd. - H Shares
01171.HK Coal
China Railway Construction Corporation Ltd. - H Shares
01186.HK Infrastructure
Agricultural Bank of China Ltd. - H Shares
01288.HK Banks
Dynagreen Environmental Protection Group Co., Ltd. - H Share
01330.HK Environmental Goods
New China Life Insurance Co. Ltd. - H Shares
01336.HK Insurance
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares
01349.HK Biotechnology
Industrial and Commercial Bank of China Ltd. - H Shares
01398.HK Banks
GUOLIAN SECURITIES CO., LTD.-H shares
01456.HK Securities
Red Star Macalline Group Corporation Ltd. - H Shares
01528.HK Property Investment
Metallurgical Corporation of China Ltd. - H Shares
01618.HK Infrastructure
Shanghai Dazhong Public Utilities (Group) Co., Ltd.-H shares
01635.HK Gas Supply
Postal Savings Bank of China Co., Ltd.-H shares
01658.HK Banks
RRC Corporation Ltd. - H Shares
01766.HK
Shandong Gold Mining Co., Ltd. - H Shares
01787.HK Precious Metal
Xinte Energy Co., Ltd. - H Shares
01799.HK Alternative Energy
China Communications Construction Co. Ltd. - H Shares
01800.HK Infrastructure
Shanghai Junshi Biosciences Co., Ltd. - H Shares
01877.HK Biotechnology
COSCO SHIPPING Holdings Co., Ltd.- H Shares
01919.HK Marine & Harbour Services
China Minsheng Banking Corp., Ltd. - H Shares
01988.HK Banks
BBMG Corporation - H shares
02009.HK Construction Materials
China Zheshang Bank Co., Ltd. - H Shares
02016.HK Banks
Yantai North Andre Juice Co. Ltd. - H Shares
02218.HK Soft Drinks
Guangzhou Automobile Group Co., Ltd. - H Shares
02238.HK Automobiles & Components
Weichai Power Co. Ltd. - H Shares
02338.HK Automobiles & Components
WuXi AppTec Co., Ltd. - H Shares
02359.HK Biotechnology
BOC Hong Kong (Holdings) Ltd.
02388.HK Banks
Shanghai Electric Group Co. Ltd. - H Shares
02727.HK Electric Equipment
COSCO SHIPPING Development Co., Ltd.- H Shares
02866.HK Marine & Harbour Services
Bank of Communications Co., Ltd. - H Shares
03328.HK Banks
Chongqing Rural Commercial Bank Co., Ltd. - H Shares
03618.HK Banks
Bank of Qingdao Co., Ltd. - H Shares
03866.HK Banks
Zhuzhou CRRC Times Electric Co., Ltd. - H Shares
03898.HK Commercial Vehicle
China International Capital Corporation Ltd. - H Shares
03908.HK Securities
DFZQ-H shares
03958.HK Securities
China Railway Signal & Communication Corporation Ltd. -H Shs
03969.HK System Applications & IT Consulting
Bank of China Ltd. - H Shares
03988.HK Banks
Shanghai La Chapelle Fashion Co., Ltd.-H Shares
06116.HK Apparel
JOINN Laboratories (China) Co., Ltd.- H Shares
06127.HK Medicine
Everbright Securities Company Limited-H shares
06178.HK Securities
CanSino Biologics Inc. - H Shares
06185.HK Biotechnology
Qingdao Port International Co., Ltd. - H Shares
06198.HK Marine & Harbour Services
Haier Smart Home Co., Ltd. - H Shares
06690.HK Household Appliances
Shenwan Hongyuan Group Co., Ltd. - H Shares
06806.HK Securities
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shs
06869.HK Telecomm. & Networking Equipment
China Galaxy Securities Co., Ltd. - H Shares
06881.HK Securities
Huatai Securities Co., Ltd. - H Shares
06886.HK Securities

