After a sharp selloff last week, Asian traders looking for a degree of stability this week may not find much relief from Japanese gross domestic product (GDP) and China’s monthly data indicators.
Due on Wednesday, Japan’s GDP for the April-June period is expected to contract for the first time in two years on the back of a three-percentage-point sales tax hike launched at the start of the quarter.
A Reuters poll of 25 economists see GDP shrinking 7.1 percent on year and 1.8 percent on quarter, compared to the economy’s 6.7 percent on-year rise in the first three months of 2014 when consumers frontloaded on spending before the tax hike.
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