Macro Data


This and previous notes can be found at SubStack ( Asian Market Sense )
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Key this week likely to be focused on the Fed speakers and the start to US Q3 earnings season; starting with the Banks on Wednesday.

Monday sees S Korea and Taiwan closed and limited US markets due to Columbus day.

Also this week we may get China New Loans and Total Social Financing Data which could give some insight into the state of the Chinese Property Sector.

Inflation data from a number of countries will be watched closely

HK closed on Thursday and we have Severe Tropical Storm Kompasu is enroute towards HK and could come within 400km Tuesday and increase to a typhoon which might impact the market Tuesday/Wednesday.


Monday 11 Oct
AUSTRALIA  No data due
JAPAN 
Machine Tool Orders
S KOREA Market closed
TAIWAN Market closed
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 No data due  Columbus Day limited markets open

Tuesday 12 Oct
AUSTRALIA  
New Home Sales, Business Confidence,
JAPAN Bank Lending, PPI,
S KOREA Interest Rate Decision
TAIWAN No data due
CHINA No data  due
HONG KONG No data due  
EUROZONE No data due  
GERMANY Wholesale Prices, ZEW Economic Sentiment & Current Conditions Index
FRANCE No data due  
UK BRC Retail Sales Monitor, Employment & Wages Data,
US Redbook, NFIB Business Optimism, JOLT’s job openings, Consumer Inflation Expectations, WASDE report.

Wednesday 13 Oct
AUSTRALIA  
No data due
JAPAN Tankan Index, Machinery Orders.
S KOREA 
Unemployment Rate.
TAIWAN No data due  
CHINA 
Balance of Trade, Exports, Imports.
HONG KONG 
No data due  
EUROZONE 
Industrial Production.
GERMANY 
Inflation Rate
FRANCE 
No data due  
UK 
Balance of Trade, GDP, Industrial & Manufacturing Production,
US MBA Mortgage Applications and 30 yr Mortgage Rate, API Crude Oil Stock Report, Inflation Rate, FOMC minutes,

Thursday 14 Oct
AUSTRALIA  
Consumer Confidence, Unemployment data.
JAPAN Foreign Stock and Bond Investment, Capacity Utilisation, Industrial Production
S KOREA Export & Import Prices,
TAIWAN 
No data due
CHINA Inflation Rate, PPI.  May get New Loans, Outstanding Loan Growth, Total Social Financing, M2 Money Supply.
HONG KONG 
Market closed
EUROZONE 
No data due
GERMANY No data due  
FRANCE 
IEA Oil report
UK BoE Credit Conditions Survey.
US Initial Claims, 4 week Average Claims, Continuing Claims, EIA Oil Report, PPI and Core PPI, Monthly Budget.

Friday 15 Oct
AUSTRALIA  
Inflation Expectations.
JAPAN Tertiary Industry Index
S KOREA No data due  
TAIWAN 
No data due
CHINA No data due  May get FDI (YTD)
HONG KONG 
No data due
EUROZONE New Car Registrations, Balance of Trade
GERMANY 
No data due
FRANCE 
Inflation Rate
UK 
No data due
US Retail Sales, Import & Export Prices, Empire State Manufacturing Index, Michigan Prelim Data (Inflation Expectations, 5 yr Inflation Expectations, Current Conditions) Business Inventories, Baker Hughes Rig Count.

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OPEC + meeting this week with energy prices squeezing higher globally. Increased tension expected between the US and China as the US reviews how well China has kept phase 1 of the trade agreement and looks to outline future policy. Tension with Taiwan also rising and it appears to me that more countries are coming out in support of Taiwan which along with Evergrande will keep the leadership in Beijing busy.
Australia Data this week includes PMI, Balance of trade, Inflation, RBA rate decision, Building Permits and RBA Stability Review.
Japan  This week CPI data, PMI data, Foreign Reserves, Coincident and Leading Index, Cash Earnings, Household Spending and Eco Watchers. Investors will be looking for clarity over policy from new PM Kishida; this week’s Economist is slightly -VE on his appointment as an example of the establishments choice over the peoples.
S Korea Ahead Foreign Exchange Reserves, Inflation Rate and Current Account.
Taiwan  This week Foreign Exchange Reserves, Inflation Rate, Wholesale Prices, Balance of Trade data.
China Market closed until Friday. Investors will watch for policy announcements we also get Foreign Exchange Reserves and on Friday Caixin Services & Composite PMI.
HK Data this week PMI and Foreign Exchange Reserves.
Eurozone Composite and Services PMI, PPI, Retail Sales
Germany Composite, Services & Construction PMI, New Car Registrations, Factory Orders, Retail Sales, Industrial Production, Balance of Trade data.
French Industrial Production and Composite, Services & Construction PMI, Balance of Trade,
UK New Car Sales, Composite, Services & Construction PMI, Halifax House Prices, Labour Productivity, BBA Mortgage Rate, BoE Quarterly Bulletin.
US Factory Orders, Vehicle Sales, Balance of Trade data, Composite, Services & Construction PMI, ISM Non Manufacturing Data, IBD/TIPP Economic Optimism, ADP Employment Change, Challenger Job Cuts, Payrolls Data, Wholesale Inventories.

