(Bloomberg) -- China’s earnings season kicks off this week with a peek into its hard-hit consumer industry -- and a reminder of the nation’s staggering scale. Results are due from the world’s biggest maker of electric-vehicle batteries, Contemporary Amperex Technology, while the largest beverage company, Kweichow Moutai, reported Sunday.

As China started its twice-a-decade Communist Party congress on Sunday to select top leadership, any signs of policy shifts, subtle as they may be, could have a broad impact on markets. On opening day of the week-long congress, Xi gave a two-hour speech that highlighted goals in technology, the environment and national security, but didn’t set any timeline on when the Covid Zero policy will be changed. 

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Highlights to look for this week:

Monday: No major earnings expected.

Tuesday: No major earnings expected.

Wednesday: Hong Kong Exchanges & Clearing (388 HK) is set to release third-quarter results around noon. Known by the name HKEX, the city’s stock exchange may report a 30% profit decline, according to a consensus estimate in a Bloomberg survey. Bloomberg Intelligence attributed it to a drop in revenue from cash equities, derivatives, clearing and commodities, adding that tighter cost controls and higher investment income on margin and clearing house funds could offset some of the pressure on profit. In Hong Kong, funds raised through first-time share sales in the three quarters ended September were down 71% from the same period last year. Updates on its IPO pipeline, yuan stock listings and efforts to retain talent may be in focus.

Thursday: Axis Bank (AXSB IN) is likely to report after market close. Indian banks are expected to post strong sequential earnings growth, although an increase in treasury losses may partly offset the gains while bonds continue to perform weakly. Most Indian lenders’ margins could widen on rising rates amid increasing competition as festive season nears, with sector liquidity adequate despite falling to a record low, according to Bloomberg Intelligence. Axis Bank’s earnings growth may be lower than that of other top banks, but the lender’s focus has shifted from growth to profitability, analysts at Elara Securities wrote. Investors are watching for comments on the progress of the Citi portfolio acquisition.

Friday: Contemporary Amperex Technology (300750 CH), the world’s biggest maker of electric-vehicle batteries, is due to report earnings after market close. The Fujian-based company on Oct. 10 reported as much as a 200% year-on-year jump in preliminary net income to 9.8 billion yuan for the third quarter, in line with consensus estimate in a Bloomberg survey. CATL, as the battery maker is commonly referred to, cited continued growth in the energy storage industry for the profit surge. The company’s earnings are expected to start coming in better than consensus expectations, Bloomberg Intelligence’s Steve Man said, adding that demand for electric vehicles remains strong and the battery-maker and the EV-makers are seen to be able to pass on the higher prices. Additionally, it would be interesting to watch out for any mentioning of its biggest customer, Tesla, which is scheduled to report its own results earlier in the week.

  • Inflation in Focus: Hindustan Unilever (HUVR IN) reports after market close. Easing prices of some commodities, such as edible and crude oil, are expected to partially counter the declining volume growth in rural markets for the Indian unit of the global consumer goods giant. Investors will be watching for comments on the sustained high levels of retail inflation in local economy and its impact on consumer demand, especially in rural markets amid an inconsistent monsoon season. Consumer companies have cut pack sizes and increased prices to protect margins. That, and widely anticipated gains in market share across key product categories are expected to boost its profits by about 11% from a year earlier in the second quarter. Outlook on demand and pricing for the remainder of the year will be crucial, amid rising competition from two of Asia’s richest. Mukesh Ambani’s Reliance Industries announced a foray into consumer goods business while Gautam Adani’s Adani Wilmar Ltd. is boosting its food operations.

(Updates intro with details on Kweichow Moutai, Communist Party congress)

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