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Financial News: Australia Interest Rate Decision On Tap For Tuesday

Australia Interest Rate Decision On Tap For Tuesday

10/31/2022 - 18:01:00 (RTTNews)

(RTTNews) - The Reserve Bank of Australia will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The RBA is expected to hike its benchmark lending rate by 25 basis points, to 2.85 percent from 2.60 percent.

Australia also will see October figures for commodity prices; in September, prices surged 30.6 percent on year.

South Korea will release October numbers for imports, exports and trade balance. Imports are expected to rise 6.9 percent on year, down from 18.6 percent in September. Exports are called lower by an annual 3.0 percent after rising 2.8 percent in the previous month. The trade deficit is pegged at $3.94 billion following the $3.7 billion shortfall a month earlier.

Hong Kong will provide September figures for retail sales; in August, sales were down 2.9 percent on year.

Indonesia will release October numbers for consumer prices, with overall inflation expected to rise 0.17 percent on month and 6.0 percent on year after gaining 1.17 percent on month and 5/95 percent on year in September. Core CPI is tipped to rise 3.4 percent on year, up from 3.21 percent in the previous month.

Finally, a number of the regional nations will see October results for their respective manufacturing PMIs from S&P Global, including Australia, China (Caixin), Indonesia, Japan (Jibun), Malaysia, the Philippines, South Korea, Taiwan, Thailand and Vietnam.

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