Monday 4 Oct 
AUSTRALIA  No data due
JAPAN 
No data due  
S KOREA Market Closed  No data due  
TAIWAN No data due  
CHINA Market Closed  No data due  
HONG KONG No data due
EUROZONE Euro Group Meeting
GERMANY No data due  
FRANCE New Car Registrations
UK No data due  
US  Factory Orders, Logistics Managers Index

Tuesday 5 Oct
AUSTRALIA  
Construction Index, Services and Composite PMI, Balance of Trade, Exports & Imports, Job Advertisements, Inflation Gauge, Retail Sales, RBA Interest Rate Decision.
JAPAN Tokyo CPI, Services and Composite PMI.  
S KOREA Foreign Exchange Reserves, Inflation Rate.
TAIWAN No data due  
CHINA Market closed No data due  
HONG KONG No data due  
EUROZONE Services and Composite PMI, PPI.
GERMANY Services and Composite PMI, New Car Rgistrations
FRANCE Industrial Production, Services and Composite PMI,
UK New Car Sales, Services and Composite PMI,
US Total Vehicle Sales, Balance of Trade. Exports, Imports, Redbook, Services and Composite PMI, ISM Non Manufacturing (PMI, Business Activity, New Orders, Employment), IBB/TIPP Economic Optimism, API Crude Oil Stock Change

Wednesday 6 Oct
AUSTRALIA  
RBA Chart Pack
JAPAN No data due  
S KOREA 
No data due
TAIWAN Inflation Rate, Wholesales
CHINA 
Market closed No data due  
HONG KONG 
PMI
EUROZONE 
Construction PMI, Retail Sales
GERMANY 
Factory Orders, Construction PMI
FRANCE 
Construction PMI, Retail Sales
UK 
Construction PMI
US MBA Mortgage Applications and 30 yr Mortgage Rate, ADP Employment Change, EIA Oil Report

Thursday 7 Oct
AUSTRALIA  
Services Index.
JAPAN Foreign Stock and Bond Investment, Coincident Index and Leading Economic  Index
S KOREA Current Account
TAIWAN 
No data due
CHINA Foreign Exchange Reserves
HONG KONG 
Foreign Exchange Reserves
EUROZONE 
ECB Monetary Policy  Meeting
GERMANY Industrial Production
FRANCE 
Balance of  Trade, Current Account
UK Halifax House Price Index, Labour Productivity, BBA Mortgage Rate
US Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report, Consumer Credit Change.

Friday 8 Oct
AUSTRALIA  
Building Permits, RBA Financially Stability Review  
JAPAN Average Cash Earnings, Household Spending, Current Account.  Eco Watchers Current and Outlook Survey.
S KOREA No data due  
TAIWAN 
Balance of Trade Exports and Imports
CHINA Market Re-opens Caixin Services and Composite PMI
HONG KONG 
No data due  
EUROZONE No data due
GERMANY 
Balance of Trade, Current Account, Exports and Imports
FRANCE 
No data due
UK 
BoE Quarterly Bulletin
US Non Farm Payrolls, Unemployment Rate, Manufacturing & Government Payrolls, Average Weekly Hours, Participation Rate, Average Hourly Earnings, Wholesale Inventories,  Baker Hughes Rig Count.

