Wong takes helm in Singapore, Japan economy data, Australia budget
Welcome to Your Week in Asia.
Singaporean leader Lee Hsien Loong's heir apparent, Lawrence Wong, takes the city-state's top job this week, while Japan and Malaysia are set to release their first-quarter GDP figures. China releases a string of economic data on Friday.
Australia's annual budget announcement is also expected in an earnings heavy week with SoftBank, Tencent, Sony, Alibaba and Baidu among companies reporting their latest results.
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This is an adapted version of Nikkei Asia’s Your Week in Asia newsletter - a briefing of the most important business, economic and political events happening across Asia this week. Register to our full selection of newsletters.
MONDAY
Earnings: SoftBank, Yamaha, Suzuki
TUESDAY
Australia releases annual budget
Australia unveils its budget for the coming financial year, with the government seeking to balance its industrial and energy transition ambitions with increasing cost-of-living pressures, including persistent inflation. In the lead-up to the release, Canberra has pre-announced several initiatives and projects, many coming under its so-called A Future Made in Australia policy, which is funneling public money into sectors linked to the energy transition such as critical minerals and green technology.
Earnings: Tencent, Sony, Alibaba, Foxconn
WEDNESDAY
Lawrence Wong sworn in as Singapore Prime Minister
A new era in Singapore's political leadership begins as the city-state's deputy prime minister is formerly sworn-in as the city-state's new prime minister. Incumbent leader Lee Hsien Loong, son of Singapore's founding Prime Minister Lee Kuan Yew, will remain in government as senior minister, while the ruling People's Action Party undergoes a transition before a coming election, which must be held by November 2025.
Indonesia finance minister talks post-election economy
Indonesian finance minister Sri Mulyani delivers a keynote speech at an event about the country's post-election political and economic future. Organizer Fitch Ratings says Jakarta is likely to continue policies such as infrastructure development, commodity down-streaming, and expansion into the electric vehicle supply chain. But it has warned over future government spending announced during the election campaign, including a free school lunch plan.
Monetary policy: China
领英推荐
Earnings: Mizuho, SMBC
THURSDAY
Japanese economy data
Japan's gross domestic product figures for the January-March quarter will reflect the negative impacts of January's Noto earthquake and halted production at Daihatsu Motor following the automaker's safety test scandal. Consumption, which is GDP's biggest component, fell by 2.1% year-on-year in real terms in the first quarter, according to earlier government data.
Monetary policy: Philippines
Earnings: Grab, Baidu, JD.com, Mahindra & Mahindra
FRIDAY
Malaysia's Q1 GDP
Southeast Asia's third-largest economy is projected to grow between 4-5% in 2024, with the Department of Statistics announcing in advance figures in April that Malaysia's GDP expanded at a rate of 3.9% in the first quarter, picking up pace from 3.0% in the preceding three months.
Country Garden wind-up hearing
Embattled Chinese property developer Country Garden faces the first hearing on a wind-up petition filed in a Hong Kong Court. In a sign of persistent strain, the company this past week missed initial deadlines to pay interest on two mainland bonds, although it said a state guarantor would cover the payments if necessary.
Chinese data dump
China's statistics bureau releases a range of data including its home price index and retail sales figures, providing a picture of how the world's No. 2 economy is faring.
Giordano meets investors after CEO ouster
Hong Kong apparel maker Giordano International holds its annual shareholders meeting. The gathering is the first since stakeholders voted to oust CEO Peter Lau in early April.
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