Post positive comments and the PBoC’s OMO action overnight mainland markets there finished with gains of over 2%. Gains were seen in most Asian locales with better sentiment moving into Europe. The US has eased a bit on demands with China over industrial firm subsidies giving hopes to a deal sooner than later. The AUD$ slipped with dovish RBA comments. While higher, European gains were tepid with roughly 2/3rds of sectors to the upside. Financials and Insurers finished up by over a percent with Utilities and Energy off (despite higher oil prices).
Asset manager Ashmore Group rallied 6.3% on word they saw inflows of over $5B in the 1Q, up 10x’s what was seen in the 4Q of last year. In addition to the inflows customer activity picked up as well.
Rio Tinto fell .6% after iron shipments disappointed for the 1Q with full year estimates reduced down.
After the close L’oreal +.8% said 1Q LfL’s rallied 7.7% in the 1Q vs the estimate of +6.4%. They see another year of growth in 2019 with Asia Pacific seen up 23%. The firm and the Bettencourt family also said they will donate €200M to rebuild the Notre-Dame cathedral.
Economic releases are heavy tonight with China reporting Fixed Assets, Industrial Production. Retail Sales, GDP, Property Investment, and possibly FDI. Japan will unveil its Trade Balance with Exports expected to continue to fall with Imports seen to the upside. Industrial Production is also due. Not much Down Under but the RBA meets tomorrow along with jobs data. EU27 New Car registrations kick off Europe along with the region’s trade balance and CPI. Inflation readings are due elsewhere including the UK.
Note that tomorrow Norway is shut a half day as European markets ramp up Easter holiday closings.