(menafn – ecpulse) Asia is set to release more important data this week as the focus shifts to the Chinese consumer price index and the BOK rate decision, while the Australian economy will present its April unemployment report beside the Japanese current account.
Asia is set to release more important data this week as the focus shifts to the Chinese consumer price index and the BOK rate decision, while the Australian economy will present its April unemployment report beside the Japanese current account.
Starting with Japan, it will release its current account for March; the previous month Japan recorded a 117.8 billion yen surplus, and expectations are for the surplus to widen to 1449 billion yen, as yen has slowed the rally in March helping the nation’s exports rise 5.9% more than expected, supporting the economic growth by 2%.
Moving to South Korea, the Bank of Korea will announce its rate decision this week, and the bank is expected to keep the rates at the highest levels of 3.25% as inflation pressures continue to weigh on policy markets decision.
South Korea’s PMI manufacturing index for April showed a less-than-expected rise on slower exports for a second straight month due to the weaker external demand during this period.
On the other hand, the Chinese economy is to report its annual consumer price index reading for April, which increased 3.6%, while expectations referred to 3.4%, these estimates come alongside the slowest pace of growth for the Chinese economy on weakening exports and that remains downside pressure on the global sentiment and fears over the global recovery.
The Chinese manufacturing sector improved in April for the third consecutive month, showing that the world’s second-biggest economy is still positive with stability signs amid Europe’s debt crisis and a cooling domestic property market.
Finally, the Australian economy will end the week with the unemployment rates for April, and expected to show the worsening pace of growth in the nation that prompted the RBA to act as the jobless rate is expected to rise to 5.3% from 5.2%.
The RBA downgraded the economic growth forecasts for the current year; the weak labor market during the first quarter and subdued inflation pressures supported the Bank to cut the interest rates by 50 basis points to 3.75% unexpectedly this month.