Japan's Nikkei stock average shed most of its early gains on Monday as data showing a sharper-than-expected slowdown at factories in major trade partner China offset the boost from a tech-driven rally on Wall Street on Friday.
China's statistics bureau on Monday said it expects China's economy to improve in May and that a recovery in consumption would quicken. China is steadily pushing forward production resumption in COVID-hit areas, said Fu Linghui, spokesman for the National Bureau of Statistics, adding that China's economy would maintain a relatively sound trend in the second quarter.
* April property investment -10.1% y/y vs -2.4% in March. * China mortgage loan rate cut may have limited impact - analyst. By Liangping Gao and Clare Jim. China's property sales in April fell at their fastest pace in around 16 years as COVID-19 lockdowns further cooled demand despite more policy easing steps aimed at reviving a key pillar of the world's second-largest economy.
China's statistics bureau on Monday said it expects China's economy to improve in May and that a recovery in consumption would quicken. China is steadily pushing forward production resumption in COVID-hit areas, said Fu Linghui, spokesman for the National Bureau of Statistics, adding that China's economy would maintain a relatively sound trend in the second quarter.
Copper and other industrial metals rose on Monday, as hopes of a revival in demand grew after China eased COVID-19 restrictions and cut mortgage loan interest rates further for some home buyers to prop up its property market. FUNDAMENTALS. * Benchmark three-month copper on the London Metal Exchange was up 0.5% at $9,205.50 a tonne, as of 0208 GMT.
American and European equity markets wobbled and U.S. Treasury yields fell on Monday after unexpectedly weak economic data from China and a big slide in New York state's factory activity painted a bleak picture for economic growth across the world.
China's industrial output fell 2.9% in April from a year earlier, down sharply from a 5.0% increase in March, data from the National Bureau of Statistics showed on Monday, and weaker than 0.4% growth seen in a Reuters poll. Retail sales in April shrank 11.1% year-on-year amid wider and stringent COVID-19 curbs on activity, after falling 3.5% in March.
Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that coronavirus pandemic was receding in the hardest-hit areas. Brent crude rose $1.34, or 1.2%, at $112.89 a barrel at 12:10 p.m. EDT 1342 GMT, while U.S. West Texas Intermediate crude rose $2.22, or less than 0.1%, to $$112.71 a barrel.
American and European equity markets wobbled and U.S. Treasury yields fell on Monday after unexpectedly weak economic data from China and a big slide in New York state's factory activity painted a bleak picture for economic growth across the world.
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