Singapore’s headline inflation rate falls to lowest since September 2021
Singapore’s headline inflation rate fell to its lowest since September 2021, coming in at 2.7% for March. This was lower than the 3.4% rate in February and also below the 3% expected by economists polled by Reuters.
The city-state’s core inflation rate – also known as the “MAS core inflation measure” – which strips out prices of accommodation and private transport, also fell to 3.1%, down from 3.6% in February.
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India business activity expands at its fastest rate in 14 years in April
India’s business activity climbed at its fastest pace in 14 years, with the flash composite purchasing managers index for April coming in at 62.2, up from 61.8 in March and higher than the 61.4 expected by economists polled by Reuters.
According to HSBC, the manufacturing and services sectors also recorded-faster-than expected expansions, with the PMI standing at 59.1 and 61.7, respectively.
Pranjul Bhandari, chief India economist at HSBC, attributed the outperformance to a “strong performance in both the manufacturing and service sectors, led by increased new orders.” HSBC added that growth in India remained “broad-based” across the manufacturing and service sectors.
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Chinese bubble tea company Chabaidao tumbles 30% in Hong Kong trading debut
Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, opened 10% lower in early trade on its trading debut in Hong Kong, before plunging more than 30%.
It is currently trading at HK$12.32, far below its IPO offer price of HK$17.50.
The IPO is Hong Kong’s largest listing so far this year. The company announced it had garnered net proceeds of 2.59 billion Hong Kong dollars ($330.5 million) from its IPO, before listing expenses.
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Japan’s business activity climbs at fastest pace in 8 months
Japan’s business activity in April expanded at its fastest pace in eight months, according to flash figures from au Jibun Bank.
The country’s composite purchasing managers index climbed to 52.6 from March’s 51.7, its joint-highest level since August.
Japan’s manufacturing PMI came in at 49.9, marking a softer decline from the 48.2 in March, while services PMI was at 54.6, up from 54.1 in March.
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Yen hits fresh 34-year low of 154.85 early Tuesday
The Japanese yen weakened to a fresh 34-year low against the U.S. dollar early Tuesday, hitting 154.85 against the greenback. This is the weakest the currency has been since the mid-1990s, although it has strengthened marginally to 154.74 as of 9:18 a.m. Tokyo time.
The currency will be watched by the Bank of Japan as it meets Friday, although the central bank has not announced a level where it will intervene.
Australia’s business activity expands at fastest pace in 24 months: S&P Global
Australia’s business activity in April expanded at its fastest clip in 24 months, according to flash figures from S&P Global.
The country’s composite purchasing managers index came in at 53.6, compared to 53.3 in March.
Manufacturing PMI climbed to 49.9 from 47.3, just shy of the 50 mark that separates expansion from contraction, while services PMI slipped slightly to 54.2 from 54.4.
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