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China's March Exports and Imports Drop Amid Weak Domestic and International Demand

Li Chen
13 Apr, 2024
Hong Kong

China's exports and imports dropped in March but advanced in the first quarter as global trade patterns evolved and became more fragmented.

Exports in March decreased 7.5% to $279.7 billion and imports fell 1.9% to $221.2 billion, the General Administration of Customs reported late Friday.

Exports declined from a higher base in March last year, after they increased 14.8% from a year ago to a record high in the month at $315.6 billion.

Trade surplus in March declined to $58.6 billion from $78.4billion and fell from January-February 2024 surplus of $125.2 billion.

For the first three months of 2024, exports increased 1.5% to $807.50 billion, rebounding from a contraction of 1.2% in the final quarter of 2023.

China's exports are still facing headwinds from rising geopolitical tension, persistent weakness in the yen, and a growing negative perception of China in the ASEAN region.

The Chinese government is intensifying its efforts to support the growth of exports of electric vehicles, lithium-ion batteries, and renewable energy products, but together they still account for less than 5% of China's exports.

As the Chinese government shifts its focus to large state-owned companies, private companies are shifting their production to Vietnam, Mexico, Malaysia, and Hungary.

In the first quarter, China's exports contracted to the U.S. by 1.3%, to the European Union by 5.7%, to Australia by 8.9%, and to South Korea by 9.8%.

Overall shipments to ASEAN countries increased by 4.1%, after an 18.5% jump in Vietnam offset the declines of 7.2% in Singapore and 14.4% in the Philippines.

In yuan terms, China's exports in March increased 4.9% to 5.74 trillion yuan, and imports rose 5% to 4.43 trillion yuan, according to customs data.

China's international trade crossed 10 trillion yuan for the first time in the first quarter, and total imports and exports rose to 5% in the period, with the growth rate climbing to a six-quarter high, deputy head Wang Lingjun said at the press conference after the release of data on Friday.

For over a decade, China has been investing and expanding its trade ties around the world.

China's international trade with Belt and Road Initiative countries increased 5.5% to 4.82 trillion yuan, making it the largest trading block.

International trade with the U.S., European Union, Japan, and South Korea accounts for about 3.3 trillion yuan, or 33.4% of the total.

U.S. Movers: BlackRock, Citigroup, JPMorgan Chase, Wells Fargo

Scott Peters
12 Apr, 2024
New York City

JPMorgan Chase declined 4.9% to $185.90 after the bank reported strong results in the March quarter, but investors sold stock on the lack of improvement in its net interest income.

JPMorgan reported net revenue in the first quarter increased 9% to $41.9 billion from $38.3 billion, net income rose 6% to $13.4 billion from $12.6 billion, and diluted earnings per share advanced 8% to $4.44 from $4.10 a year ago.

The company provisioned $1.9 billion for credit losses, 17% smaller than a year ago, indicating an improving loan portfolio.

Customers continue to shift deposits to higher-yielding assets, and bank deposits declined 7% in the quarter, excluding First Republic's acquisition.

The company also paid $725 million in special assessment charges to the FDIC to cover costs linked to bank failures last year.

Wells Fargo increased 0.1% to $56.78 after the bank reported better-than-expected earnings and revenue for the first quarter.

Total revenue in the first quarter increased to $20.86 billion from $20.73 billion, net income fell to $4.6 billion from $4.99 billion, and diluted earnings per share declined to $1.20 from $1.23 a year ago.

Net interest income decreased 8% from a year ago to $12.2 billion from $13.3 billion due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher-yielding deposit products as well as lower loan balances, partially offset by higher yields on earning assets.

Average loans in the quarter eased to $928 billion from $948 billion, and average deposits fell to $1.34 trillion from $1.36 trillion a year ago, respectively.

Provision for credit losses fell 22% to $938 billion from $1.2 trillion a year ago.

The company repurchased 112.5 million of its own shares for $6.1 billion in the quarter.

BlackRock decreased 1.3% to $775.51 after the financial service company reported better-than-expected revenue after fees and assets under management climbed.

Citigroup decreased 0.6% to $60.33 after the bank said revenue declined 2% to $21.1 billion and net income dropped 27% to $3.4 billion, or $1.57 per share.

