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Xi Jinping's trip to Europe, Toyota results and interest rates in Malaysia

Xi Jinping's trip to Europe, Toyota results and interest rates in Malaysia

 


Welcome to your week in Asia.

The world's second largest economy will strengthen its ties with Europe. From May 5 to 10, Chinese President Xi Jinping is making his first trip to Europe in about five years. The move comes as the European Union tightens its control of trade with China in areas such as electric vehicles.

This week, many private sector heavyweights will also announce their results, including Toyota Motor, Nintendo and SMIC.

Get the most of our coverage of Asia and much more by following us on X, formerly Twitter, @NikkeiAsia.

MONDAY

GDP of Indonesia

Indonesia's statistics agency will announce the country's gross domestic product for the period January to March. The median growth forecast of economists polled by Reuters was 5% for the first quarter. Bank Indonesia, the central bank, said last month that growth in the first two quarters of 2024 is expected to exceed that in the last quarter of 2023, driven by rising household consumption during the Islamic holy month of Ramadan, which ended early. April this year, and the festival of Eid which marks the end of Ramadan.

Chinese President Xi on trip to Europe

Chinese President Xi Jinping is on his first tour of Europe in about five years with stops in France, Serbia and Hungary. Trade tensions will likely take center stage during his meeting on Monday with French President Emmanuel Macron and European Commission President Ursula von der Leyen, as continent officials cast a wary eye on Chinese electric vehicle imports cheap subsidized by Beijing. Xi's visit to Belgrade will coincide with the anniversary of the 1999 bombing of the Chinese embassy by NATO forces. In Budapest, he will strengthen his ties with the man one expert described as “the most disruptive actor in the EU”, Hungarian Prime Minister Viktor Orban.

TUESDAY

Winnings: Nintendo

India votes in third phase

India will vote in the third phase of its multi-stage national elections, which began on April 19 and concludes in early June. More than 90 of the 543 seats in the lower house of parliament, the Lok Sabha, are up for grabs in the third phase, in which some 1,350 candidates will compete in 12 states and federal territories.

WEDNESDAY

Winnings: Toyota engine

THURSDAY

The central bank of Malaysia holds the MPC

Malaysia is expected to maintain its policy rate at 3.00% at the central bank's Monetary Committee (MPC) meeting on Thursday. Inflation remained moderate in March at 1.8%. The lowest inflation recorded since the COVID-19 pandemic was 1.5% in December last year. Bank Negara Malaysia, the country's central bank, forecasts GDP growth of 4-5% in 2024, driven by improving investment and external demand, as well as a bullish cycle in the semiconductor sector and fleas.

BoJ releases summary of views from April policy meeting

The Bank of Japan will publish a summary of views expressed at its last policy meeting held on April 25-26, when the central bank decided to leave its monetary policy unchanged. Investors are curious to know more about what was discussed regarding the BoJ's bond purchases and how close the BoJ is to quantitative tightening as it moves away from its ultra-accommodative monetary policy .

Gains: Nissan Motor, Nippon Steel, Panasonic Holdings, Semiconductor Manufacturing International Corp. (SMIC)

FRIDAY

Earnings: Tata Motors

Sources

1/ https://Google.com/

2/ https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Xi-Jinping-trip-to-Europe-Toyota-earnings-Malaysia-interest-rates

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