Macro Data impacting Asia Nov 15 - 19 Japan data weak China data improves


15 Nov

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

The week ahead will focus on the Biden/Xi summit. Also of note will be US Retail sales and earnings from Alibaba, Baidu, JD, Nvidia, Applied Materials, Target and Walmart. We also get Housing Data out of the US.  The number of Fed speakers also increases this week.
Earnings will ease and data will become more important, with quite a lot of Asian data out Monday.
Japan GDP data out already and weaker than expected putting more forus on the Governments stimulus package.
Also out is the China data which was surprisingly strong and does not reflect the recent covid resurgence; it also clouds the potential for a RRR cut. Key is that with President Xi moving the economy to Dual Circulation and Common Prosperity international investors have more reason to avoid the market unless their mandate forces them to be invested.

Monday 15 November

AUSTRALIA  No data due
JAPAN 

GDP Preliminary data
Growth Rate Q3 -0.8% QoQ vs +0.4% Q2 revised (F/cast was -0.2%)
Annualised Q3 -3% vs +1.5% Q2 revised (F/cast was -0.7%)
Price Index Q3 -1.1% vs -1.1% Q2
Capital Expenditure Q3 -3.8% QoQ vs +2.2% Q2 revised (F/cast was -0.6%)
External Demand Q3 +0.1% QoQ vs -0.3% Q2 (F/cast was -0.1%)
Private Consumption Q3 -1.1% QoQ vs +0.9% Q2 (F/cast was -0.4%)
Later
Capacity Utilisation, Industrial Production.
S KOREA No data due  
TAIWAN No data due  
CHINA 
House Price Index Oct 3.4% YoY vs 3.8% Sept (F/cast was 3.6%)
New Home Prices Oct -0.25% MoM vs -0.08% Sept
Industrial Production Oct 3.5% YoY vs 3.1% Sept (F/cast was 2.9%)
Retail Sales Oct 4.9% YoY vs 4.4% Sept (F/cast was 3.6%)
Unemployment Rate Oct 4.9% vs 4.9% Sept (F/cast was 4.9%)
NBS Press Conference
Fixed Asset Investment Oct 6.1% YoY vs 7.3% Sept (F/cast was 6.5%)
HONG KONG No data due  
EUROZONE Balance of Trade
GERMANY No data due
FRANCE No data due  
UK No data due  
US NY Empire State Manufacturing Index.  Biden/Xi virtual summit.
Earnings  Advance Auto Parts, Tyson Foods, Warner Music, WeWork, Axon, Casper Sleep, Rackspace, Oatly, Lucid

Tuesday 16 November
AUSTRALIA  
RBA Meeting Minutes
JAPAN Tertiary Index
S KOREA No data due  
TAIWAN No data due  
CHINA No data due but could get FDI
HONG KONG Unemployment Rate
EUROZONE No data due  
GERMANY Employment Change, GDP Growth Rate.
FRANCE Inflation Rate, IEA Oil Market Report
UK Unemployment Rate, Claimant Count, Employment Change, Ave Earnings, Labour Productivity
US Retail Sales, Export & Import Prices, Redbook, Industrial Production, Manufacturing Production,  Capacity Utilisation, Business Inventories, Retail Inventories,NAHB Housing Market Index, Foreign Bond Investment,  Overall Net Capital Flows, Net Long Term TIC flows, API Crude Oil Stock Change.
Earnings  Walmart, Home Depot, La-Z-Boy, Vodafone, Aramark, NetEase, TransDigm
Fed Speakers Richmond Fed President Thomas Barkin, Atlanta Fed President Raphael Bostic, Kansas City Fed President Esther George, Minneapolis Fed President Neel Kashkari

Wednesday 17 November
AUSTRALIA  
Lending Index, Wage Price Index,
JAPAN Balance of Trade, Machinery Orders, Exports, Imports
S KOREA 
No data due
TAIWAN No data due  
CHINA 
No data due  
HONG KONG 
No data due  
EUROZONE 
Construction Output, Core Inflation Rate, Inflation Rate
GERMANY 
No data due  
FRANCE 
No data due  
UK 
Inflation Rate, Core Inflation Rate, Retail Price Index, PPI Core Output, PPI Output, PPI Input
US MBA Mortgage Applications and 30 yr Mortgage Rate, MBA Purchase Index, MBA Mortgage Refinance Index, Housing Starts, Building Permits, EIA Oil Report
Earnings  NVIDIA, Target, Cisco Systems, Baidu, Lowe’s, Copa Holdings, Bath & Body Works, Victoria’s Secret, Sonos
Fed Speaker Chicago Fed President Charles Evans

Thursday 18 November
AUSTRALIA  
No data due  
JAPAN Foreign Stock and Bond Investment
S KOREA No data due  
TAIWAN 
No data due  
CHINA No data due  
HONG KONG 
No data due  
EUROZONE 
New Car Registrations
GERMANY No data due  
FRANCE 
No data due
UK No data due
US Initial Claims, 4 week Average Claims, Continuing Claims, EIA Natural Gas Report, Philly Fed Data (Manufacturing Index, Prices Paid, Business Conditions, Capex Index, Employment, New Orders), Kansas Fed Composite Index & Manufacturing Index.
Earnings Alibaba, Applied Materials, Macy’s, Kohl’s, BJ’s Wholesale, Ross Stores, Intuit, Palo Alto Networks, Nuance Communications, JD.com, Vipshop, Workday, Williams-Sonoma
Fed Speaker Chicago Fed’s Evans

Friday 19 November
AUSTRALIA  
P
JAPAN Inflation Rate, Core Inflation Rate,
S KOREA PPI
TAIWAN 
Current Account
CHINA No data due  
HONG KONG 
No data due  
EUROZONE P
GERMANY 
PPI
FRANCE 
Unemployment Rate
UK 
GfK Consumer Confidence, Retail Sales, Public Sector Net Borrowing
US Baker Hughes Rig Count.
Earnings Foot Locker, Buckle
Fed Speakers Governor Christopher Waller and Vice Chairman Richard Clarida

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