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South Korea Inflation Data Due On Thursday

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South Korea will on Thursday release March numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity. In February, overall inflation was flat on month and up 1.1 percent on year, while core CPI added 0.1 percent on month and gained 0.5 percent on year.

Japan will provide March figures for monetary base; in February, the monetary base climbed 3.6 percent on year.

Australia will see February figures for job vacancies; in January, vacancies were up 1.6 percent on month.

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Singapore Retail Sales Decrease In February

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Singapore retail sales decline at the fastest pace in February, data from the Department of Statistics showed on Friday.

Retail sales declined 8.6 percent year-on-year in February, following a 5.3 percent fall in January.

Motor vehicle sales rose 1.3 percent annually in February, following a 33.6 percent fall in the previous month.

Excluding motor vehicles, retail sales decreased 10.2 percent in February, after a 0.6 percent increase in the preceding month.

Sales of wearing apparel and footwear declined the most by 41.0 percent in February and those of food and alcohol, and department stores decreased 40.5 percent and 36.3 percent, respectively.

On a monthly basis, retail sales dropped 8.9 percent in February, after a 0.2 percent rise in the prior month.

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Australia Inflation Forecast Due On Monday

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Australia will on Monday see the March inflation forecast from TD Securities, highlighting a light day for Asia-Pacific economic activity. In February, the forecast suggested a decline of 0.1 percent on month and an increase of 1.6 percent on year.

Australia also will see March data on job advertisements from ANZ; in February, job ads were up 0.7 percent on month.

New Zealand will see March figures for commodity prices from ANZ; in February, prices were down 2.1 percent on month.

Finally the markets in China and Thailand are closed on Monday for the Qingming Festival and Chakri Day, respectively; they will re-open on Tuesday.

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Estonia Inflation Eases In March

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Estonia's consumer price inflation eased in March, data from Statistics Estonia showed on Monday.

The consumer price index rose 0.9 percent year-on-year in March, after a 2.0 percent increase in February. In January, inflation was 1.6 percent.

Inflation was mainly affected the most by more expensive food and non-alcoholic beverages. Electricity were cheaper, while petrol and diesel fuel were more expensive, the agency reported.

On a monthly basis, consumer prices dropped 0.7 percent in March, after a 0.5 percent rise in the previous month.

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S&P Lowers Australia's Rating Outlook To Negative

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S&P Global Ratings revised the outlook on Australia's rating outlook to negative from stable as coronavirus, or COVID-19, outbreak weakened its fiscal outlook.

The rating agency said the negative outlook reflects a substantial deterioration of Australia's fiscal headroom at the 'AAA' rating level.

The outbreak of coronavirus has posed a severe economic and fiscal shock. The Australian economy is set to plunge into recession for the first time in almost 30 years, causing a substantial deterioration of the government's fiscal headroom at the 'AAA' rating level.

Nonetheless, the ratings were affirmed at 'AAA'. S&P observed that the triple A rating on Australia benefit from the country's strong institutional settings, its wealthy economy, and monetary policy flexibility.

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BoK Rate Decision On Tap For Thursday

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The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.

The BoK is expected to keep its benchmark lending rate unchanged at the record low of 0.75 percent after the central bank's emergency cut last month of 50 basis points to deal with the Covid-19 crisis.

Japan will see March results for its consumer confidence index, with forecasts suggesting a score of 35.0 - down from 38.4 in February.

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Japan Overall Bank Lending Rises 2.0% In March

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Overall bank lending in Japan was up 2.0 percent on year in March, the Bank of Japan said on Friday - coming in at 546.248 trillion yen.

That follows the 2.1 percent yearly increase in February.

Excluding trusts, bank lending rose an annual 2.2 percent to 476.139 trillion yen after gaining 2.2 percent in the previous month.

Lending from trusts was steady at 1.0 percent, worth 70.109 trillion yen, while lending from foreign banks skyrocketed an annual 28.5 percent to 3.655 trillion yen.

