Morning Wrap (30.04.2024)

Asia-Pacific indices are experiencing a moderately positive session, remaining in slight positive territory. The Japanese Nikkei 225 is up by 1.05%, the Korean KOSPI is up by 0.60%, and the Australian S&P/ASX200 is up by 0.05%.

Chinese indices are having a mixed session after very dynamic gains in recent days. The HSCEI index is down by 0.10%, the HSI index is up by 0.10%, and Singapore's SG20 index is down by 0.60%.

European index futures indicate a steady opening for the cash session. DAX futures are down by 0.10%, while UK futures are up by around 0.05%.

In the forex market, movements in the first half of the day are relatively moderate. The dollar (USD) is one of the stronger currencies, gaining between 0.1% and 0.6%. Among the weakest currencies are the AUD, NZD, and JPY. The USDJPY pair is up by 0.30% to 156,750.

Japan's industrial production report for March showed a 3.8% month-on-month increase, compared to expectations of 3.4% and a 0.6% decline the previous month. This rise was due to a rebound in car production, which makes up the bulk of Japan's industrial production.

Retail sales in Japan rose by 1.2% year-on-year in March, significantly lower than expectations of 2.5% and compared to 4.7% in February. The reading indicated low consumer spending despite expectations of higher wages, resulting in lower inflationary pressure in the coming months.

Japan's unemployment rate in March remained unchanged compared to the previous month, at 2.6%.

The Caixin PMI report for China's non-manufacturing sector was 51.2 in April, down from 53 in March. The manufacturing PMI for April was 50.4, slightly higher than expectations of 50.3.

Retail sales in Australia fell by 0.4% month-on-month in March, compared to expectations of a 0.2% increase and compared to the previous reading of 0.3%.

Bitcoin is down by 0.64% to $63,400, but the price managed to rebound from yesterday's levels below $63,000. Ethereum is down by 1.40% to $3,170.