TOKYO – Global markets were mostly higher Monday, cheered by positive reports on manufacturing, as players awaited talks between U.S. President Donald Trump and his Chinese counterpart later in the week.
KEEPING SCORE: Germany’s DAX gained 0.2 per cent to 12,342, while France’s CAC 40 slipped 0.2 per cent to 5,112. Britain’s FTSE 100 edged up 0.1 per cent to 7,326. U.S. shares were on track for a subdued open, with Dow and S&P 500 futures flat.
FACTORIES: Japanese manufacturers are feeling slightly more upbeat than they were late last year, according to a quarterly survey by the Bank of Japan. The survey’s findings fell slightly below economists’ forecasts, but were seen as a sign exports are underpinning growth in the world’s No. 3 economy. Separate reports showed strong manufacturing activity in Germany, France and Italy in March.
U.S.-CHINA: Markets are closely watching for the outcome of a summit between Trump and Chinese President Xi Jinping at Trump’s Mar-a-Lago estate in south Florida later this week. The two are expected to discuss various contentious issues including North Korea, trade and territorial disputes in the South China Sea during their talks on Thursday and Friday.
ANALYST’S TAKE: “The start of the week marks the first trading day of the month and quarter, also kick-starting an action-packed week with various items to keep watch on. U.S. non-farm payrolls, the meeting between the leaders of the U.S. and China, and the U.S. central bank March meeting minutes are some of the few items lined up ahead,” said Jingyi Pan, market strategist at IG.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 0.4 per cent to finish at 18,983.23, while Australia’s S&P/ASX 200 inched up 0.1 per cent to 5,872.70. India’s Sensex jumped 0.9 per cent to 29,882.27 and South Korea’s Kospi rose 0.3 per cent to 2,167.51. Hong Kong’s Hang Seng gained 0.5 per cent to 24,236.10. Shanghai’s bourse was closed for a holiday.
ENERGY: Benchmark U.S. crude rose 2 cents to $50.62 a barrel in electronic trading on the New York Mercantile Exchange. It added 25 cents on Friday. Brent crude, used to price international oils, slipped 4 cents to $53.49 a barrel.
CURRENCIES: In currency trading, the euro weakened to $1.0653 from $1.0737 and the dollar rose to 111.44 yen from 111.30 yen late Friday.
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