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Malaysia Industrial Production Rises In February

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Malaysia's industrial production grew at a faster-than-expected pace in February, data from the Department of Statistics showed on Monday.

Industrial production rose 5.8 percent year-on-year in February, following a 0.6 percent increase in January. Economists had expected a 0.7 percent rise.

Manufacturing output grew 5.6 percent in February, following a 2.2 percent rise in the previous month.

Among other sectors, mining and quarrying output increased 6.1 percent and electricity output rose 6.8 percent.

Sales of textile, wearing apparels, leather and footwear gained 6.7 percent and those of petroleum, chemical, rubber and plastic, and wood, furniture, paper products and printing grew by 6.3 percent, each.

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Malaysia Jobless Rate Rises In February

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Malaysia's unemployment rate rose in February, data from the Department of Statistics showed on Tuesday.

The jobless rate rose to 3.3 percent in February from 3.2 percent in January. A similar rate of unemployment was seen in the same month last year.

On a seasonally adjusted basis, jobless rate rose marginally to 3.3 percent in February from 3.2 percent in the previous month.

The number of unemployed increased to 525,200 in February from 511,700 in the previous month.

The number of employed increased to 15.34 million in February from 15.31 million in the prior month.

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Australia Consumer Sentiment Logs Record Fall

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Australia's consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic, survey data from Westpac showed on Wednesday.

The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March.

This was the biggest monthly decrease in forty seven year history of the survey, taking the indicator beyond the global financial crisis lows.

The survey reflects the large shocks to jobs and spending. Moreover, there was a collapse in confidence in the housing market.

All five component sub-indexes fell in April. The biggest falls were in the near term outlook for the economy and in attitudes towards spending - reflecting the immediate effects of the shut-down, Westpac noted.

The indicator measuring past family finances decreased 14.8 percent to an eight-year low of 70.4 and the outlook for family finances slid 6.6 percent to 90.9.

The 'economy, next 12 months' sub-index logged a record fall of 31 percent to 53.7 in April. At the same time, the index measuring the outlook for long-term, say five years, dropped moderately by 3.8 percent to 87.0 in April.

Further, the 'time to buy a major household item' plunged 31.6 percent to 76.2 in April. This was the lowest reading since the record low of 71 set in October 2008.

The Westpac-Melbourne Institute Unemployment Expectations Index jumped 8.2 percent in April following the sharp 8.5 percent increase in March. At 158.1, the index was at a five year high. RSS feed

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UK Retail Sales Decline At Record Pace: BRC

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British retail sales declined at a record pace in March due to measures taken to fight the spread of coronavirus, data from the British Retail Consortium, or BRC, showed Thursday. According to BRC-KPMG retail sales monitor, retail sales decreased 4.3 percent on a yearly basis in March, the sharpest fall since records began in 1995.

At the same time, like-for-like sales declined 3.5 percent from the same period last year.

"The headline figure masked even more dramatic swings: food and essentials faced an unprecedented surge in demand in the early part of March, only to drop significantly into negative growth after the lockdown and introduction of social distancing in stores," Helen Dickinson, chief executive at BRC, said.

The closure of non-essential shops led to deserted high streets and high double-digit declines in sales, which even a rise in online shopping could not compensate for, Dickinson added.

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China GDP Contracts 9.8% In Q21

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China's gross domestic product was down a seasonally adjusted 9.8 percent on quarter in the first quarter of 2020, the National Bureau of Statistics said on Friday.

That was in line with expectations following the 1.5 percent gain in the three months prior.

On a yearly basis, GDP sank 6.8 percent - missing expectations for a drop of 6.0 percent following the 6.0 percent increase in the previous three months.

The bureau also said that fixed asset investment tumbled an annual 16.1 percent in March, shy of forecasts for a decline of 15.0 percent following the 24.5 percent plunge in February.

Industrial production dipped 1.1 percent on year, beating forecasts for a fall of 5.8 percent after dropping 13.5 percent in the previous month.

