Trade data
IT is a relatively busy week on the economic data front.
The Statistics Department is expected to announce the May 2021 external trade statistics today. It will also released the producer price index of local production for May on Wednesday.
In addition, Bank Negara is set to release the detailed disclosure of international reserves as at end May on Wednesday.
The purchasing managers’ index data compiled by IHS Markit is also due this week.
In April, Malaysian exports rose 63% to RM105.6bil from a year earlier. Imports amounted to RM85.1bil, an increase of 24.4% year-on-year. Trade surplus was noted at RM20.5bil as the nation’s external trade continued its recovery from the impact of the Covid-19 pandemic.
China PMIs
JUNE’S official manufacturing and non-manufacturing purchasing managers’ indices (PMIs) are due from China on Wednesday.
The Caixin/Markit manufacturing PMI for June is expected to be released on Thursday.
According to Bloomberg, June’s manufacturing PMI will edge a bit lower to 50.8 from 51.0 in May.
The non-manufacturing PMI, meanwhile, will likely strengthen further to 55.5 from 55.2 in May.
Bloomberg estimates the Caixin/Markit manufacturing PMI for June at 51.9, lower than May’s reading of 52.
Meanwhile, the Communist Party of China or CPC will be celebrating its 100th anniversary on July 1.
The highlight will be a speech by president Xi Jinping.
Singapore property prices
THE key Singapore data in focus this week could be the preliminary second quarter 2021 Urban Redevelopment Authority private home price index, according to UOB Global Economics and Markets Research.
The index rose 3.3% quarter-on-quarter in the first quarter.
UOB said a significant increase would likely trigger another wave of concerns about the macro-prudential cooling measures for the housing market in Singapore.
Other data due in Singapore include the month-end bank loans and money supply data for May and the official PMI for June.