Sunday, September 23 2018 | ASIA TODAY INTERNATIONAL - Reporting the Business that Matters in Asia
HONG KONG - May economic indicators announced in China today, together with previously-released credit data, point to an expected moderation in growth, BBVA says in a research note. In particular, fixed asset investment, industrial production and retail sales all dropped from previous readings and were below market expectations.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) and Tokyo Commodity Exchange (TOCOM) have signed an MoU to further promote their co-operation through information and staff exchanges, product development and joint promotion.
TAIWAN - The outcome of the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un this week in Singapore has been welcomed by Taiwan’s Ministry of Foreign Affairs (MOFA). It described the meeting as of great significance to peace and stability in the Asia-Pacific “as it creates new opportunities for resolving long-standing issues in a peaceful manner”.
SEOUL – Twenty-four hours ahead of the North Korean-United States Summit in Singapore, South Korea’s President, Moon Jae-in, has said he “looks forward to the two leaders' bold decisions to freely exchange what they want from each other so that the wish of people across the world for a new era on the Korean Peninsula could be realised”.
KUALA LUMPUR – ANZ Bank has revise lower its GDP growth forecast for 2018 to 5.4% from 5.7% previously, mainly due to the weaker out-turns in the early part of the year. “We are also revising our GDP growth forecast for 2019 to 5.2% from 5.5% previously, on the back of lower public consumption and investment, alongside an expected moderation in export growth,” ANZ says in a research note.
~~ELAIDE - The University of Adelaide’s Waite campus is establishing a Training Centre for Innovative Wine Production to undertake research aiming to build the sustainability and competitive edge of Australia’s AUD5 billion wine industry.
SEOUL - The Korean won has been resilient amid the recent episode of an Emerging Markets sell-off, with an easing in geopolitical tensions between North and South Korea benefitting the KRW by lowering the country’s risk premium.
HO CHI MINH CITY - Vietnam’s Industrial Production Index increased by 9.7% on-year in May compared with 6.6% in May 2017. Manufacturing and processing sector posted high growth of 11.8% YoY, with the Vietnam's Purchasing Managers Index (PMI) reading reached 53.9 in May from 52.7 in April to mark the 30th consecutive month of expansion.
NEW DELHI - In a unanimous vote, the Reserve Bank of India (RBI) today raised its policy repo rate by 25 bps to 6.25% . In its decision, the RBI considered the sharp rise in non-food and fuel inflation in April, higher oil prices and higher inflation expectations.
BEIJING - China and the United States achieved positive and concrete progress in the fields of agriculture and energy during the latest round of trade consultations, with the details subject to finalisation by both sides, according to a Chinese statement, the China Daily reported.
SEOUL - South and North Korea have agreed to hold multiple talks in June to discuss military issues, family reunions and sporting matches to implement the Panmunjeom Declaration adopted at the 2018 Inter-Korean Summit.
HONG KONG - China's transformation into a medium-tech producer will have broad-ranging implications – and there will be three primary beneficiaries, says HSBC in a new research report.
BEIJING - Chinese engineers soon will have a world-record-holding product to offer to express delivery companies - the largest civilian drone. Engineers at Beihang Unmanned Aircraft System Technology, a part of Beihang University in Beijing, are designing a drone that will be able to fly 1,500 km carrying one metric tonne of cargo.
BEIJING - China’s State newsagency, Xinhua, is reporting that the State Council decided at an executive meeting chaired by Premier Li Keqiang to further cut import tariffs for daily consumer goods from July 1.
NEW DELHI - The acceleration in India’s Q4 GDP was exceptionally sharp at 7.7%, with growth predominantly boosted by Government consumption and public infrastructure spending. Investment clocked growth of 14.4% y/y in Q4 FY2018, due to a step-up in public infrastructure spending. This was also reflected in the construction GVA (gross value-added), which printed growth of 11.5% y/y during the quarter (vs 6.6% y/y in Q3 FY2018).
SYDNEY - The scene has been set for below-average winter crop harvest volumes, as very low soil moisture levels across Australia curb yield prospects and further plantings remain dependent on rain in the coming four weeks, according to Rabobank’s just-released Australian 2018/19 Winter Crop Outlook.