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Financial News: Australia GDP Data On Tap For Wednesday

Australia GDP Data On Tap For Wednesday

05/31/2022 - 18:00:00 (RTTNews)

(RTTNews) - Australia will on Wednesday release Q1 figures for gross domestic product, setting the pace for a busy day in Asia-Pacific economic activity. GDP is expected to rise 0.5 percent on quarter and 2.9 percent on year after gaining 3.4 percent on quarter and 4.2 percent on year in the previous three months.

Australia also will see May results for commodity prices and for the manufacturing index from the Australian Industry Group; in April, commodity prices surged 39.9 percent on year and the manufacturing index score was 58.5.

South Korea will provide May numbers for imports, exports and trade balance. Imports are expected to surge 31.9 percent on year, accelerating from 18.6 percent in April. Exports are called higher by an annual 19.3 percent, up from 12.6 percent in the previous month. The trade deficit is pegged at $2.59 billion following the $2.66 billion shortfall a month earlier.

Japan will release Q1 data for capital spending; in the previous three months, capex rose 4.3 percent on year.

Hong Kong will provide April numbers for retail sales; in March, sales tumbled 16.8 percent on year.

A number of the regional countries will see May results for their respective manufacturing PMIs from S&P Global, including Australia, Japan (Jibun), the Philippines, Malaysia, Vietnam, Myanmar, Taiwan, China (Caixin) and Thailand.

Finally, the markets in Indonesia are closed on Wednesday for Pancasila Day and will re-open on Thursday.

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