Welcome to Your Week in Asia.
The before-and-after of U.S. President Donald Trump’s seismic tariff announcement in early April will be on full display this week, with the U.S. and China revealing trade data from either side of that policy shift.
Elsewhere, Singapore’s top lenders reveal their earnings over the course of three days, while India sees its largest initial public offering in months.
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MONDAY
Data: Indonesia’s first-quarter gross domestic product
TUESDAY
U.S. trade figures
The United States will release its foreign trade figures for March, the month after initial tariffs were imposed on goods coming from China, Mexico and Canada. Higher duty rates for steel and aluminum also went into effect in March. Analysts are expecting the data to show that companies advanced shipments and stockpiled goods from China and Southeast Asian countries ahead of Trump’s “Liberation Day” announcement, which saw sweeping tariffs take effect in April.
India’s largest IPO in months
India, one of the hottest IPO markets in the world last year, is set to see its first major public listing in months, as electric scooter maker Ather Energy begins trading on Indian public bourses. The company’s $352 million IPO is slightly oversubscribed, with backing coming from retail investors as well as institutional buyers such as Temasek and Abu Dhabi Investment Authority. Ather, one of the pioneers of electric scooter technology in India, is currently the fourth-largest seller in the market.
50 years of China-EU ties
China and the European Union mark 50 years of diplomatic relations, although the anniversary looks likely to pass without much fanfare. Ties have been frosty in recent years, tarnished by disputes over Chinese electric vehicle subsidies and Beijing’s support for Russia’s invasion of Ukraine. But in the topsy-turvy era of U.S. President Donald Trump, the two sides also appear to be looking for common ground.
Earnings: AMD
WEDNESDAY
Singapore bank earnings
Singapore banks will report their first-quarter results, starting with United Overseas Bank and followed by DBS Group Holdings and Oversea-Chinese Banking Corp. over the next two days, with Southeast Asia’s largest lenders expecting headwinds from Trump’s global tariff threats.
THURSDAY
Nintendo earnings
Games maker Nintendo will announce its full-year financial results, as well as its forecast for the Switch 2 release. The Kyoto-based company plans to release the new games console in June.
Toyota earnings
Toyota Motor announces its earnings for the fiscal year ended March 2025, with the market and investors looking to see how the Japanese automaker assesses the impact of Trump’s tariff policy in its earnings forecast for this fiscal year.
Philippines GDP growth rate
The Philippines is releasing its first-quarter growth figures against the backdrop of a slowing global economy as the U.S. wages its trade war. Manila saw its GDP grow 5.7% in 2024, narrowly missing its target of 6% to 6.5% due in part to typhoons crimping consumption in the final quarter of the year. This year, the Southeast Asian nation is aiming for 6% to 8% growth.
Monetary policy: Central Bank of Malaysia
Earnings: Bandai Namco Holdings, Mitsubishi Motors
FRIDAY
China trade statistics
China releases its trade data for April — a month in which it became embroiled in a tit-for-tat tariff battle with the U.S. The country’s factory activity index has already been flashing warning signs, contracting after two months of expansion as an indicator of export orders hit its lowest level since December 2022, during the COVID-19 pandemic.
Earnings: Nippon Steel, Mitsubishi Heavy Industries
