There is more bad news for the Trump administration when non-farm payroll numbers for May are released. It is expected to show a shrinkage of almost 9 million jobs. The unemployment rate is expected to climb from 14.7% in April to 19.5% in May.
China will announce some closely-watched purchasing managers’ indices. Both the manufacturing and services indices could indicate that the two sectors are still contracting.
Over in Europe, the European Central Bank will announce its latest interest-rate decision. It is widely expected to keep its key rate unchanged at 0%. In May, the bank said monetary policy on its own was not enough to address the problems in the Eurozone. So, other measures could be announced on Thursday.
Elsewhere, the Bank of Canada and the Reserve Bank of Australia could also keep their respective key interest rates unchanged.
Hong Kong, which has been caught in the crossfire between the US and China, will report retail sales for April. In March, the volume of retail sales plunged 43.8%, following a 46.7% fall in the previous month. It was the 14th consecutive month of decline. The monthly drop could extend to 15 given that retail sales for April could show another 45% drop.
Malaysia is expected to report another monthly trade surplus for April. In March, Singapore’s nearest neighbour registered a trade surplus of RM12.3 billion. This time, it could be around RM9.8 billion.
And finally, Singapore could post another drop in retail sales. In March, sales tumbled 13.3%, which marked 14 straight months of declines. For the month of April, retail sales could have fallen by 11%.
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Disclosure: David Kuo does not own any of the shares mentioned.