Fixed-income trading revenue fell 10% to $4.2 billion, investment banking revenue rose 35% to $903 million, and services revenue, which supports the needs of global corporations, rose 8% to $4.8 billion.

U.S. Major Indexes Decline On Inflation Worries, Big Banks Report Big Earnings

Barry Adams
12 Apr, 2024
New York City

Stock market indexes decreased, and investors reviewed the latest earnings from big banks like JPMorgan, Citigroup, and Wells Fargo.

The S&P 500 index and the Nasdaq Composite inched lower in Friday's trading and diverged in weekly performance, indicating a bifurcated market.

JPMorgan reported strong quarterly results, but the company cited higher inflation as weighing on the economy.

The bank also held its annual net interest income estimate at $90 billion, suggesting no room for improvement compared to the previous year.

Market sentiment remained cautious as investors debated future rate paths, resilient economic conditions, and moderating labor market conditions.

Investors are also worried that the high valuation of tech companies could pose a challenge for market indexes to extend additional gains in 2024.

The Nasdaq Composite is trading at about 28 times earnings multiples, and the S&P 500 index is approaching a multiple of 25, which is not cheap by historical measures.

In 2024, the Nasdaq Composite is up 10.4% and the S&P 500 index is up 9.0%.

U.S. Indexes and Yields

The S&P 500 index increased 0.5% to 5,184.08, and the Nasdaq Composite rose 0.8% to 16,292.93.

The yield on 2-year Treasury notes edged lower to 4.89%, 10-year Treasury notes inched up to 4.50%, and 30-year Treasury bonds edged up to 4.61%.

Crude oil prices surged on speculation that Iran is preparing to carry out a direct attack on Israel in response to Israel's attack on Iran's embassy in Syria two weeks ago.

WTI crude oil increased $2.02 to $86.99 a barrel, and natural gas prices decreased 5 cents to $1.75 a thermal unit.

Gold increased by $20.06 to $2,396.12 an ounce, and silver rose 80 cents to $29.29.

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 106.01.

U.S. Stock Movers

JPMorgan Chase declined 4.9% to $185.90 after the bank reported strong results in the March quarter, but investors sold stock on the lack of improvement in its net interest income.

JPMorgan reported net revenue in the first quarter increased 9% to $41.9 billion from $38.3 billion, net income rose 6% to $13.4 billion from $12.6 billion, and diluted earnings per share advanced 8% to $4.44 from $4.10 a year ago.

The company provisioned $1.9 billion for credit losses, 17% smaller than a year ago, indicating an improving loan portfolio.

Customers continue to shift deposits to higher-yielding assets, and bank deposits declined 7% in the quarter, excluding First Republic's acquisition.

The company also paid $725 million in special assessment charges to the FDIC to cover costs linked to bank failures last year.

Wells Fargo increased 0.1% to $56.78 after the bank reported better-than-expected earnings and revenue for the first quarter.

Total revenue in the first quarter increased to $20.86 billion from $20.73 billion, net income fell to $4.6 billion from $4.99 billion, and diluted earnings per share declined to $1.20 from $1.23 a year ago.

Net interest income decreased 8% from a year ago to $12.2 billion from $13.3 billion due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher-yielding deposit products as well as lower loan balances, partially offset by higher yields on earning assets.

Average loans in the quarter eased to $928 billion from $948 billion, and average deposits fell to $1.34 trillion from $1.36 trillion a year ago, respectively.

Provision for credit losses fell 22% to $938 billion from $1.2 trillion a year ago.

The company repurchased 112.5 million of its own shares for $6.1 billion in the quarter.

Europe Movers: Energy Stocks, Mercantile Trust, Mining Companies, Societe Generale, ThyssenKrupp

Inga Muller
12 Apr, 2024
Frankfurt

European markets advanced in Friday's trading and trimmed weekly losses amid hopes of interest rate cuts in June.

The DAX index increased by 0.9% to 18,109.54, the CAC-40 index rose by 0.9% to 8,096.40, and the FTSE 100 index inched higher by 1.2% to 8,022.34.

For the week, the DAX index decreased 0.7%, the CAC 40 index fell 0.1%, and the FTSE 100 index added 1.5%.

