ASEAN Morning Bytes
General market tone: Risk-on.
Positive developments on trade between the US and Mexico is seen to lift sentiment on Monday.
EM Space: NFP stalls to 75k, adds to case for rate cut from Fed
- General Asia: Disappointing US labor report with the only 75k increase in jobs in May as against expectation of 175k increase helped push the case for a Fed rate cut. On the trade front, Trump and Mexico came through with a deal to avert tariffs on Mexico. Markets will look to China trade data on Monday for direction.
- Indonesia: Bank Indonesia (BI) deputy governor Dody Waluyo indicated that the central bank has discussed the possibility of cutting rates but qualified that BI needed to remain cautious. Waluyo said that the central bank was monitoring data to gauge the proper timing of easing, while the US Fed could cut rates within the year.
- Philippines: Bangko Sentral ng Pilipinas (BSP) Governor Diokno indicated that monetary policy decisions would not be reactive with the BSP seen to act in a preemptive manner to avoid blow-ups in inflation. Meanwhile, gross international reserves (GIR) hit $85 bn in May, up from a revised $83.9 bn in April as the central bank rebuilt its buffer of foreign currency.
What to look out for: China trade data
- China trade (10 June)
- Taiwan trade (10 June)
- Indonesia CPI inflation (10 June)
- Philippine trade (11 June)
- Malaysia industrial production (11 June)
- US PPI (11 June)
- China CPI inflation (12 June)
- Singapore retail sales (12 June)
- India CPI (12 June)
- India industrial production (12 June)
- US CPI inflation (12 June)
- Australia employment (13 June)
- US jobless claims (13 June)
- Indonesia GIR (13 June)
- China industrial production (14 June)
- India trade (14 June)
- US retail sales, consumer sentiment (14 June)
Download
Download article
21 June 2019
Good MornING Asia - 21 June 2019 This bundle contains 6 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).