Asia Week Ahead: China Data Dump and Japan Q3 GDP

MT Newswires Live11-11

The Asia economic calendar has a relatively quiet week ahead, with China's indicators and Japan's third-quarter gross domestic product being the main releases.

Australia's jobs data will also warrant attention, as will India's inflation prints.

Here's what to keep an eye on in the next few days.

Monday

Consumer sentiment in Indonesia softened last month as the consumer confidence index slid to 121.1 in October from 123.5 in September.

Meanwhile, Indonesia's car sales decline narrowed to 3.9% year over year in October from 9.1% in September.

In Malaysia, construction output jumped 22.9% YoY in the third quarter, up from 20.2% in Q2.

Tuesday

India will release October inflation data and September industrial production stats.

A Reuters poll of economists projected that consumer inflation in India likely rose to a 14-month high of 5.81% in October, largely due to the increase in vegetable and edible oil prices.

Meanwhile, Indonesia will disclose retail sales numbers for September, while Japan will report machine tool orders.

Down Under, the November Westpac-Melbourne Institute Consumer Sentiment Index will be released alongside NAB's monthly business confidence survey.

Wednesday

South Korea will disclose whether its export and import prices grew or declined in October, while Japan will report producer prices, and New Zealand will announce visitor arrival numbers.

Thursday

Australia will provide an update on its labor market.

CommBank Research said in a note that Australia's unemployment rate may have inched up to 4.2% in October. It added that employment change is likely at +20k and the participation rate at 67.2%.

India's wholesale inflation data and New Zealand's food inflation print will also be available on Thursday.

Friday

China will dump several indicators, including retail sales, industrial production, and the housing price index for October.

The world's second-largest economy is poised to report 3.7% YoY retail sales growth, up from the prior month's 3.2% increase, according to The Wall Street Journal. Industrial output is expected to have climbed 5.6% in October, picking up from September's 5.4% expansion.

Meanwhile, Japan's advanced Q3 GDP estimate is projected to show the nation's economic growth eased after a rebound in Q2.

"We expect growth to slow to 0.3% quarter-on-quarter seasonally adjusted from 0.8% in the second quarter, as typhoon and mega-earthquake warnings partially hamper economic activity. Private consumption is expected to rise modestly while construction and facility investment are expected to contract. We think growth will reaccelerate in the fourth quarter, boosted by a technical payback," ING Bank said in a note.

Friday will also see the release of Hong Kong and Malaysia's final Q3 GDP figures.

Preliminary data showed Hong Kong's economy grew 1.8% in the September quarter from a year earlier, compared to 3.2% in Q2. The sharp slowdown was driven by the continued softness in demand both at home and abroad.

For Malaysia, final figures will likely show an upward revision to 5.4% versus advance estimates of 5.3% due to an adjustment in services output, according to BofA Securities.

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