The yield on 10-year German bonds edged down to 2.38%; French bonds inched higher to 2.87%; the UK gilts edged higher to 4.19%; and Italian bonds inched lower to 3.78%.

Energy stocks advanced after Brent crude oil futures rose above $90 a barrel on speculation that Iran is likely to conduct a retaliatory strike following Israel's attack on its Syrian embassy.

BP plc gained 2.4% to 534.60 pence, and Shell PLC advanced 1.9% to 2,912.86 pence.

Mining companies rose after copper futures extended two-month gains and rose to a two-year high.

Antofagasta jumped 4.3% to 2,314.0 pence, Glencore advanced 3.9% to 479.93, and Anglo American gained 4.1% to 2,211.0 pence.

Societe Generale SA increased 4.8% to €26.43 a day after the company agreed to sell its equipment leasing and financing division to a private equity firm for €1.1 billion.

Mercantile Investment Trust increased 0.9% to 224.50 pence after the company swung to an annual profit.

ThyssenKrupp AG advanced 1.6% to €4.98, after the German steel company announced restructuring of its loss-making Duisburg steel division and significant production capacity cuts.

The company announced its plans to cut annual steel production capacity to between 9.0 and 9.5 million tons from the current capacity of 11.5 million tons.

European Markets Trimmed Weekly Losses; France and Germany Confirmed Weakening Inflation

Bridgette Randall
12 Apr, 2024
Frankfurt

European markets advanced in Friday's trading, bond yields declined, and the euro drifted lower.

Benchmark indexes in Frankfurt, Paris, and London advanced after the final reading of the consumer price index confirmed the weakening trend in inflationary pressures.

German consumer price inflation declined to an annual increase of 2.2% in March from 2.5% in February, Destatis said in its final report on Friday.

France's consumer price inflation eased to an annual rise of 2.5% in March from 3.0% in February, INSEE confirmed in its final report on Friday.

Both inflation reports matched previously announced estimates released by the statistical offices of Germany and France.

Spain's consumer price inflation in March decreased to 3.2% after rising to 3.6% in February, the statistical agency INE reported Friday.

Core inflation, which excludes volatile food and energy prices, eased to 3.3% from 3.5% in the previous month.

The UK may have exited a recession after the latest monthly GDP data pointed towards a rebound in economic activity.

The UK's real GDP increased monthly by 0.1% in February, following a revised 0.3% growth in January, the Office for National Statistics reported Friday.

Europe Indexes and Yields

The DAX index increased by 0.9% to 18,109.54, the CAC-40 index rose by 0.9% to 8,096.40, and the FTSE 100 index inched higher by 1.2% to 8,022.34.

For the week, the DAX index decreased 0.7%, the CAC 40 index fell 0.1%, and the FTSE 100 index added 1.5%.

The yield on 10-year German bonds edged down to 2.38%; French bonds inched higher to 2.87%; the UK gilts edged higher to 4.19%; and Italian bonds inched lower to 3.78%.

The euro edged higher to $1.065; the British pound inched higher to $1.245; and the U.S. dollar edged lower to 91.32 Swiss cents.

Brent crude decreased $1.04 to $90.78. a barrel, and the Dutch TTF natural gas rose by €0.57 to €30.09 per MWh.

Europe Stock Mover

Energy stocks advanced after Brent crude oil futures rose above $90 a barrel on speculation that Iran is likely to conduct a retaliatory strike following Israel's attack on its Syrian embassy.

BP plc gained 2.4% to 534.60 pence, and Shell PLC advanced 1.9% to 2,912.86 pence.

Mining companies rose after copper futures extended two-month gains and rose to a two-year high.

Antofagasta jumped 4.3% to 2,314.0 pence, Glencore advanced 3.9% to 479.93, and Anglo American gained 4.1% to 2,211.0 pence.

Societe Generale SA increased 4.8% to €26.43 a day after the company agreed to sell its equipment leasing and financing division to a private equity firm for €1.1 billion.

Mercantile Investment Trust increased 0.9% to 224.50 pence after the company swung to an annual profit.

ThyssenKrupp AG advanced 1.6% to €4.98, after the German steel company announced restructuring of its loss-making Duisburg steel division and significant production capacity cuts.

The company announced its plans to cut annual steel production capacity to between 9.0 and 9.5 million tons from the current capacity of 11.5 million tons.

