Inflation and PMI indices across the region dominate the Asian macro news flow for the week ahead.
Inflation and central banks Australia: Following another set of poor inflation figures, markets will be poring over the Reserve Bank of Australia minutes of the June policy meeting. RBA GovernorMichele Bullock has already admitted that the central bank discussed rate hikes at that meeting, so any further indication of what conditions might be required to bring about a hike would be potentially market-moving. Inflation: Both the Philippines and Indonesia publish inflation data this week.
Business activity China: Various PMI data will be thefocus for China in the week ahead. The National Bureau of Statistics publishes the official June China manufacturing and non-manufacturing PMIs on Sunday morning. We are looking for a slight uptick of the manufacturing PMI to 49.7 from 49.5 – a little more optimistic than the consensus forecastwhich expected no change. Markets are also looking for no change in the non-manufacturing PMI from last month’s 51.1 level.
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