Market Talk – Monday, April 26


China will launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, in May to boost spending as the Chinese retail sector recovers from COVID-19-induced consumer caution. Expanding domestic consumption is a priority in China’s “dual circulation” economic strategy, first highlighted by President Xi Jinping last year in May, which also called for a reduced dependence on foreign markets. China’s retail sales surged 34.2% year-on-year in March, surpassing a 28.0% gain expected by analysts and stronger than the 33.8% jump in January-February. More significantly, retail revenues were 12.9% higher than March 2019 – before the pandemic.

Japan’s services prices showed signs of a pick-up in March as advertising and transportation fees rose, data showed on Monday, suggesting the economy was recovering moderately from last year’s severe hit as the coronavirus pandemic took hold. But the third state of emergency, rolled out on Sunday to combat a resurgence of new COVID-19 infections, clouds the outlook, with requests for retailers to close likely to hurt consumption. The services producer price index, which tracks the price companies charge each other for services, rose 0.7% in March from a year earlier, BOJ data showed on Monday. It was the first increase in six months and followed a flat reading in February.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 increased 105.60 points or 0.36% to 29,126.23
  • Shanghai decreased 33.00 points or -0.95% to 3,441.17
  • Hang Seng decreased 125.92 points or -0.43% to 28,952.83
  • ASX 200 decreased 15.10 points or -0.21% to 7,045.60
  • Kospi increased 31.43 points or 0.99% to 3,217.53
  • SENSEX increased 508.06 points or 1.06% to 48,386.51
  • Nifty50 increased 143.65 points or 1.00% to 14,485.00

The major Asian currency markets had a mixed day today:

  • AUDUSD increased 0.00579 or 0.75% to 0.78029
  • NZDUSD increased 0.00357 or 0.50% to 0.72317
  • USDJPY increased 0.28 or 0.25% to 108.14
  • USDCNY decreased 0.01351 or -0.21% to 6.47595
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