2021/04/30     Friday 
Modern Media Holdings Ltd.
00072.HK Publishing
Zhejiang Expressway Co. Ltd. - H Shares
00576.HK Road and Railway
Huscoke Holdings Limited
00704.HK Coal
Comtec Solar Systems Group Ltd.
00712.HK Environmental Energy Material
Shanghai Zendai Property Ltd.
00755.HK Property Development
Carnival Group International Holdings Ltd.
00996.HK Property Development
Greater Bay Area Dynamic Growth Holding Limited
01189.HK Hotels & Resorts
Mobile Internet (China) Holdings Limited
01439.HK Printing, Publishing & Packaging
Leader Education Limited
01449.HK Other Support Services
China Datang Corporation Renewable Power Co., Ltd. -H Shares
01798.HK Alternative Energy
China Wood Optimization (Holding) Ltd.
01885.HK Forestry & Timber
China Chunlai Education Group Co., Ltd.
01969.HK Other Support Services
Zhixin Group Holding Limited
02187.HK Construction Materials
CNNC International Ltd.
02302.HK Other Minerals
Good Friend International Holdings Inc.
02398.HK Machinery & Equipment
China National Building Material Co. Ltd. - H Shares
03323.HK Construction Materials
Icon Culture Global Company Limited
08500.HK Advertising

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A light week for data but investors will be looking for signs of inflation in the earnings out this week which really ramps up; with 328 companies due. Costs and profit margins will be key.  
At the same time with markets trading at highs; Dow above 34,000, FTSE above 7,000 and Japan, S Korea and Taiwan at 5 year highs (China & HK have pulled back in the last month) so any disappointments are likely to be harshly received.  But helping analysts; from the results so far; it the fact that we are seeing companies giving guidance again. In the US earnings growth for the S&P 500 is 30.2%; making it the best quarter since the third quarter of 2010, according to FactSet.  So expectations are raised.  Also worth noting that so far in the US companies have beaten earnings estimates by a wide margin of more than 84%, suggests that analysis were either overly pessimistic or their models don’t work without management guidance.
A full list of US earnings can be found at https://finance.yahoo.com/calendar/earnings/

Key data PMI data out at the end of the week.
Ahead of that:
Japan Trade data Monday and Inflation data Friday.
S Korea PPI
Taiwan Export Orders, Unemployment, Retail Sales and Industrial Production China Loan Prime Rate
Europe ECB Rate Decision, German PPI, UK Employment, Inflation Retail Sales and PPI data
US Home Sales Data, Chicago Fed National Activity Index, Kansas Fed Manufacturing Index and 5 year TIPS auction.

Monday 19 April 
AUSTRALIA  No data due but could get New Home Sales.
JAPAN Balance of Trade, Exports, Imports, Industrial Production, Capacity Utilisation.
S KOREA No data due  
TAIWAN No data due  
CHINA No data due  
HONG KONG No data due  
EUROZONE Current Account, Construction Output
GERMANY Bundesbank Monthly Report
FRANCE No data due  
UK No data due  
US No data due  
Earnings Coca-Cola, IBM, United Airlines, Zions Bancorp, FNB, Steel Dynamics

Tuesday 20 April 
AUSTRALIA  RBA Meeting Minutes
JAPAN Tertiary Industry Index
S KOREA No data due  
TAIWAN Export Orders
CHINA Loan Prime Rate (1 and 5 year)
HONG KONG No data due  
EUROZONE No data due  
GERMANY PPI
FRANCE No data due  
UK Claimant Count Change, Employment Change, Average Earnings (Inc & Ex Bonus), Unemployment Rate.
US Redbook, API Crude Oil Stock Change
Earnings Johnson & Johnson, Travelers, Procter and Gamble, Netflix, Abbott Labs, CSX, Lockheed Martin, Intuitive Surgical, Tenet Healthcare, Philip Morris, Northern Trust, Fifth Third, KeyCorp, Comerica

