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(CEP News) - A relatively quiet week is on tap for the Asia-Pacific markets, with Japanese data taking centre stage with a few macroeconomic reports scheduled for release.
Capital Economics chief international economist Julian Jessop wrote in a research note that the rest of the world will remain focused on western markets next week and the continued deterioration of equities and the financial sector. However, he did mention a few data points that will garner some market attention. "Japan publishes its September consumer confidence survey on [Tuesday EDT] (presumably still very gloomy) and August external trade data on [Tuesday EDT]. The latter may receive more attention than usual given worries about weaker exports, especially to the US," he wrote. The headline figure for Japanese consumer confidence is expected to come in at 29.9, down from August's 30.5 reading. The country's trade balance, meanwhile, is expected to show a deficit of ¥146.0B, following a surplus of ¥232.2B in July. Calyon chief Japanese economist Susumu Kato says Monday's corporate goods price index (CGPI) release will be more important, based on recent global economic developments. "Intensification of global financial crisis is turning the theme away from inflation into deflation. Getting out from the prolonged period of tough experience from deflationary economy and getting into inflationary phase at last¥Japan's economy would like to avoid going back to the harsh days. However, the possibility of deflationary economy in US and [European Union] should mean that¥Japan's economy could easily follow those economies through sharp appreciation of JPY," he wrote. Since reaching 110.67 on Aug. 15, the USD/JPY has fallen below 10 points to a low of 97.92 on Friday. Kato expects the CGPI data to show a 6.7% year-over-year increase and a 0.5% month-over-month decrease. Meanwhile the consensus estimate, according to Bloomberg, is for a 0.6% month-over-month drop, down further from a 0.1% fall in August. A 6.6% year-over-year increase is expected, following a previously recorded 7.2% increase. Regarding Australia, on Wednesday, the Reserve Bank of Australia will release its foreign exchange transactions data for the month of September. Also of note, New Zealand retail sales are due out on Sunday to help start off the macroeconomic week. All times in EDT. Sunday: The focus of the day will be on New Zealand retail sales figures for August, last coming in with a 0.8% decrease. Retail sales excluding automobile sales last decreased 0.2% month-over-month. 7:01 NZ Quotable Value House Prices (Y/Y) September Prior: -4.5% 17:45 NZ Retail Sales (M/M) August Prior: -0.8% 17:45 NZ Retail Sales Ex-Auto (M/M) August Prior: -0.2% 20:30 AU ANZ Job Advertisements (M/M) September Prior: -4.9% Monday: The Bank of Japan will release domestic corporate goods price index (CGPI) figures for September. A 0.6% month-over-month decrease is expected, along with a 6.6% annualized rise. The National Australia Bank will release Australian business confidence survey results later on. 19:50 JP Domestic CGPI (M/M) September Exp: -0.6% Prior: -0.1% 19:50 JP Domestic CGPI (Y/Y) September Exp: +6.6% Prior: +7.2% 20:30 AU NAB Business Confidence September Prior: -7 20:30 AU NAB Business Conditions September Prior: -3 22:00 NZ Non Resident Bond Holdings September Prior: +73.5% October 13-16 CN Trade Balance September +$24.5B Prior: +$28.7B October 13-16 CN Exports (Y/Y) September Exp: +20.0% Prior: +21.1% October 13-16 CN Imports (Y/Y) September Exp: +22.9% Prior: +23.1% October 13-17 CN Money Supply - M2 (Y/Y) September Exp: +16.1% Prior: +16.0% October 13-17 CN Money Supply - M0 (Y/Y) September Prior: +10.9% October 13-17 CN Foreign Exchange Reserves September Prior: +$1,808.00 October 13-17 CN Money Supply - M1 (Y/Y) September Prior: +11.5% October 13-22 CN Wholesale Prices (Y/Y) September Prior: +8.2% Tuesday: Japanese consumer confidence figures are due out, with a reading of 29.9 expected for the headline index in September, down from August's 30.5 reading. The households' component last came in at a level of 30.1. Markets will also receive the country's trade balance data. An August deficit of ¥146.0B is expected, a decrease from a previous surplus of ¥232.2B. 1:00 JP Consumer Confidence September Exp: 29.9 Prior: 30.5 1:00 JP Consumer Confidence Households September Prior: 30.1 19:50 JP Current Account Total