Japan Stocks Rebound, Yen Drifts to a New 34-year Low

Akira Ito
12 Apr, 2024
Tokyo

Stock market indexes rebounded and extended weekly gains, and the yen drifted to a new 34-year low against the U.S. dollar.

Stock market sentiment was negatively impacted by the persistent decline in the yen, as the Japanese currency drifted to 153.256 in Tokyo trading without prompting government intervention.

The yield on the Japanese government bond rose to 0.8%, reflecting market nervousness and a widening gap with the U.S. and Japan bond yields.

Last month, the Bank of Japan ended its negative rate regime and revised interest rates for the first time since 2007, but that move failed to prop up the yen.

Investors are anticipating a currency market intervention coordinated by the ministry of finance and the Bank of Japan, but any relief to the yen is expected to be short-lived.

Many currency traders in Tokyo are anticipating the yen to extend its 2024 loss of 8.5%, and the embattled currency may drift below 157 against the U.S. dollar.

Moreover, the Chinese yuan has also been approaching its record low of 7.366 against the U.S. dollar, which could further put pressure on the yen.

The Nikkei 225 Stock Average gained 0.3% to 39,572.26, and the Topix index rose 0.4% to 2,759.11.

For the week, the Nikkei added 0.4% and the Topix advanced 1.3%.

In stock trading, tech stocks rebounded, and financial services stocks traded mixed.

Tokyo Electron, Advantest, Sakura Internet, SoftBank, and Lasertec gained between 1.4% and 2.5%.

Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial fell between 0.8% and 1.4%.

Vehicle makers Toyota Motor, Honda Motor, and Subaru gained around 0.5%, but Nissan Motor declined 1.1%.

China Stocks Extend Losses as the Yuan Approaches Record Low

Li Chen
11 Apr, 2024
Hong Kong

Stocks in Shanghai and Hong Kong traded lower ahead of the release of international trade data and protracted weakness in the property market.

Stocks in China have struggled to hold on to gains, powered by the government's market intervention, after the latest economic data highlighted a fragile economic recovery and persistent weakness in the residential property market.

Investors are worried that the central government may force several large state-controlled real estate companies to merge and provide minimum financial support, which may force bond holders to shoulder most of the losses.

Market sentiment was further dented, after the yen drifted to its new 34-year low against the U.S. dollar, putting more pressure on the Chinese yuan.

The Chinese yuan is trading at a five-month low of 7.264 against the U.S. dollar in Shanghai after the People's Bank of China set the midpoint rate at 7.0986, higher than market expectations.

The Chinese yuan is drifting towards a record low after new foreign direct investment flow collapsed in 2023 following rising tensions with the U.S. and foreign investors staying away from Chinese stocks in Hong Kong and Shanghai.

China's foreign direct investment in 2023 plunged 80% from a year ago to $33 billion, the lowest level since 1993.

China's exports are likely to contract around 2% from a year ago in March, after rising 5.6% in the January-February period, according to an informal survey consensus estimate of five economists in Shanghai.

The CSI 300 index declined 0.3% to 3,494.37, and the Hang Seng index dropped 1.7% to 16,799.67.

For the week, the CSI 300 index declined 1.7% and the Hang Seng index dropped 0.8%.

Longfor Group, China Resource Land, China Vanke, New World Development, and China Overseas Land and Development declined between 3% and 5%.

Electric vehicle makers declined due to worries about price competition and lukewarm sales growth expectations.

BYD, Li Auto, Xpeng, and Nio declined between 3% and 6%, while Xiaomi bucked the trend to trade up 2%.

India Movers: Bank of Baroda, Bharti Hexacom, Maharashtra Seamless, TCS, Vodafone Idea

Arun Goswami
12 Apr, 2024
Mumbai

Market averages on Dalal Street traded down in Friday's trading, and trimmed weekly gains in the holiday-shortened week.

The Sensex index decreased by 0.2% to 74,889.64, and the Nifty index edged lower by 0.3% to 22,677.40.

For the week, the Sensex gained 0.9% and the Nifty index advanced 1.4%.

On the Mumbai stock exchange, 36 stocks traded at their 52-week highs, and 3 stocks traded at their 52-week lows.

