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Financial News: Australia Rate Decision On Tap For Tuesday

Australia Rate Decision On Tap For Tuesday

08/31/2020 - 18:00:00 (RTTNews)

(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is widely expected to keep its benchmark lending rate unchanged at the record low 0.25 percent.

Australia also will see July numbers for building permits and Q2figures for current account. Permits are tipped to sink 2.0 percent on month after dropping 4.9 percent in June. The current account surplus is egged at A$13 billion, up from A$8.4 billion in the three month prior.

Japan will release July unemployment data and Q2 figures for capital spending. The jobless rate is tipped to rise to 3.0 percent from 2.8 percent in June, while the jobs-to-applicant ratio is pegged at 1.08 - down from 1.11 a month earlier. Capex rose 0.1 percent in Q1.

New Zealand will provide July numbers for building permits and Q2 data for import and export prices and terms of trade. In June, building permits rose 0.5 percent on month. In Q1, import prices rose 0.5 percent on quarter and export prices dipped 0.2 percent. Terms of trade fell 0.7 percent.

South Korea will see final Q2 numbers for gross domestic product, plus August figures for imports, exports and trade balance. The previous reading for GDP suggested a decline of 1.3 percent on quarter and a gain of 1.4 percent on year.

Imports are expected to sink 15.2 percent on year after losing 11.9 percent in July. Exports are called lower by an annual 11.5 percent after sliding 7.0 percent in the previous month. The trade surplus was $4.27 billion in July.

China will see August results for the manufacturing PMI from Caixin, with forecasts suggesting a score of 52.7 - down marginally from 52.8 in July.

Hong Kong will release July figures for retail sales; in June, sales plummeted 24.8 percent on year.

Indonesia will provide August numbers for consumer prices, with forecasts suggesting an increase of 0.01 percent on month and 1.4 percent on year. That follows the 0.1 percent monthly decline and the 1.54 percent yearly gain in July. Core CPI is tipped to jump 2.0 percent on year, slowing from 2.07 percent in the previous month.

Thailand will see August results for its business confidence index; in July, the index score was 42.9.

Finally, a number of regional countries will see August results for their respective manufacturing PMIs from IHS Markit, including Indonesia, Japan, Malaysia, Myanmar, the Philippines, South Korea, Taiwan, Thailand and Vietnam.

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