Private survey on Chinese manufacturing activity ahead
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SINGAPORE — Shares in Asia-Pacific fell Friday morning following overnight losses on Wall Street, with investors looking ahead to the release of a private survey on Chinese manufacturing activity in March.
The Nikkei 225As shares of SoftBank GroupThe Topix index dropped 1.2% while it fell more than 2%
According to The, sentiment at Japan’s largest manufacturers deteriorated in March and April. Bank of Japan’sSurvey of quarterly sentiment from tankan businesses. A headline index measuring large-scale manufacturer sentiment read 14, which is a drop from 17 quarters ago.
South Korea has the following: KospiIt fell 0.65%. Australia’s S&P/ASX 200In morning trade, the stock market fell by 0.2%
MSCI’s Asia-Pacific broadest index outside Japan trades at 0.22% below.
China Economic Data Watch
Look ahead: The Caixin/Markit manufacturing Purchasing Managements’ Index will be released at 9:00 a.m. HK/SIN.
The official PMI for manufacturing was at 49.5 in March. This is below the February reading of 50. PMI readings are separated by 50 points. This is growth and contraction. PMI readings show month-on-month contraction or expansion.
These data are available as China fights the worst Covid-19 epidemic since the start of the pandemic.
Overnight stateside, the S&P 500 dropped about 1.57% to 4,530.41. The Dow Jones Industrial Average lost 550.46 point, or 1.56% to 34,678.35. The Nasdaq Composite dropped 1.54%, to 14,220.52.
Wall Street suffered losses as a result of the 2-year and 10-year U.S. Treasury yields briefly inverted for the first time since 2019, a move that is seen as a potential warning signal of recession ahead. The 2-year 10-year spread was last in negative territory before pandemic lockdowns sent the global economy into a steep recession in early 2020.
In the last two years, the Treasury Note yield stood at 2.3547% and the Treasury Note yield at 2.3635%.
Currencies
The U.S. dollar indexAfter a rebound from lows below 98,, which measures the greenback’s performance against a basket its peers, was at 97.318
The Japanese yenThe dollar traded at 121.80, which is higher than the levels of 122 yesterday. The Australian dollarChanged hands at $0.7486, down from levels of $0.747 yesterday.
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