Biden’s Asia trip, Australia election, APEC trade ministers meeting


Welcome to your week in Asia.

US President Joe Biden is expected to visit South Korea and Japan later this week. He will also meet with Quad leaders in Tokyo to cement ties with regional allies during his first trip to Asia as president.

Australia will hold federal elections on Saturday, with the outgoing Liberal-National coalition government facing off against the opposition Labor Party.

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china april economic statistics

China will release economic data for April. Among the items of interest are data on industrial production and retail sales, as the month-long lockdown of Shanghai and other cities weighed on trade last month and added to inflationary pressure. Capital investment, an indicator of capital spending, is another important data to monitor to track the government’s commitment to using fiscal policy to support employment and investment.


Thailand announces its GDP for the first quarter

Company earnings:


SPAC listing of Prenetics on Nasdaq

Hong Kong biotech start-up Prenetics is listed on the Nasdaq in a merger with a “blank check” company backed by New World Development chief executive Adrian Cheng. The deal values ​​Prenetics at $1.25 billion and the company will receive up to $459 million in cash.

The company, which provides lab and home COVID-19 testing, posted strong financial results in the wake of the pandemic. It currently serves the UK and Hong Kong markets, but is looking to expand into the US and South East Asia. Apart from COVID testing, the diagnostics company has also developed Circle Healthpod, a wearable machine capable of detecting infectious diseases and monitoring people’s health. Prenetics will be Hong Kong’s first unicorn to go public.

Japan announces its GDP for the first quarter

Company income: Tencent


East Timor has a new president

East Timorese Nobel Peace Prize laureate Jose Ramos-Horta will be inaugurated as the new president of Southeast Asia’s youngest country after a decisive victory over incumbent President Francisco “Lu Olo” Guterres during of an election last month. Ramos-Horta, who previously served as president between 2007 and 2012, said his top priority would be to bring East Timor into the Association of Southeast Asian Nations.

Hong Kong further relaxes COVID-19 rules

Hong Kong’s bars and nightclubs are reopening after being forced to close for nearly six months during the city’s worst coronavirus outbreak. Karaoke parlors, mahjong parlors and cruise ships will reopen, while restaurants will be allowed to stay open until midnight.

Daily coronavirus cases have fallen and Carrie Lam, the city’s outgoing chief executive, said last week that more restrictions could be lifted ahead of the anniversary of Hong Kong’s handover to China on July 1. Businesses are struggling, with retail sales falling 13.8% in March, when social distancing restrictions were at their toughest. Analysts have slashed the city’s economic growth forecast and say the recovery hinges on resuming quarantine-free travel to the mainland and the rest of the world.

Monetary Policy Announcement: Philippines

Company income: Dr. Reddy’s Laboratories, Grab, Xiaomi


Biden arrives in Seoul

US President Joe Biden arrives in South Korea on Saturday for a summit with the country’s new president, Yoon Suk-yeol. The two leaders are expected to discuss a wide range of issues, including North Korea’s nuclear missile program, Washington’s proposed Indo-Pacific economic framework and China’s influence in the region.

Biden will depart on Sunday for Japan, another key US ally in Asia. The US president will participate in a Quad summit there, meeting the leaders of Japan, India and Australia.

NIO debuts in Singapore

Chinese electric vehicle maker Nio is debuting on the Singapore Stock Exchange through an ‘IPO’, a faster and cheaper way to get listed, after the company was added to the list of entities subject to removal from the United States by the United States Securities and Exchange Commission. exchanges earlier this month. The automaker used this method to secure a relief listing on the Hong Kong Stock Exchange in March as relations between Beijing and Washington soured.


Australia election

Australia will hold federal elections on Saturday. The latest opinion polls show a change of ruling party after nine years of a conservative coalition government led by the Liberal Party. Outgoing Prime Minister Scott Morrison faces a challenge from opposition Labor Party leader Anthony Albanese. Which of the two candidates emerges as better able to manage the rising cost of living – the biggest concern of Australians – is likely to come out on top.

APEC Trade Ministers Meeting

The same weekend, Thailand will host trade ministers from the 21 countries of the Asia-Pacific Economic Cooperation forum. The ministerial meeting will wrap up a week of discussions on green economy, free trade and the APEC Safe Passage Working Group to reopen travel and regional connectivity.

Bangkok Governor Election

For the first time in nine years, the Thai capital will vote for a new governor on Sunday, and polls point to problems for the ruling Palang Pracharath party. The consistent poll leader has been Chadchart Sittipunt, a former transport minister under former Prime Minister Yingluck Shinawatra, who was ousted by the current military government in 2014. Incumbent Governor Aswin Kwanmuang votes 13.95%, behind Chadchart at 40.25% and the Democratic Party candidate. Suchatvee Suwansuwat at 15.47%, according to a poll conducted last week by Suan Dusit University.


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