However, other stats included the Philly Fed Manufacturing PMI, housing sector data, and industrial production figures. The weaker-than-expected numbers supported expectations of a September Fed rate cut. The Philly Fed Manufacturing Index fell from 15.5 to 4.5 in May, with industrial production flat in April.
The US equity markets reacted to the stats and FOMC member speeches. On Thursday (May 16), the Dow fell by 0.10%. The Nasdaq Composite Index and S&P 500 ended the session down 0.26% and 0.21%, respectively.
US equity market trends from Thursday will set the tone for the Friday (May 17) Asian session.
Asian Economic Calendar: China in Focus
On Friday (May 17), the Chinese economy will be under the spotlight, with industrial production, fixed asset investment, retail sales, and unemployment numbers in focus.
Economists forecast fixed asset investments to increase 4.6% year-to-date, year-on-year in April, after rising 4.5% in March. Furthermore, economists expect the unemployment rate to hold steady at 5.2%.
However, the industrial production and retail sales figures may impact market risk sentiment more, with investors eyeing the demand environment. Economists predict retail sales to increase 3.7% year-on-year in April after rising 3.1% in March. Moreover, economists expect industrial production to advance 5.4% year-on-year after rising 4.5% in March.
