RTTNews - Japan is scheduled to release May numbers for retail sales, headlining Thursday's Asian economic news. Retail sales are forecast to fall 3.3 percent on year after the 3.9 percent annual decline in April. On month, sales are called higher by 0.5 percent after the 1.1 percent contraction a month earlier. Large retailer sales are predicted to drop an annual 6.8 percent after the 8.1 percent fall in the previous month.

The Philippines will announce Q1 numbers for gross domestic product, which are expected to come in 2.4 percent higher on year but 1.9 percent lower on quarter. Also, the Philippine central bank will announce its decision on interest rates, with analysts expecting the bank to pare rates by 25 basis points from 4.50 percent to 4.25 percent.

Stock markets in China, Taiwan and Hong Kong are closed on Thursday for the Dragon Boat Festival. Hong Kong will re-open on Friday, while China and Taiwan will be off until Monday.

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