Just about every piece of economic data will probably be pushed to the side-lines, unless it has something to do with Covid-19. Anything that happened before the pandemic is almost irrelevant. Anything that happened afterward could be a total mess.
In the US, the continuing jobless claims could show another worrying increase from almost 12 million in the week ended 4 April to 13 million for the week ended 18 April. The unemployment rate in the US is now the highest since August 2017, as the pandemic has thrown million out of work.
China is expected to cut its loan prime rate next week in response to slowing economic growth. In March it defied market expectation by holding its benchmark interest rate. But it could cut it by 0.2% to 3.85% this time.
Japan could register a smaller but nevertheless a surplus for its trade balance for March. In February, it exceeded market expectations with a surplus of ¥1.11 trillion. It was the first trade surplus in four months.
Thailand will also report trade figures for March. It is expected to register another positive trade balance, the second in two months, following a sharp fall in January.
Away from economics, Mapletree Commercial Trust (SGX: N2IU) is pencilled in for full-year results on Wednesday. It will be the first Straits Times Index (SGX: N2IU) REIT to report. In January, the office and retail landlord announced a 5.6% rise in third-quarter distribution per unit. But that was before the coronavirus pandemic took hold….
…. Landlords are now required by law to pass on property tax rebates in full to all tenants, as part of the government’s Resilience Budget. It will be interesting to see what other measures that the landlord has taken to relieve pressures on tenants, and the impact that it could have on operating income.
Mapletree Logistics Trust (M44U) is also expected to post annual results next week. In December, the warehouse landlord recorded a small rise in its third-quarter distribution per unit, despite an enlarged unit base. Logistics landlords are not expected to be as badly hit by the pandemic as those that are focussed on the retail and commercial sectors.
And finally, there could be a trading update from Singapore Exchange (SGX: S68) for the third quarter. Under new regulations, companies will no longer be required to file quarterly reports. Instead, they need to file semi-annual reports.
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Disclosure: David Kuo owns shares in MCT and SGX.
