Data deluge caps rollercoaster month By Reuters

By Jamie McGeever

(Reuters) – A look at the day ahead in Asian markets.

Financial market trading in many Asian countries could be choppy on Friday as investors hope to end a remarkable month on a high but face an economic calendar bursting with headline releases.

Wall Street had a mixed performance on Thursday as investors digested the previous day’s Nvidia (NASDAQ: ) results, which pushed the Nasdaq into the red, and surprisingly strong US GDP data that helped lift the Dow- at a record level.

But moves in stocks, rates and yields were modest, and investors in Asia may show their own furrow on Friday. They will certainly have plenty of potential drivers.

The economic calendar includes second-quarter GDP from India, retail sales and industrial production from South Korea, retail sales and private sector credit growth from Australia, current account data from Thailand and retail sales from Hong Kong.

There’s also a deluge of data from Japan, including retail sales, industrial production, unemployment and perhaps most important of all, Tokyo’s inflation figures for August.

On the corporate side, earnings releases from Chinese financial giants Industrial and Commercial Bank of China, CITIC and China Construction Bank (OTC:) are also on tap.

It’s worth noting where the markets are up to the last trading day in August. Especially given the historical volatility and price swings that plagued many markets earlier this month.

is down about 2 percent this month, up 1.5 percent, global stocks and up more than 1 percent, the Nasdaq is flat and China’s blue chip index is down nearly 5 percent.

The currency is down 2.6%, holding on to its weakest level of the year despite rising for two days in a row, while the yen is up around 3.7% and up around 1 .5%.

On the data front, annual consumer price inflation in Tokyo is expected to be unchanged at 2.2 percent in August, ending three months of acceleration, according to a Reuters poll. Would this suggest that the Bank of Japan is not in such a rush to raise rates again?

On the other hand, the same survey also found that factory output rose and retail sales continued to rise in July, underscoring the strength of Japan’s economy after better-than-expected April-June gross domestic product figures at the beginning of this month.

Meanwhile, India’s economic growth likely moderated and grew at its slowest pace in a year in the April-June quarter due to lower government spending amid national elections that ended in June, a Reuters poll found .

Annual growth likely fell to 6.9 percent in the quarter, down from 7.8 percent in the January-March period, the survey showed. The range of forecasts was wide – from 6.0% to 8.1%.

Here are the key developments that could provide more direction for Asian markets on Friday:

– Japan – inflation in Tokyo (August)

– India – GDP (Q2)

– Australia – Retail Sales (July)