Welcome to Your Week in Asia.
Indian markets see two significant debuts this week. Tata Capital has put together the country's biggest initial public offering this year, while LG Electronics' Indian unit's offering is the most subscribed IPO over $1 billion in almost two decades.
East Asia sees another party leadership election, this time for Taiwan's opposition Kuomintang (KMT). Cheng Li-Wun has unexpectedly emerged as a lead candidate in the race, and victory for the anti-independence politician would have implications for the self-ruled island's foreign relations.
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MONDAY
Tata Capital IPO
Nonbank lender Tata Capital is set to debut on India's headline public bourses, after running the year's largest IPO, worth $1.75 billion, this week. The IPO was slightly oversubscribed. The company, part of the salt-to-silicon conglomerate Tata Sons, is also the second major listing of a nonbank lender this year, after peer HDB Financials, which is backed by India's largest private bank HDFC.
China trade data
China releases September trade data ahead of the second phase of a biannual export-import fair in Guangzhou, which starts Wednesday. The 138th Canton Fair will run for three weeks and comes after China's export growth lost momentum in August, weighed down by uncertainty over trade tensions with the U.S.
World Bank and IMF annual meetings
The World Bank and International Monetary Fund annual meetings kick off in Washington as foreign ministers and central bank governors come together for an update on the global economy, which has shown resilience despite tariff-induced uncertainty. Last week, the IMF warned of the looming impact of tariffs, while the World Bank upgraded its growth outlook for the East Asia and Pacific region to 4.8%, up from the previously forecast 4%.
Data: India inflation, China trade
TUESDAY
U.S.-China port fees take effect
The U.S. and China are due to begin collecting port fees on each other's ships, in an escalating competition for the seas. Washington announced its docking charges earlier this year to challenge Chinese maritime dominance and revive American shipbuilding. On Friday, Beijing said it would respond in kind. While some have suggested the fees could be delayed, reduced or scrapped as the superpower rivals negotiate on trade, the world's shipping companies have been rushing to minimize their exposure. For some, that is easier said than done.
LG Electronics IPO in India
The Indian unit of South Korean appliance maker LG Electronics is set to begin trading on India's main public bourses, marking the second listing by a South Korean major in India within about a year. The company's $1.3 billion IPO this week was heavily oversubscribed, drawing bids worth about $50 billion as investors jostled for a share of the well-known brand. The share sale is now the third-largest IPO this year, behind local behemoths HDB Financial and Tata Capital.
Monetary policy: Singapore
Data: Singapore gross domestic product
Earnings: Aeon
WEDNESDAY
Sun PhuQuoc Airways launches
Vietnamese conglomerate Sun Group launches its new airline, Sun PhuQuoc Airways, with first flights planned for Nov. 1 connecting domestic destinations. It plans to start international routes in Asia next year.
India trade data
India releases its balance of trade data for September, the first full month in which the country's exports faced punishing 50% U.S. tariffs. Textiles as well as gems and jewelry are expected to be among the affected sectors. In August, India's trade deficit narrowed to about $26.5 billion, compared with over $27 billion in July and $36.6 billion in the same period last year.
THURSDAY
TSMC earnings
Taiwan Semiconductor Manufacturing Co. reports its third-quarter earnings. The world's biggest contract chipmaker and key supplier to Nvidia and Apple has already unveiled better-than-expected revenue for the period thanks to the world's seemingly endless appetite for artificial intelligence computing power. Investors and analysts will be keen to hear TSMC's outlook for how long this boom can continue.
Earnings: Infosys
FRIDAY
Data: Singapore trade
Earnings: JSW Steel, Tata Technologies
SATURDAY
KMT leadership election
The KMT, Taiwan's biggest opposition party, chooses a new leader as it seeks a path back to power. The KMT has lost three straight presidential elections to the Democratic Progressive Party, most recently in January 2024. But it enjoys a legislative majority with its smaller partner, the Taiwan People's Party, and it has momentum after vanquishing efforts to recall some of its lawmakers this summer. The winner will be in a position to influence how Taiwan handles cross-strait tensions with China and tricky ties with the U.S.
Earnings: HDFC Bank, ICICI Bank, Yes Bank
