Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
Asia-Pacific stocks stay in the green zone
On Monday, stock indices of the Asia-Pacific region were traded in the green zone after the mixed start, notwithstanding the fact that on Wall Street negative signals were recorded. It’s because concerns about the trade war stepped up after US President Donald Trump said that he instructed his trade officials to consider extra duties on Chinese imports of $100 billion. Problems in trade relations persist after the official news agency of China Xinhua on Saturday reported that American "capricious" trade tariffs will end only with defeat.
Additionally, on Friday, the US Department of Labor reported that non-farm employment soared by 103,000 jobs in March after an updated leap of 326,000 jobs in February. Financial analysts had expected an ascend of about 193,000 jobs. The unemployment rate accounted for 4.1% per month, staying intact from the five previous months.
During Asia trade crude prices tacked on having dived more than 2% on Friday.
In Japan, the Nikkei index traded marginally higher in weak trade because as the Japanese yen is still robust against the evergreen buck after the release of the current account balance for February.
According to the Ministry of Finance, in February, Japan had a current account surplus of Y2,076 trillion after a surplus of Y0,607 trillion in January. However, the current account surplus turned to be lower than the economists' estimate of Y2,260 trillion.
The trade balance showed a surplus of Y188.7 billion, which is also lower than economists' expectations of Y249.7 billion after a deficit of -Y666.6 billion in the previous month. Exports increased by 0.9% compared to the same period last year and amounted to Y6,423 trillion, while imports grew by 17.8% to Y6.234 trillion.
The average value of Kospi in South Korea has increased. Technological companies are at the forefront of surge. Equities of Samsung Electronics tacked on by 1.3%, while Hyundai Motor and Posco lost 1-2%.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.