Asia-Pacific Markets Up After Wall Street Rebounds
The Japan stock market went down by 0.65%. The Japan services PMI for April was 55.4. It was higher than the previous month's 54.9.
The March monetary policy meeting in Japan brought up worries about inflation. Board members were afraid that it was happening faster than they thought.
China's stock market rose by 1.73%. Economists predicted that China's trade surplus will decrease from $88.2 billion in March to $74.3 billion in April. They shared their insights in a survey conducted by Reuters.
Australia's business confidence for April was 0, an increase from the previous month's -1. The country's business conditions for April were +14, which was a decrease from the previous month's +16. Overall, Australia's economy showed a moderate growth of 0.76%.
In March, Australia Building Permits decreased by 0.1% month-on-month. This is lower than the expected increase of 3.0%.
US stock markets had a good day yesterday. The NASDAQ index did especially well, going up by 2.25%. The Dow industrial average went up by 1.65% and the S&P index went up by 1.85%. Investors were happy about Apple's latest earnings report and a strong jobs report. Despite concerns about banks and rising interest rates, the US economy looks strong.
The economy made good job additions in April, with 253K new jobs. This is a lot better than the previous month's 165K.
Taiwan reported trade data on Monday. Economists at Citi predicted a fall in exports and imports. The year-on-year decline is expected to be 21.4% for exports and 22.6% for imports in April.
Oil prices went up a bit in Asia on Monday. People had been worried about the U.S. going into a recession. This brought the prices down for three weeks in a row, the first time since November. Now, people are not as worried about it.
At midnight, Brent crude futures increased by 6 cents to reach $75.36 per barrel. Meanwhile, U.S. West Texas Intermediate crude futures also went up by 8 cents to $71.42.
On Monday, the price of gold didn't move much because investors were careful. They are waiting for U.S. inflation data that will come out soon. The data might affect what the Federal Reserve does with money.
The price of gold remains steady. Spot gold sits at $2,016.74 per ounce while U.S. gold futures are at $2,025.60.
Silver dropped by 0.2% to $25.59 per ounce.
The price of platinum didn't change and stayed at $1,059.32. Palladium went up by 0.8% and was worth $1,502.75.
American stock market futures dropped. Dow Jones decreased by 0.09%, S&P 500 dropped by 0.13%, and Nasdaq declined by 0.09%.
The European markets are slightly up due to data on monetary policy.
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