- AZMAN GHANI/ The Star
Overnight policy rate
BANK Negara’s fifth monetary policy meeting is set to take the spotlight this week, with the Monetary Policy Committee scheduled to convene on Sept 4 and Sept 5.
Economists widely expect the central bank to keep the overnight policy rate steady at 3%.
According to a Bloomberg poll, all three analysts surveyed expect Bank Negara to keep its policy rate steady at 3%.
UOB Global Economics & Markets Research expects Bank Negara to maintain its interest rate pause at 3%, citing ongoing inflation risks and a more optimistic domestic growth outlook.
According to Trading Economics’ global macro models and analysts expectations, the interest rate is expected to be 2.75% by the end of this quarter.
Meanwhile, the S&P Global Malaysia manufacturing purchasing managers’ index (PMI) for August is expected to be announced today
CPI data
CONSUMER price index (CPI) data is due in Indonesia, South Korea, the Philippines, Thailand and Taiwan.
According to Bloomberg estimates, inflation in Indonesia is expected to grow by 2.14% year-on-year (y-o-y) in August from 2.13% in July.
UOB Research anticipates that headline inflation in the Philippines will begin to ease gradually from August and approach the mid-point of Bangko Sentral ng Pilipinas’ target range by year-end, driven by favourable base effects and continued non-monetary interventions by the national government.
Bloomberg estimates the Philippines’ inflation to expand 3.8% y-o-y while UOB Research estimates 3.6% y-o-y from 4.4%.
PMI data
THE manufacturing PMI will be due across the globe at the start of September.
S&P Global Market Intelligence noted that following signs of faster but uneven expansion in the developed world in August based on flash PMI data, global releases will be closely monitored for detailed developments across all regions.
It added that sector PMI data will also be updated, shedding light on which are the key growth industries midway through the third quarter of 2024.
