Welcome to Your Week in Asia.
It’s a busy week of diplomacy as U.S. Secretary of State Antony Blinken heads to China while the U.S. and Philippines are kicking off joint military drills amid tensions in the South China sea.
Indonesia’s Constitutional Court will rule on a challenge to Defense Minister Prabowo Subianto’s victory in presidential elections, while the Beijing auto show gets underway after being cancelled for several years due to the pandemic.
South Korean chipmaker SK Hynix reports quarterly earnings on Thursday.
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MONDAY
Philippines and U.S. kick off joint military drills
The Philippines and the U.S. commence the 39th iteration of their annual military exercises, with plans to simulate the sinking of an enemy warship and retaking territory from hostile forces. The Balikatan exercises, loosely translated from Filipino as “shoulder to shoulder,” is geared toward bolstering joint operations by American and Filipino forces as an estimated 16,700 personnel from both sides participate.
Indonesia court rules on Prabowo election win
Indonesia’s Constitutional Court will rule on Defense Minister Prabowo Subianto’s victory in presidential elections. While Prabowo secured a majority of votes in February, the results are being challenged by the two losing candidates, Anies Baswedan and Ganjar Pranowo. The pair have asked the court to order an election re-run over claims of irregularities. Indonesia’s new leader is to be inaugurated in October.
TUESDAY
Standing committee of China’s NPC
The Standing Committee of China’s National People’s Congress meets from April 23 to 26. The powerful body’s members are expected to discuss revisions to the country’s anti-money laundering law, among other legislation.
Earnings: Nidec
WEDNESDAY
Antony Blinken in China
U.S. Secretary of State Antony Blinken will visit China to meet senior officials in Shanghai and Beijing. The trip follows a recent visit by Treasury Secretary Janet Yellen, who called on China to address industrial overcapacity and expressed concerns over the involvement of Chinese companies in supporting Russia’s military procurement amid its war with Ukraine.
Monetary policy: Indonesia
Earnings: Hitachi, UMC
THURSDAY
Beijing revs up auto show
China’s capital opens the Beijing International Automotive Exhibition for the first time in four years, after it was canceled due to the COVID-19 pandemic. Both local and foreign automakers will showcase their latest models, hoping for a slice of the world’s largest auto market, where first-quarter sales rose 10.6% from a year ago.
South Korea economic growth
South Korea reports quarterly gross domestic product growth at a time when economic pressures, such as inflation, are dominating public discussion. Asia’s fourth-largest economy has grown at a 0.6% clip for the past three quarters.
Monetary policy: Turkey
Earnings: Renesas, SK Hynix
FRIDAY
BOJ policy meeting
The Bank of Japan is expected to keep its policy on hold after raising interest rates for the first time in 17 years in March. The central bank is expected to raise its inflation projections following wage hikes last month. The BOJ may decide to reduce bond purchases and allow 10-year rates to go higher in an effort to make the yen more attractive vs the dollar.
Earnings: ANA, NEC, HCL technologies
