Marketmind: A holiday-thinned kickoff to Q2, and US jobs report

By Alden Bentley

(Reuters) – As we begin the second quarter of the year, Asia’s data calendar looks fairly tame with the main economic event for global markets being the U.S. payrolls data on Friday. However, the week will be dotted with market closures across various regions, with Good Friday leading to the closure of many global centres including Hong Kong, Shanghai, Bombay, New York Stock Exchange, and Nasdaq. Japan’s Nikkei and Seoul’s KOSPI will remain open.

The first breaking news for the Asian market was a 13.6% year-over-year drop in South Korea’s March exports, which was not as steep as expected, given the slowdown in global growth and a prolonged semiconductor slump.

On Sunday, OPEC+ surprised the oil market with an output cut of 1.16 million barrels per day, which is expected to send crude oil prices higher on Monday.

South Korea, Thailand, the Philippines, and Indonesia will release CPI data this week, and the Reserve Bank of India is expected to raise its repo rate on Thursday by 25 basis points to 6.75%.

Here are three key developments that could provide more direction to markets on Monday:

• S&P Global final March manufacturing PMIs will be out
• US ISM March manufacturing and prices paid indexes at 1400 GMT
• Fed Board Governor Lisa Cook speaks at 2015 GMT

Investors may welcome a respite after the tumultuous events of recent weeks. But any surprise headline related to OPEC or banks may cause excessive market swings due to thin markets. While the benchmark quarters have been buoyant, it is still not a moment for complacency given the number of closures on or before Friday.

(Reporting by Alden Bentley; Editing by Josie Kao)

There have been many major headlines in the U.S. and around the world this week.

The 2024 election cycle is on everyone’s minds, despite the conclusion of the 2022 midterms.

South Carolina Congressman Ralph Norman believes that Manhattan District Attorney Alvin Bragg and his indictment of the 45th President may soon be subjects of scrutiny by congressional investigative committees.

BEIJING (Reuters) – China expressed strong dissatisfaction with Japan’s export restrictions on chip manufacturing equipment, according to Chinese foreign ministry spokesperson Mao Ning.

(Reuters) – Western Digital Corp, a data storage devices maker, reported on Monday that it is looking into a network security incident.

JERUSALEM (Reuters) – After weathering recession and military conflict, Israel’s high-tech sector could be facing its biggest test yet.

MUMBAI (Reuters) – Mumbai resident Shivam Vahia cannot remember the last time he left home to…