Japanese manufacturers allocated resources to settle backlogs and hired more employees to prepare for a possible demand recovery. “Companies reported their tenth consecutive decrease, but the rate of contraction was the softest since last November,” it observed. The bank said the improvement came from a slower deceleration in new order inflows. Japan’s manufacturing activity remained in contraction territory for the sixth-straight month, although the April data was the softest contraction reported in that period.Īccording to AU Jibun Bank, the country’s manufacturing purchasing managers’ index rose to 49.5 from 49.2 in March. If the RBA raises rates to 3.85%, it would be the highest level since April 2012.Īustralia’s inflation – a key data point for the RBA – eased to 7% in the first quarter, down from the 7.8% recorded at the end of 2022.ĥ hours ago Japan’s manufacturing activity sees soft contraction in April Three hours ago Inflation in Australia expected to remain stable at 3.6%Īustralia’s central bank is expected to keep its benchmark policy rate at 3.6% when it announces its decision on Tuesday.Ī Reuters poll of 34 economists showed 26 of them expect Australia’s Reserve Bank to keep rates at current levels, while the remaining eight forecast a 25-basis point hike. Imports fell 13.3% in April from a year earlier, a decline of 10.6% expected by economists, and was the biggest decline since August 2020.Īs a result, the country posted a trade deficit of $2.62 billion in April, which was lower than the $4.63 billion recorded in March.
Yonhap reported that exports of semiconductors sank 41% due to falling demand and falling chip prices.
Reuters said an analysis of the data showed exports to China fell 26.5%, marking an 11th straight month of decline. The decline was larger than economists’ expectations for a 13.5% drop, and the seven-month decline is the longest in three years. South Korean exports fell for the seventh month in a row, registering a year-on-year decline of 14.2%.
2 hours ago South Korea’s exports have declined for the seventh month in a row
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