A Deeper Dive
This weekend marks a significant shift in Indonesia's political landscape as Defense Minister Prabowo Subianto takes the helm as the nation's new president. The former special forces commander has ambitious plans, including offering free school lunches nationwide and aiming for an impressive 8% annual economic growth during his first term. Joining him as vice president will be Gibran Rakabuming Raka, the eldest son of outgoing President Joko Widodo.
South Korean automaker Hyundai is making a major move in the Indian market with a $3.3 billion initial public offering (IPO) for its Indian unit. This marks the largest IPO in India's history and the biggest in Asia so far this year. The shares will begin trading in Mumbai on October 22nd, signaling Hyundai's commitment to expanding its operations in the world's third-largest car market.
This week, China releases key economic data, including quarterly trade statistics and the highly anticipated third-quarter gross domestic product (GDP) figures. With authorities aiming for an annual GDP growth target of "around 5%", all eyes will be on Friday's announcement to gauge the country's economic performance.
Pakistan hosts the Shanghai Cooperation Organisation (SCO) summit this week, just days after a deadly militant attack raised security concerns for the high-profile event. The summit brings together the nine full members of the SCO, including China, India, Iran, and Russia, for discussions on Tuesday and Wednesday.
Central banks in Thailand, Singapore, and the Philippines hold policy meetings this week, navigating the complex landscape of inflation and economic growth. In Singapore, the central bank is expected to maintain its current stance amid persistent inflation and an uncertain growth outlook.
The world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSMC), reports its third-quarter earnings this week. The company, known for its clientele that includes Apple and Nvidia, has benefited from the artificial intelligence boom. Analysts will be closely watching the earnings call for insights into AI-related demand and updates on TSMC's global expansion plans.
Chinese Premier Li Qiang concludes his three-day visit to Hanoi, Vietnam, following a diplomatic incident in the disputed South China Sea.
Japanese political parties officially begin campaigning for the October 27th general election.
Hong Kong Chief Executive John Lee delivers his third annual policy address, focusing on the economy and security.
Malaysian Prime Minister Anwar Ibrahim announces his third annual budget, addressing inflation, economic reforms, and cost-of-living challenges.
This is just a glimpse into the week's events in Asia. Stay tuned for further updates and in-depth analysis on these and other important developments.