Indonesia’s first-quarter GDP grew at its fastest pace in three quarters, climbing 5.11% year on year, exceeding economists’ expectations, according to a report by Reuters. The quarter-on-quarter decline of 0.83% was softer than anticipated.
Foxconn, the iPhone manufacturer, experienced a spike of almost 7% in shares after reporting a 19.03% year-on-year increase in April revenue. The company highlighted growth in its component business and cloud and networking products.
In Japan, the yen is expected to face resistance at 150 against the dollar despite recent interventions by Japanese authorities. The currency strengthened abruptly on April 29 and May 2, prompting speculation about government intervention.
China’s services sector saw a slight slowdown in April, with the Caixin China services PMI coming in at 52.5. The expansion has been steady for 16 months, indicating solid growth in the sector.
Meanwhile, Hong Kong’s private sector expanded at a slower pace in April, with forward-looking indicators pointing to potential softening conditions. The purchasing managers’ index dropped to 50.6 from the previous month.
In the tech industry, comparisons are being made between Samsung and SK Hynix as potential plays on the AI boom. Memory chips, in particular, have been in focus as AI technologies gain traction.
Overall, economic indicators from various Asian markets provide insights into the region’s economic performance and growth prospects. Investors and analysts are closely monitoring these developments to make informed decisions in the dynamic market environment.
Vocabulary List:
- GDP (noun): Gross Domestic Productthe total value of goods produced and services provided in a country during one year.
- Revenue (noun): Incomeespecially when of a company or organization and of a substantial nature.
- Interventions (noun): Actions taken to improve a situationespecially a medical disorder.
- Speculation (noun): The forming of a theory or conjecture without firm evidence.
- Solidarity (noun): Unity or agreement of feeling or actionespecially among individuals with a common interest.
- Traction (noun): The extent to which an ideaproductetc.gains popularity or acceptance.
