Macro Data Impacting Asia 23 - 27 November 2020

27 Nov

Shortened trading week for Japan (Closed Monday) and US (Closed Thursday and half day Friday).

Rising covid cases still overhang the global markets.
Asia; the APEC meeting made a joint appeal for free and fair trade which followed the RECP.  But China’s international relations with many countries remain strained and the issue of Hong Kong seems to be rising in international prominence.  Taiwan/US relations remain a fraught issue for China too. In Hong Kong; Carrie Lam makes her policy address but with no opposition it will be rather a hollow statement.
Europe resolution of the Budget and Recovery Fund still important and Brexit still in focus.
US also has the election results and Trump’s legal challenges. But there are hopes that stimulus talks will resume.  Reporting season draws to a close.

Against that backdrop investors and asset allocators are still trying to work out; covid, vaccines, recovery prospects, stretched tech valuations, rotation into cyclicals and investment strategies for 2021. Japan needs a significant driven to move higher now at a 29 year high. S Korea improved foreign sentiment has driven it higher, it will need that to continue to move higher. Taiwan could move higher after good data on Friday and Tech companies expecting continued good demand but we get more key data Monday with consumer confidence pre market and then after market unemployment, industrial production and retail sales
China sentiment weak on fears of more sanctions from Trump in his final days in office and rising concerns about the state of the SoE’s and the indebted Property developers.

Asian Japan Coincident and Leading Index, Tokyo CPI data.  S Korea Consumer & Business Confidence, BoK Interest Rate Decision. Taiwan Consumer Confidence,  Unemployment, Industrial Production, Retail Sales, GDP Growth. China Industrial Profits, Hong Kong Balance of Trade, Exports and Imports.
European Data PMI’s,  German GDP growth, Ifo data, Consumer Confidence and Import data. France Business & Consumer Confidence, Unemployment data, Inflation and GDP Growth. UK Car productions and House Prices.
US  PMI, Housing Data, Durable Goods, Personal Income and Spending, Fed Meeting notes. Shortened trading week Thursday closed, Friday shortened.

Monday 23 November
JAPAN No data due Market closed Labour Day
S KOREA No data due
TAIWAN  Consumer Confidence Unemployment, Industrial Production and Retail sales  
CHINA  No data due
HONG KONG  No data due
EUROZONE Flash Manufacturing, Services and Composite PMI.  ECB speaker Schnabel
GERMANY Flash Manufacturing, Services and Composite PMI
FRANCE Flash Manufacturing, Services and Composite PMI
UK Flash Manufacturing, Services and Composite PMI
US Chicago Fed national Activity Index, Flash Manufacturing, Services and Composite PMI. Fed Speakers Daly and Evans.

Tuesday 24 November
JAPAN Market re-opens No data due
S KOREA Consumer Confidence
TAIWAN M2 Money Supply
CHINA No data due
HONG KONG Balance of Trade, Exports, Imports
EUROZONE ECB speakers Schnabel, Lagarde and Lane.
GERMANY GDP Growth Rate, Ifo Business Climate, Current Conditions, Expectations. Bundesbank Beermann speech.
FRANCE Business Confidence, Business Climate Indicator
UK CBI Distributive Trades,US Redbook, Case-Swiller home Price, House Price Index, CB Consumer Confidence, Richmond Fed Manufacturing Index, API Crude Oil Stock Change. Fed Speakers Bullard and Williams.

Wednesday 25 November 
JAPAN No data due
S KOREA Business Confidence
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE ECB Financial Stability Review, ECB speaker Schnabel
GERMANY Bundesbank speakers Mauderer and Wuermeling
FRANCE Unemployment Benefit, Jobseekers
UK 2020 Spending Review, OBR Economic & Fiscal Forecasts.
US MBA 30 yr Mortgage Rate, Mortgage Applications, Durable Goods Data, Corporate Profits, GDP Growth Rate, Goods Trade Balance, Wholesale Inventories, Initial Claims, 4 week Ave Claims, Continuing Claims, Personal Income & Spending, PCE Price Index, New Home Sales, Michigan Final (Consumer Expectations, 5 yr Inflation Expectations, Consumer Sentiment, Current Conditions, Inflation Expectations), Core PCE Price Index, EIA Oil & Gas Report, Baker Hughes Oil Rig Total Count, FOMC minutes.

Thursday 26 November
JAPAN Coincident Index and Leading Economic Index
S KOREA BoK Interest Rate Decision
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply. ECB speakers Lane and Schnabel
GERMANY Gfk Consumer Confidence. Bundesbank speaker Weidmann
FRANCE Consumer Confidence
UK No data due
US No data due, Markets closed Thanksgiving

Friday 27 November
JAPAN Tokyo CPI, Tokyo Core CPI, Foreign Stock & Bond Investment
S KOREA No data due
TAIWAN GDP Growth Rate
CHINA Industrial Profits
HONG KONG No data due
EUROZONE Economic Sentiment, Consumer Confidence, Inflation Expectations, Industrial & Services Sentiment. ECB speakers Panetta, Schnabel
GERMANY Import Prices Bundesbank speaker Balz.
FRANCE Inflation Rate, GDP Growth Rate, Household Consumption, PPI
UK Nationwide Housing Prices
US Shortened trading day.

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