Asia markets set to rise ahead of key manufacturing data; oil surges after OPEC cut
Asian markets are trading higher as they see retail sales data out of Japan and Australia. The data shows that retail sales in Japan are up 1.1% from last month, while retail sales in Australia are up 0.4%.
The Asia-Pacific markets are expected to rise on Monday, ahead of key manufacturing data from the region and surprise oil cuts this weekend.
Brent crude oil and WTI futures rose as high as 8% following OPEC+ member countries agreeing to reduce more than 1,000,000 barrels per day through 2023.
Futures of Australia's S&P/ASX 200 were at 7,236, against the index's previous close of 7,177.8. The Nikkei futures contract for Japan in Chicago was at 28,310 while the counterpart in Osaka stood at 28,230, against the Nikkei225's last close of 28,041.48.
The Hang Seng index is expected to trade lower. Hang Seng futures are currently at 20,353 compared with the HSI's closing of 20,400.
Private surveys of manufacturing will be released by South Korea, India, China and South Korea. Meanwhile, Singapore and the Philippines will publish their official March manufacturing statistics.