Japanese Shares Trade Lower in Early Deals
The NIKKEI 225 fell 18.57 points or 0.06% to 29664.8 on Monday, following losses of 0.63% in the previous week as traders remained cautious amid an increasing novel coronavirus caseload. Tokyo Governor Yuriko Koike said Sunday she might ask the central government to issue a fresh coronavirus state of emergency for the capital to deal with a recent spike in coronavirus cases as the nationwide tally surpassed 4000 for a 5th consecutive day Sunday. Meantime, a Kyodo News survey showed Sunday that 22% of major companies in Japan are planning to cut new hires for the business year starting next April from the current year, indicating many firms remain cautious about the outlook amid the coronavirus pandemic. In local data, exports jumped 16.1% yoy to a near 3-year high March, while imports rose by 5.7% yoy to a 14-month high over the same period.
China Shanghai Composite Climbs Nearly 1%
The Shanghai Composite Index jumped 22 points or almost 1% to a near two-week high of 3,460 in early trade on Monday after Friday's 3.86% plunge, amid further signs of economic recovery at home and abroad. Official data showed the Chinese economy in Q1 has fully recovered to pre-pandemic levels, growing at a record pace of 18.3% yoy. In the US, meantime, homebuilding surged to nearly a 15-year high in March, while retail sales grew robustly, and jobless claims hit the lowest level in 13 months. On the pandemic front, the mainland had 11 new COVID-19 cases on Sunday, down from 16 a day earlier. In business news, Reuters said that Ant Group is exploring options for founder Jack Ma to divest his stake in the company and give up control. All major sectors were in the green, with consumer staples, technology, and basic materials among top performers.
KEDIA: EQUITY LEVELS
NIFTY - 14645.7
BANKNIFTY - 32075.65