The working week kicks off with China’s tit-for-tat tariffs on US goods. The tariffs, which applies to $60 billion worth US imports, came into effect on 1 June. Foreign companies operating in China will also find out if they are included on a blacklist of firms that are deemed harmful to the country’s interests.
It’s time for those US non-farm payroll numbers and unemployment rate again. The percentage of the US workforce that is out of work could have crept up slightly from 3.6% to 3.7%. Meanwhile, growth in the non-farm payroll could have slipped from 263,000 in April to 190,000 in May.
China’s Caixin manufacturing PMI could have expanded more in May than in April. The Caixin services purchasing managers index for May could also show that the sector is in expansion mode, but less so than in April.
The European Central Bank is expected to keep interest rates unchanged at 0%. Meanwhile, the European Union could confirm that the economic bloc expanded 1.2% in the first quarter.
Staying with GDP, Japan is expected to confirm that its economy grew 2.1% in the first quarter. The expansion was supported by net export gains, as imports fell faster than exports.
Malaysia is expected to say that its trade surplus rose to RM12.9 billion in May compared to a year ago. However, this would be slightly lower than in April, when its surplus was RM14.4 billion.
Singapore’s manufacturing sector could have contracted in May. In April, the manufacturing PMI edged down from 50.8 in the previous month to 50.3. The reading in May could be as low as 49, which would indicate contraction.
And don’t forget its a holiday-shortened trading week. The Singapore market will be closed on Wednesday 5 June. Selamat Hari Raya Puasa to everyone!
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