Week ahead: China trade and inflation, South Korea’s unemployment, India’s industrial output
A number of economic data releases are expected next week for Asia-Pacific markets, including China’s inflation data, India’s industrial production and the Philippines’ trade balance.
On Monday, Taiwan reports its trade data. Economists at Citi expect that in April, Taiwan’s exports declined 21.4% year on year and imports fell 22.6% year on year.
“Non-tech exports to China are yet to recover (as indicated by trade data from China) and lower commodity prices will reduce the value of exports,” Citi economists wrote in a Thursday note.
China’s April trade data will also be released Tuesday along with Malaysia’s gross domestic product.
South Korea’s current account balance for March and unemployment rate for April are expected on Wednesday.
China’s producer price index and consumer price index are slated to be published on Thursday. For March, China’s CPI reading rose marginally by 0.7% year-on-year while the PPI marked a 2.5% year-on-year decline. The Philippines reports its gross domestic product for the first quarter on this day as well.
India’s industrial output for March will be published on Friday after marking year-on-year growth of 5.6% in February. Citi economists expect headline inflation to fall toward 4.8% year on year, marking the first print below 5% since November 2021.
— Jihye Lee
Apple results show signs of resilience in a tough environment, analysts say
Analysts on Wall Street view the latest results from Apple as yet another sign of the technology giant’s ongoing resilience and defensive positioning.
According to Evercore ISI’s Amit Daryanani, the findings underscore the company’s diverse revenue streams and show the iPhone’s “consumer staple nature.”
The stock rose 2.7% in premarket trading.
Read more on what analysts are saying after Apple’s results here.
Apple shares gain on earnings
Oil prices end on losses week to date
WTI Crude (JUN) settled up 4.05% on Friday at $71.34 after hitting a high of $71.81 earlier on Friday. This was the highest level since May 2nd, when WTI traded as high as $71.42
Meanwhile, WTI Crude is lower -7.09% week to date for the 3rd straight negative week and the worst week since Mar. 17, when WTI Crude lost -12.96%
Brent settled up 3.86% at $75.30 hitting a high of $75.75. Brent closed down -5.33% WTD for the 3rd straight negative week .
Natural Gas (JUN) settled up 1.71% at $2.137 after hitting a low of $2.031. Nat gas closed down -11.33% week to date for the first negative week in 4 and the worst week since Mar. 10, when natural gas lost -19.24% Natural gas is down 52.25% in 2023.
— Hakyung Kim
U.S. jobs grow by 253,000 in April
The U.S. economy added 253,000 jobs in April, the Labor Department said. Economists polled by Dow Jones expected 180,000 jobs were added. The report comes after the Federal Reserve hiked rates by 25 basis points Wednesday and signaled that a pause may be on the horizon.
— Jeff Cox, Fred Imbert
PacWest jumps 70% as regional bank stocks claw back losses
The regional bank stocks are extending their Friday rebound, led by PacWest with a gain of more than 70%.
The stock still has a long way to go to recover all of its losses from this year, however. In fact, PacWest shares are still trading below where the closed on Wednesday.
PacWest is still down for the week despite Friday’s rallly.