ASEAN Morning Bytes
Asian markets to open on a positive note with strong US economic data last Friday lifting sentiment
EM Space: Robust US home sales bolsters sentiment
- General Asia: Asian markets will open on a positive note on Monday, bolstered by positive sentiment after a strong showing for US home sales data last Friday. Gains will still be capped by lingering concerns about possible higher capital gains taxes and still elevated Covid-19 new daily infections in select jurisdictions. Investors will be watching out for this week’s FOMC meeting with market participants awaiting any additional comments from Chairman Powell after the meeting on Wednesday.
- Singapore: March industrial production (IP) data is due today. Surprisingly strong non-oil domestic export growth of 12.1% YoY in March bodes well for IP growth. We are looking for 14% YoY growth. As for NODX, electronics and pharmaceuticals will be the likely IP growth drivers. March IP figures will indicate the direction of revision to the 0.2% YoY advance 1Q21 GDP growth released earlier this month. We think any revisions will most likely be upward.
- Indonesia: Minister for economic affairs, Hartarto, expects Indonesia to post strong GDP growth in 2Q with expansion in the range of 6.9-7.9% after a likely contraction of 0.3-0.5% in 1Q. Officials are retaining their full-year GDP expectation of 4.5-5.3% growth even after Bank Indonesia trimmed their own forecast to 4.1-5.1% last week. Hartarto expects the mix of fiscal and monetary support will help lift overall growth momentum to sustain growth at 5.4-6.0% by next year.
What to look out for: FOMC meeting and Covid-19 developments
- Singapore industrial production (26 April)
- US durable goods orders (26 April)
- Hong Kong trade balance (27 April)
- BoJ policy meeting (27 April)
- US Conference board consumer confidence (27 April)
- Malaysia trade balance (28 April)
- US wholesale inventories (28 April)
- US Fed policy meeting and 1Q GDP (29 April)
- China non-manufacturing PMI (30 April)
- Thailand trade balance and GIR (30 April)
- US personal spending and University of Michigan sentiment (30 April)
Download
Download article
26 April 2021
Good MornING Asia - 26 April 2021 This bundle contains 3 articles"THINK Outside" is a collection of specially commissioned content from third-party sources, such as economic think-tanks and academic institutions, that ING deems reliable and from non-research departments within ING. ING Bank N.V. ("ING") uses these sources to expand the range of opinions you can find on the THINK website. Some of these sources are not the property of or managed by ING, and therefore ING cannot always guarantee the correctness, completeness, actuality and quality of such sources, nor the availability at any given time of the data and information provided, and ING cannot accept any liability in this respect, insofar as this is permissible pursuant to the applicable laws and regulations.
This publication does not necessarily reflect the ING house view. This publication has been prepared solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Reasonable care has been taken to ensure that this publication is not untrue or misleading when published, but ING does not represent that it is accurate or complete. ING does not accept any liability for any direct, indirect or consequential loss arising from any use of this publication. Unless otherwise stated, any views, forecasts, or estimates are solely those of the author(s), as of the date of the publication and are subject to change without notice.
The distribution of this publication may be restricted by law or regulation in different jurisdictions and persons into whose possession this publication comes should inform themselves about, and observe, such restrictions.
Copyright and database rights protection exists in this report and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved.
ING Bank N.V. is authorised by the Dutch Central Bank and supervised by the European Central Bank (ECB), the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). ING Bank N.V. is incorporated in the Netherlands (Trade Register no. 33031431 Amsterdam).