Vodafone Idea was nearly unchanged at ₹12.90, and the company set the secondary offering dates to raise ₹18,000 crore between April 18 and April 22.

Maharashtra Seamless added 0.2% to ₹902.0, and the company won an order worth ₹674 crore for casing seamless pipes from ONGC.

Bank of Baroda increased 1.8% to ₹270.20, and the financial services company increased its margin lending rate against financial assets by 5 basis points for three tenures.

Margin lending for loans for periods of three months, six months, and one year was revised to 8.45%, 8.65%, and 8.85%, respectively.

Bharti Hexacom is expected to list its share in an initial public offering on the BSE and the NSE on April 12, and traders are expecting a 15% premium to the offer price.

Bharti Hexacom plans to sell 7.5 crore (75 million) shares and raise about ₹4,275 crore, with an offer price range between ₹542 and ₹570 per share.

Tata Consultancy Services rose 0.9% to ₹3,980.75, and the tech services exporter is scheduled to release its March quarter results later today.

TCS is expected to report a sharp rebound in earnings compared to a year ago, following several new contracts and an incremental contribution from the order placed by BSNL.

U.S. Major Averages Rebound and Shake Off Rate Path Worries

Barry Adams
11 Apr, 2024
New York City

Market indexes on Wall Street lacked direction in volatile trading, and investors reviewed the wholesale price inflation report.

The S&P 500 index and the Nasdaq Composite traded sideways in quiet trading as investors reviewed two inflation reports over two days.

The producer price index rose 2.1% from a year ago. In March, it inched higher by 0.2% on the month, the U.S. Bureau of Labor Statistics reported Thursday.

Monthly producer prices rose at the slowest pace in three months, following a 0.6% rise in February and a 0.4% increase in January.

Producer prices increased in March, driven by a 0.3% rise in services, and goods price inflation decreased by 0.1% after rising 1.2% in the previous month.

The core producer price index, which excludes food and energy prices, rose 0.1% on the month and increased 2.4% from a year ago.

On Wednesday, consumer price inflation accelerated to a three-month high.

Consumer price inflation in March accelerated to an annual pace of 3.5% and advanced 0.4% for the month, the U.S. Bureau of Labor Statistics reported Wednesday.

Annual inflation accelerated for the second month in a row to 3.5% in March, up from 3.2% in February and 3.1% in January.

Core inflation, which excludes food and energy prices, held steady at 0.4% from the previous month and rose 3.8% from a year ago in March.

U.S. Indexes and Yields

The S&P 500 index increased 0.5% to 5,184.08, and the Nasdaq Composite rose 0.8% to 16,292.93.

The yield on 2-year Treasury notes edged higher to 4.94%, 10-year Treasury notes inched up to 4.53%, and 30-year Treasury bonds edged up to 4.63%.

WTI crude oil increased $1.23 to $84.98 a barrel, and natural gas prices decreased 8 cents to $1.80 a thermal unit.

Gold increased by $13.22 to $2,349.28 an ounce, and silver rose 10 cents to $28.04.

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 105.11.

U.S. Stock Movers

Vertex Pharmaceuticals edged up 0.6% to $400.0 after the company agreed to acquire Alpine Immune Sciences for $4.9 billion in cash, or about $65 per share.

Alpine Immune soared 36% to $64.21.

CarMax declined 11.7% to $70.05 after the used car retailer reported weaker-than-expected quarterly results.

Regional banks were in focus after Treasury yields advanced following two inflation reports over the last two days.

New York Community Bancorp traded near its low for the year at $2.96, Western Alliance declined 0.1% to $57.32, and MVB Financial dropped 0.3% to $19.78.

ECB Holds Rates Steady for the Fifth Time, Signals Possible Cuts in Future

European market indexes struggled to advance after the European Central Bank held its interest rate steady and signaled possible rate cuts in the future.

Benchmark indexes in Frankfurt, Paris, and London decreased after comments from European Central Bank president Christine Lagarde.

“If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction,” noted the statement released by the Governing Council.

President Lagarde reinforced the view expressed in the statement and stressed that the committee is ready to lower rates if conditions warrant it in the near future.

As widely expected, the ECB held steady for the fifth time in a row, with its main refinancing operation rate at a 22-year high of 4.50% and deposit facility rate at 4.0%.

