China+ Datanote: Labour Cash Earnings, Japan, April

In one line:  Japan's regular pay growth quickened to 30-year high

Kelvin Lam (Senior China+ Economist)China+

6 June 2024 China+ Monitor Japan's regular pay growth hits 30- year high, thanks to Shunt wage rises

• Japan’s nominal wage growth rose in May as the Shuntō wage settlements started filtering through.
• That said, we don’t expect a significant broadening of wage growth across sectors and to SME workers.
• Stronger base-pay rises will please the BoJ, but the key is whether this translates into higher spending.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, Korea, May

In one line: Korea’s export recovery continues, led by strong ICT demand and lumpy ship exports

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Official Manufacturing PMI, China, May

In one line: China's NBS PMIs surprised to the downside

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 31 May 2024: China's NBS PMIs surprised to the downside

Manufacturing activities flounder in May on weakening domestic and external demand

Non-manufacturing PMI stalls as construction activity slow sharply

Japan’s Tokyo inflation accelerates on the back of expiring energy subsidies

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 27 May 2024: April's industrial profits show slower recovery

April's industrial profits show slower recovery due to protracted reflation cycle

Kelvin Lam (Senior China+ Economist)China+

3 June 2024 China+ Monitor US tariffs on "new trio" to have limited impact on Chinese exports

• The US has proposed new tariffs on Chinese imports, which will have limited impact, in our view.
• Lithium batteries likely will be most affected, among other items targeted, with the US more exposed to it.
• China’s manufacturing activity shrank unexpectedly in May, suggesting more stimulus might be needed.

Kelvin Lam (Senior China+ Economist)China+