The focus next week should really be the G20 meeting in Osaka, when the heads of the 20 most important economic regions gather for a chinwag. But the spotlight will fall on the G2 – when the leaders of the world’s two largest economies meet each other face to face to resolve their differences….
…. A truce is possible, but oversized egos and a misguided sense of self-importance could stand in the way of an amicable solution.
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There are final readings on a couple of key US economic numbers. The American economy should have grown at a rate of 3.1% in the first quarter, while corporate profits could have declined in the first three months of 2019.
China will report those closely-watched PMIs for June. In May, the manufacturing sector was flirting with contraction. But non-manufacturing was still showing signs of expansion.
In the Eurozone, some flash inflation numbers should indicate that the rise in the cost of living in the economic bloc is still subdued. The headlines inflation rate should come in at around 1.2%, while the core inflation rate could be slightly lower at 1%.
Meanwhile, Japan’s consumer prices inflation could have crept up from 1.1% to 1.3% in June. Retail sales growth in Japan could have improved slightly from 0.5% to 0.6% in the same month.
Something seems to be going a bit wrong with Indonesia’s exports. In April, exports tumbled 13% from a year ago, which was worse than market expectations. It was the sixth straight month of decrease in exports.
And finally, it is time for those Singapore bank-lending numbers again. In April, outstanding bank loans inched up to an all-time high of S$676.3 billion, as lending to businesses rose. The growth was driven by loans to construction companies and business services. Keep an eye on the three listed Singapore banks, namely, DBS Group (SGX: D05), OCBC (SGX: O39) and UOB (SGX: U11).
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