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Australia Key this week we get RBA meeting notes, Leading Index and PMI data.
Japan Key this week BoJ rate decision no change expected along with  Inflation and PMI data.
S Korea 20 day Import/Export Data and PPI.
Taiwan  This week we get Interest Rate decision, Unemployment data, along with Retail Sales, Money Supply and Export Orders data
China Market closed Mid Autumn Festival re-open Wednesday
HK ADR’s -174pts at 24,493 broad weakness and with China and other regional markets closed volumes are likely to be light.
Europe gets Consumer Confidence data, PMI data and an ECB meeting. German PPI and Ifo data. French Business Confidence and Climate Indicator, UK BoE meeting, Public Sector borrowing
US FOMC meeting this week with the expectation of more insight into the start of Tapering.   Also importatnt Housing data in focus this week and PMI data. Also this week a ‘Quad’ meeting which underlines how many Asian countries are improving their ties with the US.Monday  20 SeptemberAUSTRALIA No data due
JAPAN 
Market Closed Autumninal Equinox Day re-opens Tuesday
S KOREA Market Closed Chuseok Holiday No data due  
TAIWAN Market closed  Mid Autumn Festival No data due  
CHINA Market closed  Mid Autumn FestivalNo data due
HONG KONG Inflation Rate
EUROZONE No data due
GERMANY PPI
FRANCE No data due  
UK No data due  
US NAHB House Market Index
UN General Assembly

Tuesday 21 September
AUSTRALIA  
RBA Meeting Minutes
JAPAN Market re-opens  No data due
S KOREA Market Closed Chuseok Holiday No data due  
TAIWAN No data due  
CHINA Market closed  Mid Autumn FestivalNo data due
HONG KONG No data due  
EUROZONE No data due  
GERMANY No data due  
FRANCE No data due  
UK Public Sector Net Borrowing,  CBI Industrial Trends Orders
US Current Account, Housing Starts, Building Permits, Redbook, API Crude Oil Stock Change.
UN General Assembly

Wednesday 22 September
AUSTRALIA  
Leading Index
JAPAN BoJ Interest Rate Decision  
S KOREA 
Market Closed Chuseok Holiday No data due  
TAIWAN Unemployment Rate  
CHINA 
Market re-opens  Loan Prime Rate 1 & 5 year
HONG KONG 
Market closed  Mid Autumn Festival No data due  
EUROZONE 
ECB Non-Monetary Policy Meeting,  Consumer Confidence Flash  
GERMANY 
No data due  
FRANCE 
No data due  
UK 
No data due.
US MBA Mortgage Applications and 30 yr Mortgage Rate, EIA Oil Report, FOMC Interest Rate Decision.
UN General Assembly

Thursday 23 September
AUSTRALIA  
Flash PMI’s (Manufacturing, Services and Composite)  
JAPAN Foreign Stock and Bond Investment
S KOREA 20 day Export/Import data.
TAIWAN 
Interest Rate Decision, Retail Sales, M2 Money Supply,
CHINA No data due  
HONG KONG 
Market re-opens, Current Account.
EUROZONE 
ECB General Council Meeting, Flash PMI’s (Manufacturing, Services and Composite)  
GERMANY Flash PMI’s (Manufacturing, Services and Composite)  
FRANCE 
Business Confidence, Business Climate Indicator, Flash PMI’s (Manufacturing, Services and Composite)  
UK Flash PMI’s (Manufacturing, Services and Composite),  BoE Interest Rate Decision.  
US Chicago Fed National Activity Index, Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report,  Flash PMI’s (Manufacturing, Services and Composite), CB Leading Index,  Kansas Fed Manufacturing Index, 10 yr TIPS Auction.
UN General Assembly  

Friday 24 September
AUSTRALIA  
No data due
JAPAN Inflation, Core Inflation, Flash PMI’s (Manufacturing, Services and Composite)  
S KOREA PPI
TAIWAN 
Export Orders
CHINA No data due  
HONG KONG 
No data due
EUROZONE No data due
GERMANY 
Ifo Business Climate, Current Conditions and Expectations.
FRANCE 
No data due
UK 
Gfk Consumer Confidence, CBI Distributive Trades,
US New Home Sales, Baker Hughes Rig Count.   Fed’s Powell speaks.
UN General Assembly

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Inflation data in focus this week with the US the main focus but also from Eurozone, France and the UK. Retail sales data important too for a gauge of consumer sentiment both in the US, China and the UK
China data in focus too watching for signs of a slowdown.

Overall a light week for data but with the covid delta variant and now the mu variant too that will remain a concern.
Investors will also be watching for more clarification on what Dual Circulation and Common Prosperity are going to mean for investments in China.
US/China policy also in focus with talk that the US is reconsidering tariffs on China. Also in the US there will also be focus on the Infrastructure bill, whilst in China the concern over Evergrande and the property sector. As I wrote in my article on Dual Circulation I think Property for the Chinese authorities is less important and the ideology, and moving up the advanced manufacturing ladder is more important than growth. Happy to discuss let me know if you would like a call.

