This week could bring more insight on how the embattled Adani Group plans to reorganize its debt as well as welcome signs that some central banks in the region are getting on top of inflation. And earnings from miners and tech companies may help clear the picture on how China’s reopening is doing.
(Bloomberg) — This week could bring more insight on how the embattled Adani Group plans to reorganize its debt as well as welcome signs that some central banks in the region are getting on top of inflation. And earnings from miners and tech companies may help clear the picture on how China’s reopening is doing.
The big battle: Adani Group flagship Adani Enterprises is likely to report third-quarter earnings after the market closes on Tuesday, with the spotlight on plans to raise funds, repay loans and cut capital expenditure after its botched $2.4 billion share sale. The group has had to pledge more shares to India’s largest bank as collateral.
The big data: Mexico’s surprise rate hike last week has injected some nervousness into markets, but this week should see a toning down of the tightening cycle in Asia as inflation shows signs of succumbing to higher rates. Bangko Sentral ng Pilipinas may add 25 basis points, while the Indonesian central bank could keep rates unchanged. Japan’s economy probably swung back to growth in the fourth quarter last year and machine orders data could give a steer on industrial optimism. Thai GDP growth probably slowed. In the US, though, inflation data on Tuesday could worsen a bond market rout, with January consumer prices seen accelerating for the first time in three months.
The big earnings: On Wednesday, half-year numbers from iron-ore miner Fortescue Metals Group will give clues about the reopening of China, which accounts for 88% of its sales, amid growing concern that the post-opening rebound is weaker than expected. Computer maker Lenovo Group will add more color to the picture on Friday with analysts bracing for a significant decline in commercial PC sales. Results from banks including DBS Group and Standard Chartered may give the opportunity to assess lenders’ exposure to the Adani crisis.
The big nomination: Stanley Fischer’s school of central bank leadership is expected to get a new graduate on Tuesday with the formal nomination of Kazuo Ueda to head the Bank of Japan. Fischer’s students during his time at the Massachusetts Institute of Technology included the Fed’s Ben Bernanke, the European Central Bank’s Mario Draghi and former Treasury Secretary Lawrence Summers, among others.
The big zoom: Covid gave us all videoconferencing cameras. Now, some companies are taking remote meeting a step further using holograms. Watch the Quicktake video on how your boss may suddenly appear in your living room.
The big game: Will the Philadelphia Eagles or the Kansas City Chiefs win today’s Super Bowl? A team of quants at the $465 billion Allspring Global Investments, which has called 13 of the last 19 Super Bowls, said this one is the closest they’ve seen.
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