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February 28, 2025
Asia Open - Overnight Highlights
February 28, 2025 12:00 AM UTC
EMERGING ASIA
EM currencies perform mostly weaker against the USD as risk sentiment continues to tread lower on U.S. tariff concern and soft global outlook. The biggest loser is KRW by 0.92%, followed by SGD 0.71%, THB 0.61%, CNH and IDR 0.49%, CNY 0.39%, MYR 0.27%, TWD 0.08%, HKD 0.04% and PHP 0.02%
February 27, 2025
Preview: Due February 28 - U.S. January Advance Goods Trade Balance - Deficit to remain wide, both exports and imports to rise
February 27, 2025 4:25 PM UTC
We expect an advance January goods trade deficit of $122.1bn, up marginally from a record $122.0bn seen in December. While we expect exports to rebound from a weak December, we also expect imports to see a third straight strong gain.
Preview: Due February 28 - Canada Q4/December GDP - A solid quarter outside weaker inventories
February 27, 2025 4:10 PM UTC
We expect Q4 Canadian GDP to rise by 1.7% annualized, marginally below a 1.8% estimate made with the Bank of Canada’s January Monetary Policy Report but with positive details outside inventories. We expect a 0.1% increase in December GDP, slightly below a 0.2% estimate made with November’s data.
Preview: Due February 28 - U.S. January Personal Income and Spending - Core PCE Prices to underperform Core CPI
February 27, 2025 3:53 PM UTC
We expect a 0.3% rise in January’s core PCE price index, slower than the 0.4% seen from core CPI, while we expect a modest 0.3% rise in personal income to outpace an unusual 0.1% decline in personal spending.
U.S. January Pending Home Sales - Very weak, but may soon stabilize
February 27, 2025 3:13 PM UTC
Pending home sales with a 4.6% January decline have seen a second straight steep decline, taking the index below the low seen at the height of the pandemic in April 2020, more than fully reversing the four straight gains in the months to November.
U.S. Initial Claims rise may have multiple explanations, GDP revision sees core PCE prices higher, Durables rise on aircraft
February 27, 2025 2:12 PM UTC
A sharp rise in initial claims to 242k from 220k is likely to have been influenced by Federal Government layoffs, though weather and seasonal adjustments may also have played a part. Q4 GDP was unrevised at 2.3% but core PCE prices were revised up to 2.7% from 2.5%. A 3.1% rise in January durable go