Wednesday 21 April
AUSTRALIA  Retail Sales, Leading Index
JAPAN No data due  
S KOREA 
PPI
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
No data due  
GERMANY 
No data due  
FRANCE 
No data due  
UK 
Inflation Rate, Core Inflation, PPI Core, PPI Output, PPI Input, Retail Price Index,
US MBA Mortgage Applications and 30 yr Mortgage Rate, EIA Oil Report.
Earnings Verizon, Chipotle, Whirlpool, Nasdaq, Baker Hughes, Anthem, Netgear, Spirit Airlines, Canadian Pacific Railway, Lam Research, Discover Financial, SLM, Halliburton, Knight-Swift Transportation

Thursday 22 April 
AUSTRALIA  No data due  
JAPAN Foreign Stock and Bond Investment
S KOREA No data due  
TAIWAN 
Unemployment Rate
CHINA No data due  
HONG KONG 
Unemployment Rate
EUROZONE 
Government Budget to GDP and Government Debt to GDP, ECB Rate Decision and Press Conference
GERMANY No data due  
FRANCE 
No data due
UK CBI Industrial Trends Orders and Business Optimism Index
US Chicago Fed National Activity Index, Initial Claims, 4 week Average Claims, Continuing Claims, Existing Home Sales, EIA Natural Gas Report, Kansas Fed Manufacturing Index, 5 year TIPS auction.
Earnings AT&T, Intel, D.R. Horton, American Airlines, Union Pacific, Alaska Air, Pentair, Tractor Supply, Celanese, Seagate Technology Biogen, Dow, Credit Suisse, SAP, Boston Beer, Mattel, Snap, Valero Energy, Freeport-McMoRan, Quest Diagnostics

Friday 23 April 
AUSTRALIA  PMI Flash (Manufacturing, Services and Composite)
JAPAN Inflation Rate, Core Inflation, PMI Flash (Manufacturing, Services and Composite)
S KOREA No data due  
TAIWAN 
Retail Sales, Industrial Production, M2 Money Supply
CHINA No data due  
HONG KONG 
Business Confidence, Inflation Rate.
EUROZONE PMI Flash (Manufacturing, Services and Composite)
GERMANY 
PMI Flash (Manufacturing, Services and Composite)
FRANCE 
PMI Flash (Manufacturing, Services and Composite)
UK 
Consumer Confidence, Retail Sales, Retail Sales Ex Fuel, Public Sector Net Borrowing, PMI Flash (Manufacturing, Services and Composite)
US PMI Flash (Manufacturing, Services and Composite), New Home Sales, Baker Hughes Rig Count.
Earnings American Express, Honeywell, Daimler, Regions Financial, Schlumberger, Kimberly-Clark

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Several important events this week; primary being the month and quarter end and an expected significant re-balance with bonds being bought and equities being sold. The question is whether asset allocator's will stick to the 60:40 historical balance?  The hedge benefit of bonds is being called into question at present.We also get the US payrolls data and a lot countries releasing Manufacturing PMI data.

Also on the agenda is President Biden’s infrastructure plan due to be released Wednesday and expected to involve US$3-4tn.

For some it will be a short week, with the approach of Easter and a lot of markets closed for Good Friday; including Hong Kong which is also closed on the Monday and Tuesday
(Qingming Festival and Easter Monday).
Japanese year end, so their bond purchases are expected to increase.
Other key data this week in addition to the PMI data includes
Japan Retail Sales and the Tankan survey.
S Korea Business Confidence, Industrial & Manufacturing Production data, Retail Sales and Balance of Trade
China Official and Caixin PMI data
Hong Kong Retail Sales and a lot of company earnings up to end of Month .

Euro Zone sentiment data, Inflation
Germany Inflation, Import Prices, Unemployment and Retail Sales.
France Inflation and PPI
UK Mortgage applications, GDP Growth, Nationwide House Prices, Inflation.

US House Price Index, Pending Home Sales, ADP and Challenger Data, ISM data.

