Macro Data Impacting Asia March 22-27

22 Mar

Investors last week had two key questions answered.  The Fed will remain accommodative and US/China relations are not going change in the short term and for China might be slightly harder as the US presents a multi lateral approach.  It will be interesting to see how asset allocators position themselves in the next couple of weeks.This week investors will be watching the European PMI’s to see how much covid   has impacted.

Data wise for China is light; Prime loan data was left unchanged on Monday and on Saturday we get Industrial Profits.
For Japan just Coincident & Leading Economic indexes out Monday were a little light, next is PMI data Wednesday along with the BoJ meeting notes and then Tokyo Inflation data Friday.
S Korea PPI and Consumer Confidence.
Taiwan Unemployment and Exports due after market Monday. Industrial Production and Retail Sales Tuesday and M2 Money supply Wednesday.
HK Current Account and Inflation on Monday and trade data Thursday but it. Is a busy week for earnings with Petrochems and Ecommerce names reporting.

In Europe Flash PIM data in focus along with Confidence data from Germany and France. German also has Ifo data released.
UK Employment and wages data, inflation, PPI, Retail Prices and Sales

US Home Sales data will be closely watched, along with Chicago Fed National Activity Index , Richmond Fed Manufacturing Index, Durable Goods, PMI, GDP data, Personal Income and Spending, Wholesale Inventories, Michigan Consumer data and the Feds liked PCE data.

Monday 22 March 
Out Coincident Index final Jan 90.3 vs 88.2 Dec (F/cast was 91.7)
Leading Economic Index final Jan 98.5 vs 97.7 Dec (F/cast was 99.1)
S KOREA No data due
TAIWAN After market Unemployment and Export Orders
CHINA Out Loan Prime rates were announced unchanged; 5 yr 4.65% and 1 yr 3.85%;
HONG KONG After Market Current Account  and Inflation Rate
EUROZONE Current Account
GERMANY Bundesbank Monthly Report
FRANCE No data due
UK No data due
US Chicago Fed National Activity Index, Existing Home Sales
Fed Speakers Powell, Quarles and Bowman.

Tuesday 23 March
JAPAN No data due
S KOREA No data due
TAIWAN industrial Production and Retail Sales
CHINA No data due
HONG KONG No data due
EUROZONE No data due  
GERMANY No data due
FRANCE No data due
UK Claimant Change, Unemployment Rate, Average Earnings, CBI Industrial Trends Orders, 30yr Gilt Auction.
US Current Account, Redbook, New Home Sales, Richmond Fed Manufacturing Index, API crude Oil Stocks
Powell Testimoney, Brainard Speech

Wednesday 24 March 
JAPAN BoJ Policy Meeting Minutes, PMI Flash (Manufacturing, Services, Composite)
TAIWAN M2 Money Supply
CHINA No data due
HONG KONG No data due
EUROZONE PMI Flash (Manufacturing, Services, Composite), Consumer Confidence.
GERMANY PMI Flash (Manufacturing, Services, Composite)
FRANCE PMI Flash (Manufacturing, Services, Composite)
UK Inflation Rate, Core Inflation Rate, PPI Core, PPI Input, PPI Output, Retail Price Index, PMI Flash (Manufacturing, Services, Composite)
US MBA  Mortgage Applications, 30 yr Mortgage Rate, Durable Goods, EIA Oil Report, PMI Flash (Manufacturing, Services, Composite) Powell Testimony

Thursday 25 March 
JAPAN Foreign Stock and Bond Investment
S KOREA No data due  
TAIWAN No data due
CHINA No data due
HONG KONG Balance of Trade, Exports, Imports
EUROZONE Loans to Households, Loans to Companies, M3 Money Supply
GERMANY Consumer Confidence
FRANCE Business Confidence, Business Climate Indicator, Unemployment Benefit Claims, Jobseekers Total
UK Car Production, CDI Distributive Trades
US Jobless Claims 4 week average, Initial Claims, Continuing Claims, Corporate   Profits, GDP Price Index, GDP Growth Rate, PCE Prices, Core PCE prices, EIA Natural Gas Report, Kansas Fed Manufacturing Index, 7 yr Note Auction.

Friday 26 March
JAPAN Tokyo Core CPI
S KOREA Consumer Confidence
TAIWAN No data due
CHINA No data due
HONG KONG No data due
EUROZONE No data due
GERMANY Ifo (Business Climate, Expectations and Current Conditions
FRANCE No data due
UK Retail Sales data
US Personal Spending and Income, PCE Price Index, Core PCE Price Index, Wholesale Inventories, Goods Trade Balance,  Michigan Data (Current Conditions, Consumer Expectations, 5yr Inflation Expectations, Consumer Sentiment, Inflation Expectations), Baker Hughes Rig Count.

Saturday 27 March 
CHINA Industrial Profits

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