Indonesia-U.S. maneuvers, BHP earnings, Indian economy data
Welcome to Your Week in Asia.
Indonesian and American soldiers will take part in annual joint military exercises with troops from eight other nations also participating. India releases its latest GDP figures later in the week, while a Hong Kong court is set to deliver its ruling in a landmark sedition trial against now-defunct Stand News and two former editors.
China's CNOOC and Sinopec report quarterly earnings with Australia's BHP on deck to publish its full-year financial performance on Tuesday.
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This is an adapted version of Nikkei Asia’s Your Week in Asia newsletter - a briefing of the most important business, economic and political events happening across Asia this week. Register to our full selection of newsletters.
MONDAY
China earnings season
A stream of Chinese corporate earnings continues this week, with disclosures and briefings from companies including oil majors such as PetroChina and CNOOC. Also among those due to report their first-half results are electric carmakers BYD and Li Auto; big state banks like Industrial and Commercial Bank of China and China Construction bank; and distressed property developers such as Sunac and China Vanke.
Indonesia-U.S. military drills
Super Garuda Shield, the joint military exercises led by Indonesia and the United States, will open on Monday. Hosted annually by Indonesia, the drills are being expanded this year with troops from a total of 10 countries set to participate -- including U.S. allies in the Indo-Pacific region such as Australia, Canada, Japan and South Korea. Twelve other countries will send observers.
Pacific island leaders meet
The Pacific Islands Forum (PIF) Leaders Meeting starts in Tonga with more than 1,000 attendees expected for the week-long event, including heads of the 18 PIF members, the body's 21 dialogue partners, and regional and international organizations. Increasingly a front line of the U.S.-China rivalry, the region faces major economic challenges and is among the most vulnerable to the effects of climate change.
TUESDAY
BHP earnings
Australian mining giant BHP posts its results for the 2024 fiscal year, which ended on June 30. The spotlight has been on the iron ore sector as China's property sector struggles weigh on prices. Woodside Energy Group also reports its latest quarterly earnings.
WEDNESDAY
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Alibaba listing in Hong Kong
Alibaba's long-delayed conversion of its secondary listing to a primary listing on the Hong Kong Stock Exchange takes effect. This means the e-tailing group will have dual primary listings in the Asian business hub and New York. The change, which does not involve new shares or fundraising, makes Alibaba eligible for inclusion in Hong Kong's Stock Connect program, which lets mainland China investors trade Hong Kong-listed stocks. Time will tell if this boosts Alibaba's shares, which are down more than 70% from their 2020 peak following Beijing's tech crackdown and sluggish sales growth, among other issues.
Earnings: Fortescue Metals, R&F properties
THURSDAY
Hong Kong court ruling
A verdict is expected in the sedition trial of defunct Hong Kong media outlet Stand News and two former chief editors. The outfit disbanded and took down its website in December 2021 after a raid by hundreds of national security police. Rights groups have criticized the case as part of a Beijing-driven erosion of independent media and free speech in the city.
FRIDAY
India economic growth
India releases gross domestic product estimates for the April-June period, with rating agency ICRA projecting that the growth would moderate to 6% -- a six-quarter low -- owing to reduced government capital expenditures and lower urban consumer demand. The forecast is below the 7.1% GDP expansion predicted for the first quarter by the Reserve Bank of India, the country's central bank.
SATURDAY
China factory activity
China releases its closely watched factory activity index, providing a gauge of its sluggish economic recovery.
SUNDAY
Indonesia-Africa Forum
Indonesian president Joko Widodo and leaders from nearly 30 African nations gather in Bali for the 2nd Indonesia-Africa Forum. The summit comes as the world's fourth most populous nation moves to deepen ties with the Global South. Supply chain and health resilience will be among the topics discussed at the three-day event, as well as logistics connectivity to support trade in developing countries.
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