Saturday 27 March 
CHINA Industrial Profits YTD Feb +178.9% YoY vs +4.1% Jan (F/cast was +4.7%)
Suggesting the economy consolidated its recovery from last year's massive slump. Profits soared at both state-owned industrial firms (182%) and private-sector (136.7%). Among the 41 industries surveyed, 38 saw profit rises. The communications posted the largest increase in profit (-5,891.5%), followed by automobile (2,525.6%), chemical raw materials (498.4%), electrical machinery & equipment (430.8%), special equipment manufacturing (399%), general equipment (319.3%), ferrous metal smelting (3,895.8%), coal mining (204.4%), textile (142.5%), non-metallic mineral products (81.9%), and power, electricity (44.7%). In contrast, profits at oil and natural gas extraction industry fell (-28.7%).
Monday 29 March 
JAPAN BoJ Summary of Opinions
S KOREA No data due
TAIWAN No data due
CHINA  No data due
HONG KONG  No data due
EUROZONE  No data due
GERMANY  No data due
FRANCE  No data due
UK BoE Consumer Credit, Mortgage Lending & Approvals, Net Lending to Individuals.
US Dallas Fed Manufacturing IndexFed’s Waller speaks
Earnings Vaxcyte, Cal-Maine Foods

Tuesday 30 March
JAPAN Unemployment Rate, Jobs/application Ratio, Retail Sales
S KOREA No data due
TAIWAN No data due
CHINA No data due
HONG KONG Retail Sales
EUROZONE Economic Sentiment, Consumer Confidence, Consumer Inflation Expectations, Industrial Sentiment, Services Sentiment
GERMANY Import Prices, Inflation Rate,
FRANCE Consumer Confidence
UK No data due
US Redbook, Case-Shiller Home Price, House Price Index, CB Consumer Confidence, API Crude Oil Stock Change
Earnings: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH

Wednesday 31 March
JAPAN Industrial Production, Housing Starts, Construction Orders
S KOREA Business Confidence, Construction Output, Industrial Production, Manufacturing Production, Retail Sales
TAIWAN No data due
CHINA Manufacturing and Non Manufacturing PMI
HONG KONG  No data due
EUROZONE Core Inflation Rate and Inflation Rate
GERMANY Unemployment Change and Rate
FRANCE Inflation Rate, Household Consumption, PPI
UK Current Account, GDP Growth Rate, Nationwide Housing Prices, Business Investment,
US MBA mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, Chicago PMI, Pending Home Sales, EIA Oil Change, USDA Prospective Plantings Report.
Earnings: Walgreens Boots Alliance, Micron, Dave & Buster’s, Guess

Thursday 1 April 
JAPAN Tankan Survey (Large Manufacturers Index, Large All Industry Capex, Large Manufacturing Outlook, Large Non Manufacturing Index and Small Manufacturers Index). Foreigner Stock and Bond Investment,  Manufacturing PMI.  10 year JGB Auction
S KOREA Balance of Trade, Exports, Imports, Manufacturing PMI
TAIWAN Manufacturing PMI
CHINA Caixin Manufacturing PMI
HONG KONG No data due
EUROZONE Manufacturing PMI
GERMANY Retail Sales, Manufacturing PMI
FRANCE Manufacturing PMI, New Car Registrations
UK Manufacturing PMI
US Challenger Job Cuts, Initial Claims, 4 Week Average Claims, Continuing Claims, Manufacturing PMI, Construction Spending, ISM Manufacturing Data (PMI, New Orders, Prices and Employment), EIA Natural Gas Stocks, Baker Hughes Oil Rig Count, Total Vehicle Sales.
Earnings: CarMax

Friday 2 April 
JAPAN  No data due
S KOREA 
Inflation Rate
TAIWAN  No data due
CHINA  No data due
HONG KONG  No data due Market Closed for Good Friday
EUROZONE  No data due
GERMANY No data due Market Closed for Good Friday
FRANCE Budget Balance Market Closed for Good Friday
UK No data due Market Closed for Good Friday
US Market closed.  Non Farm Payrolls, Unemployment, Average Hourly Earnings, Average Weekly Hours, Participation Rate, ISM New York Index.

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