Welcome to Nikkei Asian Preview.
Summer holidays are in full swing across Asia, but it will still be a busy week for corporate results in Japan and China. Chinese companies reporting this week include Geely Auto, coronavirus vaccine maker CanSino and Alibaba Group Holding.
Quarterly economic data is out from Thailand and Japan on Monday. Monthly trade figures will come from Singapore on Monday, as well as unemployment numbers from Hong Kong on Wednesday. Central banks in Indonesia and the Philippines will meet on Wednesday and Thursday, respectively.
Keep up with our reporting by following us on Twitter @NAR.
Third straight fall for Japan’s quarterly GDP
Japan’s economy fell by a worse-than-expected 7.8% from the previous quarter — an annualized pace of 27.8%. This would mark not only the third straight quarterly fall, but also the biggest one since 1955. If there is any bright side in this, it is that the decline is less severe than recent contractions in other developed economies. Analysts expect a tepid recovery to follow the slump in domestic consumption and exports, raising concerns that an increase in job losses is coming.
Thai Airways rehabilitation proceedings begin
Rehabilitation proceedings for Thai Airways International will begin on Monday, as Thailand’s cash-strapped flag carrier and the Central Bankruptcy Court are scheduled to have a first hearing. The court accepted the airline’s petition for rehabilitation in May, giving it an automatic stay on debt repayments.
A court-appointed committee will draw up a restructuring plan to be submitted to creditors and the court for approval next year, which would pave the way for rehabilitation administrators to proceed in May or June.
Half-year results from Geely Auto
The Hong Kong-listed arm of China’s largest private auto company Zhejiang Geely Holding Group will report earnings