Retail sales plunged 15.8 percent on year, missing forecasts for a fall of 10.0 percent after skidding 20.5 percent a month earlier.

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China Cuts Benchmark Lending Rates

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China's central bank on Monday reduced its benchmark lending rates, as widely expected, as the economy contracted for the first time at least since 1992 amid coronavirus outbreak.

The one-year loan prime rate was lowered by 20 basis points to 3.85 percent and the five-year loan prime rate was cut by 10 basis points to 4.65 percent.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.

The People's Bank of China last week reduced its one-year medium-term lending facility, or MLF, rate to 2.95 percent from 3.15 percent and injected CNY 100 billion through the MLF operation.

In March, the PBoC had reduced the reserve requirement ratio for qualified banks and the reverse repo rate.

September should mark the point when the PBoC hits the "ultra-low" interest rate level, Iris Pang, an ING economist said.

After that, the PBoC may need to rely more on reserve requirement ratio cuts than rate cuts. The PBoC may use RRR cuts more than rate cuts before September to delay its policy rates touching ultra-low levels, the economist noted.

The economy shrank 6.8 percent on a yearly basis in the first quarter, which was the first decline since the nation began reporting quarterly data in 1992. The economy had expanded 6 percent in the fourth quarter of 2019.

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European Economics Preview: German ZEW Economic Confidence Due

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Economic confidence survey results from Germany and labor market statistics from the UK are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is forecast to remain unchanged at 3.9 percent in three months to February.

In the meantime, foreign trade from Switzerland and wholesale prices from Germany are due.

At 3.00 am ET, the Czech Statistical Office is set to release producer price data for March. Economists forecast prices to rise at a slower pace of 0.2 percent after climbing 1.4 percent in February.

Half an hour later, Statistics Sweden issues unemployment data for March. The jobless rate stood at 8.2 percent in February.

At 4.00 am ET, industrial production and producer price figures are due from Poland. Industrial production is forecast to fall 2.1 percent on year in March, reversing a 4.9 percent rise in January.

At 5.00 am ET, Germany's ZEW economic confidence survey results are due. Economists forecast the economic confidence index to rise to -42.3 in April from -49.5 in March.

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Malaysia Consumer Prices Drop In March

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Malaysia's consumer prices dropped in March, figures from the Department of Statistics showed on Wednesday.

The consumer price index declined 0.2 percent year-on-year in March, after a 1.3 percent increase in February. Economists had expected a 0.1 percent fall.

Among the main groups, prices for transport declined 8.9 percent annually in March and clothing and footwear prices decreased by 1.3 percent.

Meanwhile, cost of food and non-alcoholic beverages rose at a faster pace of 1.2 percent following a 0.8 percent rise in February.

At the same time, prices for miscellaneous goods and services grew 2.6 percent and those of housing, water, electricity, gas and other fuels and communication increased 1.6 percent and 1.5 percent, respectively.

On a month-on-month basis, consumer prices fell 1.2 percent in March.

The core CPI rose 1.3 percent annually in March.

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New Zealand Credit Card Spending Declines In March

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New Zealand's credit card spending declined at the fastest rate in March, figures from the Reserve Bank of New Zealand showed on Thursday.

Credit card spending fell 9.1 percent month-on-month in March, following a 0.7 percent decrease in February. Credit card spending fell for the second straight month.

Domestic billing decreased 7.2 percent monthly to NZ$3.35 billion and overseas billings declined 24.9 percent to NZ$338 million.

On a year-on-year basis, overall credit card spending dropped 8.2 percent in March, after a 2.2 percent rise in the previous month.

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Japan Inflation Steady At 0.4% In March

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Consumer prices in Japan were up 0.4 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and unchanged from the February reading.

Core CPI, which excludes volatile food prices, also was up an annual 0.4 percent. That also matched expectations and was down from the 0.6 percent gain in the previous month.

Individually, prices were up for food, housing, furniture, clothing, medical care, communications and recreation. They were down for fuel and education.