Monday 13 Sept 
AUSTRALIA  Consumer Inflation Expectations
JAPAN 
BSI Large Manufacturing data, PPI Aug
S KOREA First 10 day Import and Export numbers
TAIWAN No data due  
CHINA No data due, could get FDI (YTD) at any point.  
HONG KONG No data due
EUROZONE No data due
GERMANY Wholesale Prices
FRANCE No data due  
UK No data due  
US Consumer Inflation expectations and Monthly Budget Statement.
Earnings from Oracle
 
Tuesday 14 Sept
AUSTRALIA  
Business Confidence, House Price Index
JAPAN Industrial Production and Capacity Utilisation.
S KOREA Export and Import Prices  
TAIWAN No data due  
CHINA No data due  
HONG KONG No data due  
EUROZONE No data due  
GERMANY No data due
FRANCE IEA Oil Market Report
UK Claimant Count, Employment Change, Ave Earnings, Unemployment Rate.
US NFIB Business Optimism Index, Inflation Rate, Core Inflation, Redbook, API Crude Oil Stock Change

Wednesday 15 Sept
AUSTRALIA  
New Home Sales, Consumer Confidence Index & Change.
JAPAN Tankan Index, Machinery Orders, Tertiary Industrial index
S KOREA 
Unemployment Rate
TAIWAN No data due  
CHINA 
House Price Index, Fixed Asset Investment (YTD), Industrial Production, Retail Sales and Unemployment.
HONG KONG 
No data due  
EUROZONE 
Industrial Production, Labout Cost Index, Wage Growth.
GERMANY 
No data due  
FRANCE 
Inflation Rate
UK 
Inflation Rate, Core Inflation, Retail Price Index, PPI (Input, Output, Core Output)
US MBA Mortgage Applications and 30 yr Mortgage Rate, Export  & Import  Prices, NY Empire State Manufacturing Index, Industrial & Manufacturing Production, Capacity Utilisation, EIA Oil Report

Thursday 16 Sept
AUSTRALIA  
Employment Data (Part Time, Unemployment, Employment Change,  Full Time Employment Change, Participation  Rate)  RBA Bulletin
JAPAN Foreign Stock & Bond Investment, Balance of Trade, Exports, Imports.
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 Retail Sales, Philadelphia Fed Manufactruing Index, Business Inventories, Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report, Foreign Bond Investment, Overall Net Capital Flows, Net Long Term Tic Flows,  

Friday 17 Sept
AUSTRALIA  
No data due
JAPAN No data due
S KOREA No data due  
TAIWAN 
No data due
CHINA No data due  
HONG KONG 
No data due
EUROZONE Current Account, Construction Output, Core Inflation, Inflation
GERMANY 
No data due
FRANCE 
No data due
UK 
Retail Sales,
US Michigan Data Prelim Sept (Consumer Expectations, 5year Inflation Expectations, Consumer Sentiment, Inflation Expectations, Current Conditions) Baker Hughes Rig Count.

Read More  

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Monday 6 September
AUSTRALIA  Job Advertisements
JAPAN 
No data due
S KOREA No data due  
TAIWAN Foreign Exchange Reserves  
CHINA No data due  
HONG KONG No data due  
EUROZONE Construction PMI
GERMANY Factory Orders, Construction PMI, New Car Sales
FRANCE Construction PMI
UK New Car Sales  
US No data due Market closed for Labour Day  

Tuesday  7 September 

AUSTRALIA  Services Index, Building Permits, RBA Interest Rate Decision
JAPAN Household Spending, Ave Cach Earnings, Foreign Exchange Reserves, Coincident Index, Leading Economic Index
S KOREA Current Account
TAIWAN Balance of Trade, Exports and Imports, Inflation Rate, Wholesales Prices
CHINA Foreign Exchange Reserves
HONG KONG Foreign Exchange Reserves
EUROZONE Employment Change, GDP Growth Rate, ZEW Economic  Sentiment Index
GERMANY ZEW Economic  Sentiment Index & Current Conditions
FRANCE No data due  
UK BBA Mortgage Rate
US LMI Logistic Managers Index Current

Wednesday 8 September
AUSTRALIA  
RBA Chart Pack
JAPAN Current Account, GDP Data (Growth Rate, Price Index, External Demand, Private Consumption, Growth Annualised, Capital Expenditure) Bank Lending,  Eco Watchers 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 
Non Farm Payrolls, Private Non Farm Payrolls, Balance of Trade, Exports and Imports,
UK 
No data due
US MBA Mortgage Applications and 30 yr Mortgage Rate, Redbook, IBD/TIPP Economic Optimism, JOLTs Job Openings, Consumer Credit Change, API Crude Oil Stock Change EIA Oil Report

