Hong Kong stocks fell 2% as Chinese stocks fell more than expected

China’s manufacturing output fell more than expected in March, reporting a 7.5% year-on-year fall.

This was more than the 2.3% decline expected by economists polled by Reuters, and the annual profit change of 7.1% in the first two months of the year.

Total trade in the world’s second-largest economy also fell 5.1% year-on-year to $500.8 billion. China’s trade surplus fell more than expected to $58.55 billion, compared with $70.2 billion expected in a Reuters poll.

– Lim Hui Jie

The Bank of Korea left its key policy rate unchanged for the 10th consecutive time at 3.50%.

The central bank noted in a statement that it is still “premature to be confident that inflation will meet the target rate” given that there is “a high level of uncertainty which relates to the consumer’s view of the price.”

South Korean consumer prices rose 3.1% year-on-year in March, still far short of its 2% target.

“Therefore, the Board will maintain its monetary policy position for a sufficient period of time until such confidence is established,” the bank said.

— Lee Ying Shan

Singapore’s first-quarter gross domestic product grew by 2.7% year-on-year, according to the Ministry of Trade and Industry on Friday.

This was faster than the 2.2% increase in the month of October to December.

The city-state’s manufacturing sector grew by 0.8% year-on-year in the first quarter of the year, compared with 1.4% growth in the previous quarter, MTI said.

Retail and retail trade, and the transport and storage sector grew by 2.7% year-on-year compared to 1.4% in the previous quarter.

— Charmaine Jacob

Singapore’s monetary authority has stabilized its policy, leaving the breadth and scope of its policy framework unchanged.

Unlike other economies, Singapore uses exchange rate pegs to determine monetary policy rather than a benchmark, where it adjusts its policy set to adjust the strength of the Singapore dollar against a basket of currencies. undisclosed amount of money.

Monetary authorities also said it expects inflation in the city-state to remain high in the immediate future, before “declining significantly” in the fourth quarter of 2024 and 2025.

— Lim Hui Jie

Goldman Sachs has updated its “growth agenda” of top picks in Asia Pacific for April by adding stocks and removing others.

The bank remains optimistic in this area, noting that it has a “firm outlook for 2Q.”

“Five factors may affect the performance of the Asian market in 2Q: the start of the rate cut, led by the Fed; elections and national politics; 1Q earnings results; specific market strategy; and (mainly, but mainly) the season,” investment banking analysts said, as they revealed their latest additions to the list.

CNBC Pro writers can read more here.

– Amala Balakrishner

Many stocks look expensive in today’s market, but there are still cheap stocks to be found – some of which can be held for the next 10 years, depending on the merits .

They shared with CNBC Pro their tips for picking cheap stocks that hold long-term promise, as well as their top picks.

CNBC Pro writers can read more here.

– Weizhen Tan

South Korea’s seasonally adjusted unemployment rate rose to 2.8% in March, from 2.6% in February.

The labor force participation rate stood at 64.3% in March, up 0.2 percentage points year over year.

Separately, the employment rate in the population stood at 62.4%, up by 0.2 percentage points compared to the same period last year.

— Lim Hui Jie

Crude oil futures fell on Thursday as concerns about a drop in prices overshadowed fears of a possible Iranian attack on Israel for now.

The West Texas Intermediate contract for May delivery lost $1.19, or 1.38%, to settle at $85.02 a barrel. The June Brent futures contract was down 74 cents, or 0.82%, to settle at $89.74 a barrel.

Oil prices rose more than 1% on Wednesday after Bloomberg News reported that the US and its allies see an Iranian attack against Israel as imminent.

But the political risk that has lifted prices in the past returned on Thursday as the attack has not yet arrived, according to Phil Flynn, senior market analyst at Price Futures Group.

— Spencer Kimball

Amazon shares added 1.7% Thursday and hit an all-time high. This was the first time that the stock did not show up since July 2021.

CEO Andy Jassy released his annual letter to shareholders on Thursday, in which he pledged to cut costs while continuing to invest in new areas such as artificial intelligence.

New York Federal Reserve President John Williams said Thursday that he still expects inflation to continue to decline this year, although he admits that the process will not go smoothly.

“I expect inflation to continue to slowly return to 2 percent, although there may be bumps along the way, as we’ve seen in some recent inflation numbers, ” the central bank official said in a speech to bankers in New York.

The comments come a day after a consumer price index reading in March showed inflation running at an annual rate of 3.5%, above the Fed’s 2% target. While noting the progress of inflation from its peak – above 9% in June 2022 – he said the Fed’s job is not done.

“The economy has come a long way in terms of achieving better stability and reaching our 2% inflation target. But we have not yet seen full agreement on our dual task,” he said.

— Jeff Cox

The consumer price index rose 0.2% in March, as investors tried to navigate mixed inflation signals. Economists polled by Dow Jones were expecting a 0.3% gain for the PPI. Core CPI rose 0.2%, as expected.

— Fred Imbert