On a monthly basis, overall inflation was flat, while core inflation was down 0.1 percent.

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Dollar Mostly Subdued Against Peers

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The U.S. dollar recovered after a mid-session setback and traded slightly higher against some of its peers on Thursday, with traders digesting economic data from across the globe and tracking news about the virus pandemic and geopolitical issues.

The dollar index, which dropped to 100.04 around mid morning, recovered gradually and was last seen hovering around 100.50, up 0.12% from previous close.

Against the Euro, the U.S. dollar firmed up to $1.0794 from Wednesday's close of $1.0823. The euro area private sector suffered its steepest falls in business activity and employment due to the measures taken to contain the spread of coronavirus, flash survey data from IHS Markit showed.

The flash IHS Markit composite output index plummeted to an all-time low of 13.5 in April, down from a prior record low of 29.7 in March. This was the largest monthly collapse in output recorded in over two decades of survey data collection.

The services Purchasing Managers' Index plunged to a record low 11.7 from 26.4 in March, while the manufacturing PMI came in at 33.6, down from 44.5 in the previous month.

Against Pound Sterling, the dollar edged down to $1.2340.

The Japanese Yen gained against the dollar, trading at 107.64 a dollar, compared to 107.75 a dollar Wednesday evening.

The Aussie gained against the dollar, rising to $0.6358 from its previous close of $0.6323.

The Swiss franc eased to CHF 0.9739 from CHF 0.9713, while the Loonie firmed up to 1.4124 a dollar, from $1.4161, thanks to another jump in crude oil prices.

In U.S. economic news, more than 4 million people filed first-time claims for U.S. unemployment benefits in the week ended April 18th, according to a report released by the Labor Department on Thursday. That reflects a continued decline from the nearly 7 million people that filed first-time claims in the last week of March.

The Labor Department said initial jobless claims dropped to 4.427 million, a decrease of 810,000 from the previous week's revised level of 5.237 million. Economists had expected jobless claims to slump to 4.200 million from the 5.245 million originally reported for the previous week.

A report released by the Commerce Department showed new home sales plunged by 15.4% to an annual rate of 627,000 in March after tumbling by 4.6% to a revised rate of 741,000 in February. With the steep drop, new home sales pulled back further off the more than twelve-year high of 777,000 set in January.

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Japan Rate Decision On Tap For Monday

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The Bank of Japan will warp up its monetary policy meeting on Monday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.

The central bank is widely expected to keep its benchmark lending rate unchanged at -0.10 percent, although it may introduce other means of stimulus to combat the economic woes brought about by the Covid-19 pandemic.

China will see March figures for industrial profits; in February, profits plummeted 38.3 percent on year.

Hong Kong will release March numbers for imports, exports and trade balance. In February, imports were worth 277.11 billion HKD and exports were at 238.56 billion HKD for a trade deficit of 38.55 billion HKD.

Finally, the markets in New Zealand are closed on Monday for ANZAC Day and will reopen on Tuesday.

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European Economics Preview: French Consumer Confidence Data Due

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Consumer confidence survey data from France is due on Tuesday, headlining a light day for the European economic news.

At 2.45 am ET, France's Insee is set to issue monthly consumer confidence survey results. The confidence index is forecast to fall sharply to 83 in April from 103 in March.

At 3.00 am ET, Spain's quarterly unemployment data is due from the statistical office INE. The jobless rate is expected to rise to 15.6 percent in the first quarter from 13.78 percent in the previous quarter.

At 3.30 am ET, Sweden's central bank is set to release its monetary policy report. In the meantime, retail sales and foreign trade figures are due from Statistics Sweden.

Half an hour later, IHS Markit releases Austria's manufacturing Purchasing Managers' survey results for April.

At 6.00 am ET, the Confederation of British Industry releases Distributive Trades survey results. The UK retail sales balance is seen at -40 percent in April versus -3 percent in March.

At 8.00 am ET, Hungary's central bank interest rate decision is due. The bank is expected to hold its key rate at 0.90 percent.

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