Welcome to your week in Asia.
The week begins with one of the most closely watched IPOs in Asia this year: Indonesian company GoTo, whose businesses span ride-hailing, e-commerce and finance. A set of economic indicators out of China will provide a snapshot of the health of the global economy. By Saturday, Hong Kong’s deadline for nominating its next chief executive could end with just one candidate in the running.
Get the best of our coverage of these events and more by following us on Twitter @NikkeiAsia.
MONDAY
China CPI/PPI
China is to release inflation data for March, specifically producer price and consumer price indices. Economic data released last week pointed to heightened inflationary pressures.
Caixin’s Service Purchasing Managers’ Index for March fell to 42.0 from 50.2 in February, falling below the 50-point mark that distinguishes growth from contraction on a monthly basis. The rate of decline was the fastest since March 2020, the private data provider said, blaming the recent wave of Omicron outbreaks in Chinese cities, including Shanghai.
GoTo IPO
Indonesia’s largest technology group GoTo makes its market debut on the Indonesian stock exchange on Monday. The IPO price is set at 338 rupiah per share, which translates to a projected market capitalization of around 400 trillion rupiah ($28 billion). The group’s listing comes amid a global market downturn driven by the pandemic and concerns over the war in Ukraine.
Conviction in the China Zhongwang case
A US federal judge is to sentence six companies on charges of fraud and conspiracy related to $1.8 billion in tariff evasion and overselling in a case involving China Zhongwang Holdings, one of the largest makers of aluminum products in Asia, were convicted.
Although founders Liu Zhongtian and Zhongwang have been charged in the case, prosecutors have been unable to bring them to justice and both have denied controlling the six companies involved. Zhongwang shares have been suspended from trading in Hong Kong since August as the company failed to release financial results.
Selenskyj speaks before the South Korean parliament
Ukrainian President Volodymyr Zelenskyy’s speech to South Korea’s parliament comes amid accusations that Russia has committed war crimes in Bucha and other Ukrainian cities that are shaking the world. Seoul is considering accepting Ukrainian refugees with Korean roots in Poland.
Result: Nanya Tech
TUESDAY
New Zealand opens up to vaccinated Aussies
New Zealand will reopen its borders at midnight for temporary workers and student visa holders, as well as Australian citizens and permanent residents arriving from around the world. All persons must be vaccinated and self-tested upon arrival.
WEDNESDAY
Myanmar water festival
Myanmar celebrates Thingyan, a 4-day New Year celebration before the country’s traditional New Year’s Day. Local governments usually set up large public stages from which people spray crowds and vehicles with water, but such events have been canceled for the past two years due to the pandemic. The military regime has announced that it will resume Thingyan events this year, but it is far from being welcomed by citizens as opposition to the regime continues in many parts of the country.
New Zealand monetary policy announcement
The Reserve Bank of New Zealand is expected to raise its official interest rate in a bid to curb accelerating inflation. Bank of America sees a rise of 50 basis points to 1.5%.
Chinese Trade Data
Result: Infosys
THURSDAY
Singapore GDP
Singapore will release its preliminary gross domestic product data for the January-March quarter. While the outlook for different sectors remains mixed, the city-state’s economy is expected to expand further this year as the government’s easing of COVID-related restrictions will improve domestic demand.
Monetary Policy Announcements: South Korea, Turkey
Revenue: Fast Retailing, Ryohin Keikaku, TSMC, Largan
FRIDAY
110th anniversary of North Korean founder Kim Il Sung
North Korea celebrates the 110th birthday of its founder Kim Il Sung. South Korea and the US fear Pyongyang could launch another intercontinental ballistic missile or test a nuclear bomb to demonstrate its military prowess amid South Korea’s political transition.
SATURDAY
The nomination period for the Chief Executive of Hong Kong is ending
The two-week nomination period for Hong Kong’s next chief executive ends on Saturday, with only one candidate in the running so far. Security hardliner John Lee threw his hat in the ring last week after resigning from his post as deputy government minister. His offer shows Beijing’s intention to prioritize security over finance and economic development. Pro-establishment sources have told Nikkei Asia that the May 8 election will likely be a one-man race to avoid an internal rift.
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