Macro Data Impacting Asia May 24 - 28


23 May

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

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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