It's a busy day coming up on the economic data calendar from Asia today. As always there will be news and comments from officials in the mix also.
Further out, on Monday in the US, something to watch out for is President Trump will announce he is asking U.S. Trade Representative Robert Lighthizer to determine if an investigation is warranted into Chinese trade practices that force U.S. firms operating in China to turn over intellectual property.
OK, from this timezone here today,:
2230GMT - New Zealand - Services PMI for July, prior 58.6
2245GMT - New Zealand - Q2 retail sales data (excluding inflation),
- expected +0.7% q/q, prior +1.5%.
New Zealand data has been 'surprising' to the downside, expectations for NZ are high and the optimism, to the extent it has led to the NZD running ahead, is part of what has been weighing on the NZD. A beat on the Q2 retail sales should be a supportive input for the currency though.
2335GMT - Reserve Bank of Australia's Christopher Kent, Assistant Governor (Financial Markets), speaks at the Moody's Conference in Sydney. His comments on the economic outlook and policy (if any) will be in line with RBA views expressed in the recent SoMP and Governor Lowe's testimony last week:
- RBA's Lowe: We are prepared to intervene in AUD, not at the moment
- More from RBA's Lowe: Does not expect full employment for at least 2.5 years
- More from RBA's Lowe (in the Q&A): Should be able to increase wages at >3%y/y
- Q&A for RBA's Lowe now: Expects gradual pick up in capex outside resources
- RBA's Lowe: Global economy has strengthened
2350GMT - Japan GDP for Q2 - advance
- GDP (seasonally adjusted) for Q2, preliminary, q/q: expected 0.6%, prior 0.3%
- GDP Annualized (seasonally adjusted) for Q2, preliminary y/y: expected 2.5%, prior 1.0%
- GDP Nominal (seasonally adjusted) for Q2, preliminary q/q: expected 0.7%, prior -0.3%
- GDP Deflator y/y for Q2, preliminary: expected -0.5%, prior -0.8%
- GDP Consumer Spending y/y for Q2, preliminary q/q, expected is 0.5%, prior was 0.3%
- GDP Business Spending y/y for Q2, preliminary q/q: expected 1.2%, prior was 0.6%
I'll be back with more on Japanese GDP for the April - June quarter but as you can see from the expectations for the preliminary reading, economic activity has picked up. For the BOJ though, inflation (the deflator is measure of inflation) is still missing target.
0130GMT - Australia - Credit card purchases and balances for June
- priors AUD28.3bn & 52.3bn respectively
0200GMT - China
July Industrial Production y/y expected is 7.1%, prior was 7.6%
- Industrial production YTD y/y expected is 6.9%, prior was 6.9%
July Fixed Assets (excluding rural) YTD y/y, expected is 8.6%, prior was 8.6%
July Retail Sales y/y, expected is 10.8%, prior was 11.0%
- Retail Sales YTD y/y, expected is 10.5%, prior was 10.4%
I'll be back with more on the data dump from China.
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And, a heads-up for China financing data, due either today or tomorrow:
New yuan loans RMB
- expected 800bn, prior was 1540bn
Aggregate financing RMB
- expected 1000bn, prior was 1776.2bn
(These are the two important ones, and as you can see expectations are for a winding back in credit. Let's see.)
Money supply M0 % y/y
- expected 6.5%, prior was 6.6%
Money supply M1 % y/y
- expected 14.0%, prior was 15.0%
Money supply M2 % y/y
- expected 9.5%, prior was 9.4%
