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MNI ASIA PAC Weekly Macro Wrap

A weekly wrap of some of the key themes and macro events for Asia Pac markets.
USCentral Bank NewsHomepageFederal ReserveAPACJapanAustraliaNew ZealandSouth KoreaStoryIndiaChinaMarketsNorth America

MNI (SYDNEY) - Executive Summary:

  • JAPAN
  • Inflation outcomes this week have seen BoJ hiking odds for Dec firm. The services PPI picked up, while Tokyo Nov CPI was above forecasts. Yen has outperformed in the G10 space, aided by such trends, and amid a softer USD backdrop more broadly. 
     
  • AUSTRALIA
  • Oct monthly inflation data pointed to sticky core inflation pressures, suggesting the RBA remains comfortably on hold at this stage. Changes to the RBA board will be implemented early next year, after the government passed legislation ahead of year end. 
     
  • NEW ZEALAND
  • The RBNZ cut rates as expected by 50bps, but their OCR outlook for 2025 was notably above market pricing pre the meeting. This has seen NZD and local bond yields rise. Sentiment data continues to point to a more positive economic outlook, although this is more likely to be a story for further into 2025. 
     
  • SHORT TERM RATES
  • Markets are softer over the past week, except for New Zealand. 
     
  • CHINA
  • China markets remain in focus amid various tariff headlines. USD/CNH sits off recent highs, while equities have been volatile into month end. Tomorrow we get an update in terms of the official PMI prints for Nov. 
     
  • SOUTH KOREA
  • The BoK surprised markets, cutting 25bps this week. This underscores concerns around the economic slowdown. The authorities remain on guard against FX weakness though.  
     
  • ASIA EQUITY FLOWS
  • Outflows across the region continued into month end. 

PLEASE FIND THE FULL REPORT HERE: weekly macro round up (November 29 2024) .pdf

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MNI (SYDNEY) - Executive Summary:

  • JAPAN
  • Inflation outcomes this week have seen BoJ hiking odds for Dec firm. The services PPI picked up, while Tokyo Nov CPI was above forecasts. Yen has outperformed in the G10 space, aided by such trends, and amid a softer USD backdrop more broadly. 
     
  • AUSTRALIA
  • Oct monthly inflation data pointed to sticky core inflation pressures, suggesting the RBA remains comfortably on hold at this stage. Changes to the RBA board will be implemented early next year, after the government passed legislation ahead of year end. 
     
  • NEW ZEALAND
  • The RBNZ cut rates as expected by 50bps, but their OCR outlook for 2025 was notably above market pricing pre the meeting. This has seen NZD and local bond yields rise. Sentiment data continues to point to a more positive economic outlook, although this is more likely to be a story for further into 2025. 
     
  • SHORT TERM RATES
  • Markets are softer over the past week, except for New Zealand. 
     
  • CHINA
  • China markets remain in focus amid various tariff headlines. USD/CNH sits off recent highs, while equities have been volatile into month end. Tomorrow we get an update in terms of the official PMI prints for Nov. 
     
  • SOUTH KOREA
  • The BoK surprised markets, cutting 25bps this week. This underscores concerns around the economic slowdown. The authorities remain on guard against FX weakness though.  
     
  • ASIA EQUITY FLOWS
  • Outflows across the region continued into month end. 

PLEASE FIND THE FULL REPORT HERE: weekly macro round up (November 29 2024) .pdf