China economic data, Covid, inflation
SINGAPORE – Shares in the Asia Pacific are set to rise on Monday as investors watch for a slew of Chinese economic data.
The Nikkei futures contract in Chicago was at 26,825 while its counterpart in Osaka was at 26,610. That compared against the Nikkei 225’s last close at 26,427.65.
Australia’s SPI futures were up 0.77%.
Stock indices in Asia and around the world were volatile last week over inflation concerns. Tech stocks and cryptocurrencies were hit hard, though bitcoin has since pared some losses. US stocks rebounded on Friday, but still posted losses for the week.
China will report data on April’s industrial production, retail sales, fixed asset investment and unemployment on Monday – investors are looking to those numbers for clues on the impact of the country’s zero-covid policy on the economy.
“While Shanghai provided some positivity for markets, it is not clear when China will pivot to live with Covid,” Tapas Strickland, director of economics at National Australia Bank, said in a note. NAB expects economic data for April to slow sharply.
Shanghai authorities said on Sunday that some businesses will begin to resume in-store operations, Reuters reported.
Markets in Singapore, Malaysia, Indonesia and Thailand are closed for a holiday on Monday.
The US dollar index, which tracks the greenback against a basket of its peers, was at 104,553, slightly higher than last week’s levels.
The Japanese yen traded at 129.48 per dollar, weaker than the previous close. The Australian dollar was at $ 0.6941.
US crude futures climbed 0.73% early in Asia trade to $ 111.29 per barrel.