- China consumer prices rose in April, after volatility in Q1 caused by holidays and base effects.
- The CPI changes were driven by higher energy and core inflation, but domestic demand was still feeble.
- The PBoC will use “flexible, precise and effective” monetary policy to promote reflation.
Kelvin Lam (Senior China+ Economist)China+
Despite tick-up in China CPI, demand is still weak; Producers still battle deflation
Kelvin Lam (Senior China+ Economist)China+
In one line: Chinese producers still battle deflation
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s FX reserves fell sharply in April, thanks to a stronger dollar and a record rise in US yields
Kelvin Lam (Senior China+ Economist)China+
In one line: Korean export recovery continues, thanks to resilient US and Chinese demand
Kelvin Lam (Senior China+ Economist)China+
- Korea’s WDA exports have grown solidly in recent months, pointing to a sustained recovery in demand.
- Semiconductors accounted for 70% of growth in April; both US and Chinese demand was resilient.
- Weak currency played a role in supporting exports; the level of export values is still below that in 2022.
Kelvin Lam (Senior China+ Economist)China+
Chinese industrial profits continue to improve in Q1 despite March's slowdown
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's manufacturing PMI improves on higher output and weak JPY
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's manufacturing PMI improves on higher output and weak JPY; services activity expands amid higher cost pressure
Kelvin Lam (Senior China+ Economist)China+
- China’s loan prime rates were left unchanged in April after the PBoC’s earlier decision to hold the MLF.
- The PBoC has less room to cut rates in the near term as market bets on a delayed Fed cut rate increase.
- Early Korean export data show strong memory-chip demand; US shipments remain solid.
Kelvin Lam (Senior China+ Economist)China+
In one line: Solid Korean 20-day export growth driven by chips demand
Kelvin Lam (Senior China+ Economist)China+
In one line: China's LPR remains unchanged in April
Kelvin Lam (Senior China+ Economist)China+
In one line: China's LPR remains unchanged in April; Solid Korean 20-day export growth driven by chips demand
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's inflation cools in March; the BoJ to stand pats next week
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's inflation cools in March; the BoJ to stand pats next week
Kelvin Lam (Senior China+ Economist)China+
In one line: Japanese exports grow sturdily in March, lifted by strong Chinese demand and a weak yen.
Kelvin Lam (Senior China+ Economist)China+
In one line: The BoK stays put as inflation remains elevated, no surprise to the market.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s exports grew solidly in March, thanks to burgeoning Chinese demand and a weaker JPY.
- Demand from the US and EU slowed, car-related shipments fell sharply, but chip exports soared.
- The export recovery will be safeguarded by the ICT upturn, while capital goods demand should improve.
Kelvin Lam (Senior China+ Economist)China+
China consumer prices slow as producer deflation deepens
Kelvin Lam (Senior China+ Economist)China+
In one line: Producer price deflation deepens further, thanks to excess capacity
Kelvin Lam (Senior China+ Economist)China+