Global Markets:
- Asian Stock Markets : Nikkei up 1.31%, Shanghai Composite down 1.07%, Hang Seng up 1.02% ASX up 0.99%
- Commodities : Gold at $2282.5 (1.95%), Silver at $25.37 (1.62%), Brent Oil at $87.03 (0.25%), WTI Oil at $83.45 (0.34%)
- Rates : US 10-year yield at 4.19, UK 10-year yield at 3.856, Germany 10-year yield at 2.297
News & Data:
- (USD) Core PCE Price Index m/m 0.3% vs 0.3% expected
Markets Update:
China’s stock market surged on Monday as investors analyzed the nation’s economic activity. Manufacturing activity in China expanded in March, with the Purchasing Managers Index (PMI) reaching 50.8, surpassing expectations and indicating sector growth. The Caixin Global manufacturing survey revealed that China’s factory activity grew at its fastest pace in 13 months, with the private PMI hitting 51.1. As a result, China’s CSI 300 index rose by about 1.6%.
On the other hand, Japan witnessed a slight decline in its stock market as business confidence waned. Japan’s first-quarter Tankan survey showed a drop in optimism among large manufacturers, while non-manufacturers’ optimism increased, surpassing expectations. The Tankan survey serves as a crucial measure of business sentiment monitored by the Bank of Japan for monetary policy decisions. Consequently, Japan’s Nikkei 225 fell by 1.3%, trading below the 40,000 mark, and the broader Topix index declined by 1.9%.
In other Asian markets, South Korea’s Kospi index saw a modest increase of 0.27%, while the small-cap Kosdaq index gained 0.97%. Meanwhile, Australian and Hong Kong markets remained closed for Easter Monday.
In the U.S., on Good Friday, February’s inflation met expectations reported by Dow Jones. The Personal Consumption Expenditures (PCE) price index, excluding food and energy, rose by 2.8% over the 12-month period and by 0.3% from the previous month. The headline PCE reading, including volatile food and energy costs, showed a 0.3% increase for the month and a 2.5% increase over the 12-month period, aligning with estimates.
Upcoming Events:
- 2:00 PM GMT – USD ISM Manufacturing PMI
- 2:00 PM GMT – USD ISM Manufacturing Prices
- 2:00 PM GMT – USD Construction Spending m/m