August Exp: ¥1198.3B Prior: +¥1531.8B 19:50 JP Adjusted Current Account Total August Exp: +¥1153.1B Prior: +¥1555.9B 19:50 JP Trade Balance - BOP Basis August Exp: -¥146.0B Prior: +¥232.2B 20:30 AU Westpac Leading Index (M/M) August Prior: +0.2% October 14-30 NZ AON 1-Year Inflation Expect October Prior: +3.5% October 13-16 CN Trade Balance September +$24.50B Prior: +$28.69B October 13-16 CN Exports (Y/Y) September Exp: +20.0% Prior: +21.1% October 13-16 CN Imports (Y/Y) September Exp: +22.9% Prior: +23.1% October 13-17 CN Money Supply - M2 (Y/Y) September Exp: +16.1% Prior: +16.0% October 13-17 CN Money Supply - M0 (Y/Y) September Prior: +10.9% October 13-17 CN Foreign Exchange Reserves September Prior: +$1,808.00 October 13-17 CN Money Supply - M1 (Y/Y) September Prior: +11.5% October 13-22 CN Wholesale Prices (Y/Y) September Prior: +8.2% Wednesday: Markets will focus on the release of Japanese industrial production figures for August. Month-over-month, a 3.5% decrease was last sustained. Year-over-year, a 6.9% decrease was previously recorded. To be released in tandem with those figures, capacity utilization last came in with a 1.4% monthly rise. 0:00 JP Tokyo Condominium Sales (Y/Y) September Prior: -38.8% 0:30 JP Industrial Production (M/M) August Final Prior: -3.5% 0:30 JP Industrial Production (Y/Y) August Final Prior: -6.9% 0:30 JP Capacity Utilization (M/M) August Final Prior: +1.4% 19:00 NZ Business NZ PMI September Prior: 45.7 21:30 AU RBA Foreign Exchange Transaction September Prior: +A$307M October 14-30 NZ AON 1-Year Inflation Expect October Prior: +3.5% October 13-16 CN Trade Balance September +$24.50B Prior: +$28.69B October 13-16 CN Exports (Y/Y) September Exp: +20.0% Prior: +21.1% October 13-16 CN Imports (Y/Y) September Exp: +22.9% Prior: +23.1% October 13-17 CN Money Supply - M2 (Y/Y) September Exp: +16.1% Prior: +16.0% October 13-17 CN Money Supply - M0 (Y/Y) September Prior: +10.9% October 13-17 CN Foreign Exchange Reserves September Prior: +$1,808.00 October 13-17 CN Money Supply - M1 (Y/Y) September Prior: +11.5% October 13-22 CN Wholesale Prices (Y/Y) September Prior: +8.2% Thursday: Japanese machine tool orders are due out for September, last coming in with a 20.7% annualized drop. Australian import and export price index data are also due out. 2:00 JP Machine Tool Orders (Y/Y) September Final Prior: -20.7% 19:50 JP Foreign Buying Japan Bonds W/E October 10 Prior: -¥890.2B 19:50 JP Foreign Buying Japan Stocks W/E October 10 Prior: -¥492.1B 19:50 JP Japan Buying Foreign Stocks W/E October 10 Prior: +¥166.1B 19:50 JP Japan Buying Foreign Bonds W/E October 10 Prior: +¥270.4B 19:50 JP Tertiary Industry Index (M/M) August Exp: -0.8% Prior: +1.2% 20:30 AU Import price index (Q/Q) Q3 Prior: +1.4% 20:30 AU Export price index (Q/Q) Q3 October 14-30 NZ AON 1-Year Inflation Expect October Prior: +3.5% October 13-16 CN Trade Balance September +$24.50B Prior: +$28.69B October 13-16 CN Exports (Y/Y) September Exp: +20.0% Prior: +21.1% October 13-16 CN Imports (Y/Y) September Exp: +22.9% Prior: +23.1% October 13-17 CN Money Supply - M2 (Y/Y) September Exp: +16.1% Prior: +16.0% October 13-17 CN Money Supply - M0 (Y/Y) September Prior: +10.9% October 13-17 CN Foreign Exchange Reserves September Prior: +$1,808.00 October 13-17 CN Money Supply - M1 (Y/Y) September Prior: +11.5% October 13-22 CN Wholesale Prices (Y/Y) September Prior: +8.2% Friday: Bank of Japan Governor Masaaki Shirakawa is scheduled to speak at an annual meeting of Japan's credit cooperatives in Tokyo. Japanese department store sales data for September will also be released. 1:30 JP Nationwide Department Sales (Y/Y) September Prior: -3.1% 1:30 JP Tokyo Department Store Sales (Y/Y) September Prior: -4.1% 2:35 JP BOJ's Shirakawa to Speak at Annual Meeting of Credit Unions October 14-30 NZ AON 1-Year Inflation Expect October Prior: +3.5% October 13-17 CN Money Supply - M2 (Y/Y) September Exp: +16.1% Prior: +16.0% October 13-17 CN Money Supply - M0 (Y/Y) September Prior: +10.9% October 13-17 CN Foreign Exchange Reserves September Prior: +$1,808.00 October 13-17 CN Money Supply - M1 (Y/Y) September Prior: +11.5% October 13-22 CN Wholesale Prices (Y/Y) September Prior: +8.2% By Ryan Szporer,
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, with contributions from Neils Christensen,
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, edited by Sarah Sussman,
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