SOUTH KOREA: Country Wrap: July Retail Sales Post Strong Gains Ahead of BOK
Aug-27 05:20
* Korea's July Retail Sales YoY posted the strongest month in four as the recovery in consumer con...
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Jul-28 05:18
| Date | Time | Country | Event |
| 29-Jul | 0800 | ES | GDP (p) |
| 29-Jul | 0900 | EU | ECB Consumer Expectations Survey |
| 30-Jul | 0630 | FR | GDP (p) / Consumer spending |
| 30-Jul | 0700 | DE | Retail Sales |
| 30-Jul | 0800 | ES | HICP (p) |
| 30-Jul | 0900 | DE | GDP (p) |
| 30-Jul | 0900 | IT | GDP (p) |
| 30-Jul | 0900 | EU | ECB Wage Tracker |
| 30-Jul | 1000 | EU | Consumer Confidence, Industrial Sentiment |
| 31-Jul | 0700 | DE | Import/Export Prices |
| 31-Jul | 0745 | FR | HICP (p) / PPI |
| 31-Jul | 0855 | DE | Unemployment |
| 31-Jul | 0900 | DE | State-level Inflation Data |
| 31-Jul | 1000 | EU | Unemployment |
| 31-Jul | 1000 | IT | HICP (p) |
| 31-Jul | 1100 | IT | PPI |
| 31-Jul | 1300 | DE | HICP (p) |
CHINA: Country Wrap: China Industrial Profits Decline in June (amended)
Jul-28 05:17
- US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions. Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm — their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil. (source BBG)
- Over the weekend, the release of China's Industrial Profits for the year provided limited positive news for the current state for China's corporates.
- Industrial profits year-on-year declined -4.3% in June, following the decline of -9.1% in May. The year-to-date number declined further to -1.8% YoY from -1.1% in May. Intensive competition between companies has exacerbated deflationary pressures at a time when exports to the US remain pressurized. The auto sector particularly is seeing increased competition as EV manufacturers vie for sales. State-owned automakers Guangzhou Automobile Group and JAC Group have posted losses driven by the intense pricing pressure in the auto sector. The data showed the gap widening between state owned enterprises and private companies. State-owned firms recorded a 7.6% decline in profits in the first half. Private-sector companies reported a rise of 1.7% while foreign firms logged a 2.5% increase. China's authorities have stated this month that efforts to regulate aggressive price-cutting will be forthcoming, fueling expectations that a fresh round of industrial capacity cuts might be approaching. (source MNI)
- In Hong Kong, markets are modestly higher, the HSI up around 0.4%, while the CSI 300 is down a touch in China. Over the weekend we saw profit results remain negative in y/y terms for June, albeit up from the May decline.
- Yuan Reference Rate at 7.1467 Per USD; Estimate 7.1686
- Bonds are firmer today with the CGB 10yr at +1.72%
CHINA: Country Wrap: China Industrial Profits Decline in June
Jul-28 05:15
- US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions. Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm — their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil. (source BBG)
- Over the weekend, the release of China's Industrial Profits for the year provided limited positive news for the current state for China's corporates.
- Industrial profits year-on-year declined -4.3% in June, following the decline of -9.1% in May. The year-to-date number declined further to -1.8% YoY from -1.1% in May. Intensive competition between companies has exacerbated deflationary pressures at a time when exports to the US remain pressurized. The auto sector particularly is seeing increased competition as EV manufacturers vie for sales. State-owned automakers Guangzhou Automobile Group and JAC Group have posted losses driven by the intense pricing pressure in the auto sector. The data showed the gap widening between state owned enterprises and private companies. State-owned firms recorded a 7.6% decline in profits in the first half. Private-sector companies reported a rise of 1.7% while foreign firms logged a 2.5% increase. China's authorities have stated this month that efforts to regulate aggressive price-cutting will be forthcoming, fueling expectations that a fresh round of industrial capacity cuts might be approaching. (source MNI)
- In Hong Kong, markets are modestly higher, the HSI up around 0.4%, while the CSI 300 is down a touch in China. Over the weekend we saw profit results remain negative in y/y terms for June, albeit up from the May decline.
- Yuan Reference Rate at 7.1467 Per USD; Estimate 7.1686
- Bonds are firmer today with the CGB 10yr at
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