MACRO DATA IMPACTING ASIA Feb 22 -27 Big events this week

20 Feb

Earnings still in focus but Treasury yields too especially as Fed's Powell to give semi annual testimonies to Senate and House this week.  Expect continued rotation out of Tech and into value or reflation trades.  The 2H recovery could start in Q2 driven by the growth in US household savings.

I expect resources linked to EV and green energy to see a new rally and for Japanese banks and brokers to see more interest too. Value plays back on the radar.  I still think Tech components have more upside. 

On Earnings watch Home Depot and Lowes; which are likely to impact Techtronics (669 HK) too.  Macy’s and TJX for a take on consumer attitudes in the US.
For HK: HSBC and Hang Seng Bank on Monday.

On data
For the US key will be durable goods, personal income & spending, PCE price index (a Fed favourite for inflation).
For Asia
Japan Friday’s Tokyo CPI and Retail Sales
S Korea the BoK rate decision along with Consumer and Business Confidence Taiwan GDP growth out Sat 20 Feb, then Industrial Production, Retail Sales and Unemployment.
China only House Price Index due this week
For Europe
Eurozone Inflation, Consumer & Business Sentiment
Germany Ifo data, GDP growth and Consumer Confidence
France Business and Consumer Confidence
UK Employment Data and House Prices

Saturday 20 February 
CHINA  Released Loan Prime Rate data - unchanged as expected

Monday 22 February
JAPAN No data due
S KOREA No data due
TAIWAN No data due
CHINA No data due
HONG KONG Inflation Rate
EUROZONE No data due
GERMANY  Ifo Business Climate, Current Conditions and Expectations.
FRANCE No data due
UK No data due
US Chicago Fed National Activity Index, Dallas Fed Manufacturing Index
Earnings: Dish Network, Royal Caribbean, Marathon Oil, Ingersoll-Rand, Occidental Petroleum, Transocean, Zoominfo, ONEOK, HSBC

Tuesday 23 February 
JAPAN No data due
S KOREA Consumer Confidence
 TAIWAN No data due
CHINA House Price Index
HONG KONG No data due
EUROZONE Core Inflation Rate, Inflation
GERMANY No data due
FRANCE No data due
UK Unemployment Rate, Claimant Count Change, Average Earnings, Employment Change, Labour Productivity, CBI Distributive Trades
US Redbook, Case-Shiller Home Price, House Price Index, Consumer Confidence, Richmond Fed Manufacturing Index,  API Crude Oil Index
Fed Chairman Powell semi-annual economic testimony Senate Banking Committee
Earnings: Home Depot, Macy’s, Intuit, Thomson Reuters, Square, Toll Brothers, Jazz Pharmaceuticals, McAfee, Medtronic, Pioneer Natural Resources, Bank of Montreal

Wednesday 24 February 
JAPAN No data due
Business Confidence
TAIWAN Industrial Production, Retail Sales, M2 Money Supply
CHINA No data due
EUROZONE No data due
FRANCE Business Confidence, Business Climate Indicator
UK No data due
US MBA Mortgage Applications and 30 yr Mortgage Rate, New Home Sales, EIA Oil Report
Fed Chairman Powell semi-annual economic testimony at House Financial Services Committee
Earnings: Lowe’s, NVIDIA, Viacom, Public Storage, Booking Holdings, TJX, Brookdale, Royal Bank of Canada, Apache, Petrobras, Pure Storage, L Brands, Casper Sleep

Thursday 25 February 
JAPAN Coincident Index, Leading Economic Index
S KOREA BoK Interest Rate Decision
TAIWAN Unemployment Rate
CHINA No data due
HONG KONG Balance of Trade, Exports and Imports
EUROZONE Loans to Household and Companies M3 Money Supply, Economic Sentiment, Consumer Confidence, Consumer Inflation Expectations, Industrial Sentiment, Services Sentiments
GERMANY Consumer Confidence
FRANCE Consumer Confidence
UK No data due
US Durable Goods Data, GDP Data (Price Index, Growth Rate), Initial Claims, 4 week Average Claims, Continuing Claims, PCE Prices, Core PCE Prices, Pending Home Sales, EIA Natural Gas Report.
Earnings:, Norwegian Cruise Lines, Etsy, Best Buy, HP, Shake Shack, Beyond Meat, Anheuser-Busch Inbev, Dell Technologies, Virgin Galactic, American Tower, Cleveland Cliffs, Airbnb, Carvana, Door Dash

Friday 26 February 
JAPAN Tokyo Core CPI, Tokyo CPI, Industrial Production, Retail Sales, Foreign Bond and Stock Investments, Housing Starts and Construction Orders
S KOREA No data due
TAIWAN Current Account
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Import Prices
FRANCE GDP Growth Rate, Inflation Rate, Household Consumption, PPI, Unemployment Benefit claims, Jobseekers Total.
UK Nationwide Housing Prices, Car Production
US Personal Income and Spending, PCE Price Index,Wholesale Inventories, Goods Trade Balance, Core PCE Price Index, Chicago PMI, Michigan Data Final (Consumer Sentiment, Consumer Expectations, Current Conditions, 5 year Inflation Expectations, Inflation Expectations), Baker Hughes Rigs Count, US Budget Plan.
Earnings: Fluor, Cinemark, Draft Kings, Foot Locker, AMC Networks, Berkshire Hathaway (Saturday).

Saturday 27 February Taiwan Consumer Confidence
Sunday 28 February China Manufacturing and Non Manufacturing PMI

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