China’s Industrial Output and Retail Sales Data Miss Expectations

Published 3 Hours Ago

China’s March Industrial Output and Retail Sales Data Miss Expectations

China’s industrial output for March grew 4.5% year-on-year, missing Reuters’ expectations of a 6% expansion. China’s manufacturing industry grew 5.1% while its mining industry grew 0.2%, according to the National Bureau of Statistics. The country’s electricity, heat, gas and water production and supply industry climbed by 4.9%. The country’s retail sales, a gauge for its consumption, grew 3.1% year-on-year, less than expectations for 4.6% growth. The reading also slowed from the prior month’s figure of a 5.5% growth.

—Lee Ying Shan

China’s Economy Grew 5.3% in the First Quarter, Beating Expectations

China’s economy grew 5.3% in the first quarter compared with a year ago, faster than the 4.6% growth expected by economists polled by Reuters. Data released by China’s National Bureau of Statistics showed that Gross Domestic Product in the January to March period was higher than the 5.2% growth for the fourth quarter. On a quarter-on-quarter basis, China’s GDP grew 1.6% in the first quarter. Beijing has set a 2024 growth target of around 5%.

—Lim Hui Jie

Yen Falls to Weakest Level Since June 1990 as it Crosses 154 Against Greenback

The Japanese yen fell to its weakest level since June 1990, crossing the 154 mark against the U.S. dollar. The yen has been firmly beyond the 150 mark since the Bank of Japan raised interest rates on March 19, with Japanese officials repeatedly saying that “all options are on the table” to counter excessive yen moves. On April 4, former top currency diplomat Hiroshi Watanabe said that authorities will not intervene until the yen crosses 155 against the greenback, according to Reuters.

Live Nation Entertainment Shares Slump After Hours

Live Nation Entertainment shares dropped more than 7% in extended trading after The Wall Street Journal, citing people familiar, reported that the U.S. Department of Justice is planning to sue the parent company of Ticketmaster in the coming weeks. The antitrust lawsuit alleges Live Nation has used its power and influence in concert promotion to undermine the competition, the report said. Live Nation shares have gained more than 6% this year.

VIX, Wall Street’s ‘Fear Index,’ Closes at Highest Since Bull Market Began in Late October

The VIX index closed at its highest on Monday since Oct. 30, 2023, suggesting that Wall Street expects more price swings in the days and weeks ahead. The Chicago Board Options Exchange Volatility Index, known as a yardstick of investor skittishness, ended Monday at 19.23 after rising as high as 19.46, the highest intraday since Oct. 31, 2023. Sometimes called the “fear index,” the VIX has surged since closing at its low for the year thus far of 12.44 on Jan. 11. The VIX has touched successive higher highs for the past three trading sessions. The last time the VIX was at levels higher than Monday was in late October, just as the current stock market rally was getting underway.

— Scott Schnipper

Stock Futures Open Little Changed

U.S. stock futures opened little changed Monday night. Dow Jones Industrial Average futures rose 19 points, or 0.05%. S&P 500 futures and Nasdaq 100 futures climbed 0.02% and 0.07%, respectively.

— Sarah Min