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Stay Updated on Asia’s Top News Today
FT reporters bring you the latest news happening in Asia today. Here’s what you should keep an eye on.
China: Watch out for the People’s Bank of China as they publish their latest policy rates. Analysts predict that lending benchmarks will be cut for the first time in 10 months. This move aims to combat the slowing post-Covid recovery and potential deflation threats. Last week, the central bank surprised us with a key rate cut and announced tax breaks for businesses. They reduced the seven-day reverse repo rate by 10 basis points to 1.9%. Experts at Nomura expect two more rounds of 10bp rate cuts later this year.
Economic Data: Japan will release industrial production numbers for April, Hong Kong will present its consumer price index for May, and New Zealand will publish second-quarter consumer sentiment figures.
Events: Japanese foreign minister Yoshimasa Hayashi will be visiting the UK and France, highlighting regional ties. Additionally, the IMD World Competitiveness Center will announce its annual ranking of countries. Meanwhile, Indonesia’s central bank will begin a three-day board of governors’ meeting.
Corporate Results: Keep an eye on Hong Kong beverage manufacturer Vitasoy as they publish their fourth-quarter earnings.
EU Ministers at Odds over Electricity Market Reforms
Alice Hancock reports from Luxembourg on the ongoing deadlock among EU countries concerning reforms to the bloc’s energy market. Disagreements between France and Germany over state aid for power producers have hindered progress. Energy ministers were meant to find common ground on market reforms that would facilitate the adoption of cleaner power and stabilize prices. However, Paris and Berlin remain divided on the application of state-backed contracts to existing operators. This issue allows France to subsidize nuclear energy more easily.
Read more about the EU energy market and the challenges faced by EU countries in reaching an agreement.
Airbus Makes Record Deal with India’s IndiGo
Sylvia Pfeifer in Paris and Chloe Cornish in Mumbai report on the historical aircraft order secured by Airbus. The company has closed a multibillion-dollar deal for the sale of 500 narrow-body planes to India’s IndiGo. This order for Airbus’s A320 family of jets is the largest ever in terms of aircraft quantity, surpassing Air India’s previous order of 470 aircraft from Airbus and Boeing. It also exceeds IndiGo’s current fleet of 300 planes. The financial details of this groundbreaking deal announced at the Paris Air Show have not been disclosed yet.
Find out more about the implications of this deal on the aviation industry.
UK Urged to Diversify Battery Sources for Electric Vehicles
Peter Campbell reports from Grove, Oxfordshire, on the need for the UK to avoid excessive dependence on Chinese battery technology for electric vehicles. Business Secretary Kemi Badenoch issued this warning as the government finalizes an expected deal between China’s Envision and Jaguar Land Rover owner Tata Motors. The deal aims to build the UK’s second significant electric car battery factory in Somerset. While this would be a significant boost for the struggling UK car industry, it would also create heavy reliance on Envision. Diversification is essential to protect the sector and ensure long-term sustainability.
Discover more about the UK’s efforts to balance foreign investments and domestic innovation in battery technology.
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