Asian shares were mixed on Monday, with Shanghai gaining 1% after surveys showed improvements in manufacturing conditions in China. Sydney and Hong Kong were closed for the Easter Monday holiday, but Tokyo’s Nikkei 225 fell 1.4% after a Bank of Japan survey showed a decline in sentiment among large manufacturers.
The Shanghai Composite index gained 1% to 3,070.09, with China’s official manufacturing PMI hitting its strongest reading since March 2023. The Caixin/S&P Global China manufacturing purchasing managers’ index also showed improvement, indicating increased production and optimism among Chinese manufacturers.
The World Bank released a report forecasting a slight slowdown in economic growth for developing countries in East Asia and the Pacific, including China. Despite this, markets in South Korea, India, and Bangkok saw modest gains.
In the U.S., markets were closed on Friday but are set to reopen this week with a slew of economic data releases. The S&P 500 and Dow Jones Industrial Average both set new records last week, continuing their winning streak.
Meanwhile, the U.S. dollar rose against the Japanese yen, while U.S. benchmark crude oil prices also saw gains in electronic trading. With inflation cooling and the Federal Reserve hinting at potential interest rate cuts, investors are closely watching economic indicators for further clues on market direction.
Overall, the global economic landscape remains uncertain, with various factors influencing market movements. As the week progresses, investors will be keeping a close eye on developments both domestically and internationally.
