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The view from the observation deck at Shanghai Tower in Shanghai, China, on Sunday, April 9, 2023. China’s economic recovery is picking up steam after Covid restrictions were abruptly dropped and the property market stabilizes, although the rebound is still fairly patchy and policymakers have no intention yet of scaling back monetary support. Photographer: Qilai Shen/Bloomberg via Getty Images
Qilai Shen | Bloomberg | Getty Images
Asia-Pacific markets are set to rise ahead of key economic releases from China.
Investors await China’s industrial production, retail sales, and unemployment rate among others. Compared to a low base seen in April a year ago, market watchers are largely expecting a rebound in growth.
Futures tied to Hong Kong’s Hang Seng index pointed to a higher open, standing at 20,185 compared to its last close of 19,971.13, pointing to further gains after jumping nearly 2% in Monday afternoon. In mainland China, the Shanghai Composite and the Shenzhen Component saw their best days since May 8 and March 20, respectively.
In Japan, the Nikkei futures contract in Chicago was at 29,860, while its counterpart in Osaka was at the same level against the Nikkei 225’s last close at 29,626.34. Futures for Australia S&P/ASX 200 were at 7,294, higher than the index’s last close of 7,267.1.
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