Chinese economic data, COVID, inflation

Singapore – Shares in the Asia-Pacific region rose on Monday as investors awaited a string of Chinese economic data.

Japan Nikkei 225 It rose 1.54%, while Topix advanced 0.93% in early trade.

South Korea’s Kospi is up 0.46%, and the Kosdaq is up 1.43%.

in Australia , S & P / ASX 200 jumped 0.73%.

MSCI’s broadest index of Asia Pacific shares outside Japan posted a 0.33% gain.

Stock indices in Asia and around the world were volatile last week due to inflation concerns. But tech stocks and cryptocurrencies have been hit hard Bitcoin It has since trimmed some losses. US stocks rebounded on Friday, but Still posting losses for the week.

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China will provide data on industrial production for April, retail sales, fixed asset investment and unemployment on Monday — and investors are looking to these numbers for clues about the impact of the country’s no-Covid policy on the economy.

“While Shanghai has provided some positivity to the markets, it is not clear when China will transform to live with Covid,” said Tapas Strickland, director of economics at National Australia Bank. He said in a note. NAB expects April economic data to slow sharply.

Shanghai authorities said on Sunday that some companies will begin to resume operations in stores, Reuters reported.

Markets in Singapore, Malaysia, Indonesia and Thailand are closed for a holiday on Monday.

Currencies

The US dollar indexwhich measures the greenback against a basket of peers, was at 104.553, slightly above last week’s levels.

The Japanese Yen It traded at 129.45 per dollar, still stronger than the 130 levels seen last week. The Australian dollar It was at $0.6943.

Oil futures rose early in Asian trade. US crude futures contracts It rose 0.23% to $110.74 a barrel, while the international benchmark rose Brent crude futures contracts It rose 0.8% to $111.77 a barrel.

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