On March 20, 2024, Chinese Foreign Minister Wang Yi and Australian Foreign Minister Huang Yingxuan held a bilateral meeting at Parliament House in Canberra. The Chinese and Australian flags were flying on the table.
David Gray | AFP | Getty Images
Asia-Pacific markets are expected to rise as investors await the Reserve Bank of Australia’s interest rate decision on Tuesday and April trade data from China on Thursday.
ING said in a report last week that the Reserve Bank of Australia meeting “warrants close attention”, adding that recent Australian inflation data showed price growth was starting to accelerate.
However, analysts said Australia’s inflation data was better than they expected and that the country’s economy has slowed more sharply than the United States and its labor market has softened significantly. Therefore, they predict that the RBA’s interest rate of 4.35% will not change.
On Monday, S&P Global will release Hong Kong’s composite PMI data, while services PMI data for China and India will also be released.
Markets in Japan and South Korea were closed for public holidays.
Futures are S&P/ASX 200 Index The opening price was 7,666 points, while the last closing price was 7,629 points.
Hong Kong’s Hang Seng Index futures were at 18,529 points, opening weaker than the Hang Seng Index’s closing point of 18,475.92 points.
U.S. stocks rose sharply on Friday April jobs report weaker than expected Boosting hopes that the Federal Reserve may soon begin cutting interest rates.
Friday’s nonfarm payrolls report showed 175,000 new jobs were created in April, below the 240,000 jobs expected by economists polled by Dow Jones.
The unemployment rate rose to 3.9% from 3.8% last month, according to the Bureau of Labor Statistics. The wage data also came in below expectations, an encouraging sign for inflation.
this S&P 500 Index surged 1.26%, its best single-day performance since February, while Nasdaq Index up 1.99%.this Dow Jones Industrial Average up 1.18%.
—CNBC’s Samantha Subin and Pia Singh contributed to this report.
