March 14, 2025 05:59 GMT
MNI Asia Pac Weekly Macro Wrap:
A weekly wrap of some of the key data outcomes and macro themes from the Asia Pac region
USCentral Bank NewsHomepageFederal ReserveAPACJapanAustraliaNew ZealandSouth KoreaIndonesiaStoryChinaNorth AmericaMarkets
- Focus remains on real wage gains and better consumer spending trends from a BoJ standpoint. Q4 GDP revisions saw consumption growth revised to flat. We should get information on 2025 union wage gains later today in Japan.
AUSTRALIA
- Inflation indicators continued to suggest moderation in pressures this past week. We also argued Australia’s disinflation process has been as good or better than other major economies.
NEW ZEALAND
- Indicators suggest improved cyclical momentum for NZ’s economy as we progressed into 2025, but we are coming from a low base.
SHORT TERM RATES
- In the $-bloc, rate expectations through December 2025 showed muted movements over the past week, outside of Canada, where pricing softened by 11bps. The US saw pricing firm 5bps, while Australia and New Zealand saw 5bp softenings.
CHINA
- China inflation outcomes disappointed from last weekend. Local equity market sentiment has surged though on hopes of fresh consumption stimulus measures, which could be announced at a press conference next Monday.
SOUTH KOREA
- Jobs data and early March trade figures this week painted a slightly better picture for growth. We also had a shift higher in household borrowing. Trade prices fell though.
ASIA
- Indonesia consumer confidence was resilient, but this was less evident for Thailand despite the recent rate cut. Aggregate inflation pressures for Asia were contained in February.
ASIA EQUITY FLOWS
- Equity outflows continue from Asia Pac markets, led by Taiwan this past week.
GLOBAL
- Global growth indicators are subdued but not flashing red yet.
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