Thursday 9 September
AUSTRALIA  
No data due  
JAPAN Foreign Stock and Bond Investment, Machine Tool Orders
S KOREA No data due  
TAIWAN 
No data due  
CHINA Inflation Rate PPI
HONG KONG 
No data due  
EUROZONE 
ECB Interest Rate Decision
GERMANY Balance of Trade, Exports and Imports,  Current Account.
FRANCE 
No data due
UK No data due
US Initial Claims, 4 week Average Claims, Continuing Claims, EIA Oil Report,

Friday 10 September
AUSTRALIA  
Consumer Inflation Expectations
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 
Inflation Rate.
FRANCE 
Industrial Prouction
UK 
Balance of Trade, Construction Output, Industrial Production, Manufacturing Production, GDP data, NIESR Monthly GDP Tracker.
US PPI, Core PPI, Wholesale Inventories, WASDE Report,  Baker Hughes Rig Count.

Read More  

This and previous notes can be found at SubStack ( Asian Market Sense )
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US earning season effectively winds up this week with just 10% of companies still to report. Focus likely now to be on Inflation, Fed tapering and covid resurgence.
China regulation on E commerce and other social items still a focus. HK earnings continue with some key names on the horizon.

A number of holidays this week;
Monday Japan and Singapore,
Tuesday Malaysia,
Wednesday Indonesia
Thursday Thailand
Monday  9 August AUSTRALIA  No data due
JAPAN 
Market Closed (Mountain Day), No data due.  
S KOREA No data due  
TAIWAN Balance of Trade, Exports, Imports
CHINA Inflation and PPI  data
HONG KONG No data due  
EUROZONE No data due
GERMANY Balance of Trade, Exports, Imports and Current Account
FRANCE New Car Registrations
UK No data due  
US Consumer Inflation Expectations

Tuesday 10 August
AUSTRALIA  
New Home Sales, Business Confidence and Building Permits
JAPAN Current Account, Bank Lending, Eco Watchers Survey (Current and Outlook)
S KOREA No data due  
TAIWAN GDP Growth Rate
CHINA No data due
HONG KONG No data due  
EUROZONE Zew Economic Sentiment Index
GERMANY Zew Economic Sentiment Index and Current Conditions
FRANCE No data due
UK No data due
US NFIB Business Optimism Index, Unit Labour, Non Farm Productivity, Redbook, API Crude Oil Stock Change

Wednesday 11 August
AUSTRALIA  
Consumer Confidence Index and Change
JAPAN Machine Tool Orders  
S KOREA 
Unemployment Rate
TAIWAN No data due  
CHINA 
Could get Vehicle Sales, New Yuan Loans, Outstanding Loan Growth, Total Social Financing, M2 Money Supply.
HONG KONG 
No data due  
EUROZONE 
No data due  
GERMANY 
Inflation Rate
FRANCE 
No data due  
UK 
No data due  
US MBA Mortgage Applications and 30 yr Mortgage Rate, Core Inflation Rate, Inflation Rate, EIA Oil Report, Monthly Budget Statement

Thursday 12 August
AUSTRALIA  
Consumer Inflation Expectations 
JAPAN PPI 
S KOREA No data due  
TAIWAN 
No data due  
CHINA No data due  
HONG KONG 
No data due  
EUROZONE 
Industrial Production
GERMANY No data due  
FRANCE 
IEA Oil Market Report
UK Balance of Trade, Business Investment, GDP Growth Rate, Construction Output, Industrial Production, Manufacturing Production, GDP 3 Month Ave, GDP, Goods Trade Balance, Labour Productivity, Construction Orders, NIESR Monthly GDP Tracker.
US PPIInitial Claims, 4 week Average Claims, Continuing Claims, Core PPI, EIA Natural Gas Report, WASDE Report

Friday 13 August
AUSTRALIA  
No data due  
JAPAN Foreign Stock and Bond Investment
S KOREA Import and Export Prices
TAIWAN 
No data due  
CHINA FDI (YTD)
HONG KONG 
GDP Growth
EUROZONE Balance of Trade
GERMANY 
Wholesale Prices
FRANCE 
Unemployment Rate, Inflation Rate
UK 
No data due  
US Export and Import Prices, Michigan Prelim Data (Consumer Senitment, 5yr Inflation Expectations, Comsumers Expectation,  Inflation Expectations, Current Conditions) Baker Hughes Rig Count.

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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.

Read More  

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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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

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