On the economic calendar in Asia today – Australian Q3 CPI, China industrial profits

2301GMT UK data – BRC Shop
Price Index y/y for September 

0100 GMT New Zealand ANZ
business survey for October 

• Business confidence for October, preliminary: -8.6 (prior -7.2)

• Activity Outlook preliminary 26.2 (prior 18.2)

• short preview post here

0030 GMT Australian Q3 inflation data 

Headline

Core inflation: Trimmed mean

• expected 0.5% q/q, prior 0.5%

• expected 1.8% y/y, prior 1.8%

The RBA target band for core inflation is sustainably in a 2 to 3% band. You can see its (trimmed mean) is not within that band at present and tomorrow’s data is not expected there either. 

The weighted median is another measure of core inflation.

• expected 0.5% q/q, prior 0.5%

• expected 1.9% y/y, prior was 1.7%

Short preview post here

0130 GMT China Industrial
Profits for September 

• prior +10.1% y/y
• prior +49.5% YTD y/y
• raw material price inflation is contributing to higher manufacturing costs, subdued consumer spending is compressing demand, add in the coal crisis creating power shortages; all are weighing on business profitability in China.