Local News and Events on the Radar for Asian Investors
Asian investors have a plethora of local news and events to analyze on Thursday, including central bank policy meetings in the Philippines and Taiwan, Indian wholesale inflation figures, as well as Australian unemployment and New Zealand GDP data.
Economists surveyed by Reuters anticipate that the Philippine central bank will maintain interest rates at 6.50% throughout the first half of next year, subsequently easing policy in the third quarter. Alternatively, Taiwan’s central bank is projected to keep its policy rate unchanged at 1.875% for the entirety of 2024, initiating an easing cycle in the first quarter of 2025.
In terms of economic growth, New Zealand is estimated to record a significant slowdown in the third quarter, according to a Reuters poll. Additionally, Australian job growth is expected to decelerate sharply in November, with the unemployment rate inching up to 3.8% from 3.7%.
Meanwhile, India is likely to observe a climb in the annual rate of wholesale price inflation to 0.08% last month, versus -0.52% in October. Despite these developments, if any Asian country’s markets require relief, it is China. Stocks in China experienced a sharp decline on Wednesday as investors voiced their disapproval of proposals and commitments made by Chinese leaders in Beijing to bolster the economy and combat deflation. The CSI 300 index, which comprises blue-chip shares, fell by 1.7%, marking its fifth most substantial drop this year, while the Shanghai index also experienced a decline of over 1%.
Key Developments Influencing Markets on Thursday:
- Philippines interest rate decision
- New Zealand GDP (Q3)
- Australia unemployment (November)