Citi: Asia Economics & Strategy Daily: India GDP, China PMI, India Chartbook
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Citi's Asia economics and strategy daily offers three headline judgments: India's growth resilience clears the way for rate normalization; China's PMI signals stabilization but not yet recovery; and Indonesia's FX pressure may have peaked, though structural problems persist. On the data calendar, Citi forecasts August exports for Korea at 67.8% y/y (market 62.6%; prior 62.8%) and July exports for Indonesia at -0.3% (market 3.36%; prior 8.84%), with Indonesian August CPI seen at 3.11% (market 3.13%; prior 2.88%). Also due: Pakistan CPI (market 10.8%; prior 9.3%), US ISM manufacturing (Citi 54.9; market 55.2; prior 55.6), July JOLTS job openings, US construction spending and Australia's Q2 current account. Currency forecasts (annual averages versus the US dollar) for 2026 include RMB 6.8, INR 95.6, IDR 17,593, JPY 159 and KRW 1,472; for 2027, RMB 6.7 and INR 98.1. The macro projections draw on Citi's Global Economics Outlook and Strategy as of August 2026, spanning growth, inflation, fiscal, trade and FX forecasts. A note to the market-implied pricing chart cautions that Indonesia and Philippines figures are estimated from relatively illiquid onshore OIS curves. The report contains no asset target prices or ratings.