Asia
Of the major markets, Hong Kong, China, South Korea and India were closed for a public holiday – and Japan was reopening for a couple of days before Golden Week celebrations at the end of the week. Nevertheless, Japan’s Nikkei pushed above 22,500 points with a small rise on Friday’s close. The market cap-weighted Topix index was a touch lower. Despite a lower close on Wall Street overnight, the yen/dollar cross continues to be supportive for Japanese equities. The dollar is pushing up to 110 yen for the first time since the start of the year, a time when Japanese markets outperformed – before the global selloff struck and pushed levels lower.
Europe
Most European stock markets are closed for May Day. UK markets were modestly higher, with the FTSE 250 the biggest gainer in percentage terms. Food delivery firm Just East (JE) was the biggest riser on the FTSE 100 after a strong set of results.
Higher oil prices helped BP to post a 70% increase in first quarter profits and the oil company’s shares moved up 1%.
Barclays (BARC) faces shareholders at its AGM. There is plenty on the agenda, not least the position of the chief executive after the whistleblowing saga and the role of US activist Edward Bramson, who has recently built up a stake in the business.
A weaker-than-expected performance for the manufacturing sector in March chimed with weaker GDP growth in the first quarter. The monthly manufacturing Purchasing Managers’ Index (PMI) was the lowest since late 2016. Sterling came under greater pressure as the prospects of an interest rate rise next week from the Bank of England receded further.
North America
Pfizer (PFE) reports before the market opens, but investors will have to wait until after the closing bell for first quarter results from Apple (AAPL). Most tech bellwethers have exceeded expectations in recent weeks so pressure is on Apple, as the last of the big names to report.
In Canada, the country’s economic growth for February will be in view before the market opens in Toronto on Tuesday.
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