Inflation has steadily declined to 2.4% in March after peaking at 10.6% in October 2022, largely because of the fall in imported energy prices.

However, service inflation continues to stay elevated at 4%, making it harder for policymakers to bring down inflation below 2%.

Service sector inflation is closely watched by policymakers because about 70% of the labor force is employed in the sector.

Europe Indexes and Yields

The DAX index decreased by 0.8% to 17,954.48, the CAC-40 index fell by 0.3% to 8,023.74, and the FTSE 100 index inched lowerer by 0.5% to 7,923.80.

The yield on 10-year German bonds edged up to 2.45%; French bonds inched higher to 2.93%; the UK gilts edged higher to 4.23%; and Italian bonds inched lower to 3.81%.

The euro edged higher to $1.073; the British pound inched higher to $1.253; and the U.S. dollar edged lower to 91.22 Swiss cents.

Brent crude decreased $0.63 to $89.85. a barrel, and the Dutch TTF natural gas rose by €2.04 to €29.53 per MWh.

Europe Stock Movers

Givaudan SA declined 1.3% to CHF 3,980.0, despite the Swiss fragrance and flavor maker reporting higher first-quarter sales.

Societe Generale increased 0.9% to €25.36 after the French lender agreed to sell its equipment leasing and financing business to BPCE for €1.1 billion.

AstraZeneca PLC rose 1.9% to 10,942.0 pence after the biopharmaceutical company announced its plan to increase its dividend by 7% in 2024.

Publicis Groupe SA added 1.5% to €102.10 after the French advertising company reported organic sales in the first quarter increased by 4.9%, driven by strong performance in all regions.

Yen Weakness and U.S. Rate Path Uncertainty Overshadow Tokyo Trading

Stocks in Tokyo declined following the weakness in New York after the latest inflation report dashed all hopes of an imminent interest rate cut.

Asian markets were on the defensive after the hotter-than-expected U.S. inflation in March dampened the hopes of a rate cut in June.

Investors pared back rate-cut expectations after U.S. inflation accelerated for the third month in a row in March to 3.5%.

Market participants are worried that persistent inflation above the Fed's target rate of 2% may force the Federal Reserve to push rate cuts all the way into 2025, contrary to the Fed's projection of as many as three rate cuts this year.

Japan Stock Movers

The Nikkei 225 Stock Average decreased 0.4% to 39,429.36, and the Topix index increased 0.2% to 2,748.17.

Tech stocks were among the leading decliners, and financial stocks were among the leading gainers in Thursday's trading.

SoftBank, Advantest, Tokyo Electron, Screen Holdings, Disco Corp., and Sakura Internet declined between 1.5% and 4%.

Banks advanced after the yield on 10-year Japanese government bonds rose to 0.85% after investors dialed down U.S. interest rate expectations.

Mitsubishi UFJ, Sumitomo Mitsubishi, and Mizuho Financial rose between 0.3% and 0.5%.

China Indexes Fall On Growing Deflation Worries

Stocks in Shanghai and Hong Kong struggled after the latest inflation data stoked fears of protracted consumer demand weakness.

Investor sentiment was weak on the worry that policymakers may not provide strong enough stimulus to revive aggregate demand, dampening corporate earnings growth.

Property stocks in Hong Kong dropped sharply on the worry that interest rates would remain elevated following the release of U.S. inflation data.

The U.S. consumer price index in March accelerated to 3.5% from a year ago, and core inflation increased to 3.8%.

The overall consumer price index advanced for the third month in a row after dropping to 3.1% in January, denting all hopes of a rate cut in June.

The Hong Kong Monetary Authority follows the interest rate cycle set by the U.S. because the Hong Kong dollar has been pegged to the U.S. dollar since October 17, 1983, with a fixed exchange rate of HK$7.80 per U.S. dollar.

The CSI 300 index increased 0.1% to 3,507.51, and the Hang Seng index decreased 1% to 16,970.12.

China Vanke, Henderson Land Development, New World Development, and Sun Hung Kai declined between 1% and 4%.

China Life, AIA Group, and Prudential PLC fell between 2% and 4%.

Service Sector Drives Producer Price Inflation Higher In March

Brian Turner
11 Apr, 2024
New York City