Malaysia’s February exports unexpectedly fell by 0.8% year over year, contrary to the 2.4% rise estimated in a Reuters poll. The country’s imports, on the other hand, grew by 8.4%, surpassing the poll estimates of a 7.8% increase. Malaysia’s trade surplus in February stood at 10.9 billion ringgit ($2.31 billion), down 44.4% from the previous year.
In other news, India’s equity fund inflows hit a 23-month high of $3.2 billion in February, according to Goldman Sachs. The country also saw foreign inflows of $2.2 billion in the week ending March 15. However, the Nifty 50 index dipped by 0.3% on Monday after a 2% fall last week.
China reported better-than-expected retail and industrial numbers for the first two months of 2024, with retail sales rising by 5.5% and industrial production up by 7%. Meanwhile, investment into real estate dropped by 9% year on year, while manufacturing rose by 9.4% during the same period.
Japanese automakers Honda and Nissan saw their shares rise after signing a memorandum of understanding related to the electric vehicle market. Honda’s shares were up by 2.64%, while Nissan’s climbed by 4.81%. The agreement aims to explore a strategic partnership in vehicle electrification and intelligence.
The Nikkei 225 index in Japan led gains in Asia, rising by more than 2% on Monday, crossing the 39,000 mark for the first time in 10 days. The index was powered by manufacturing and health-care stocks, with financial technology company Rakuten Group being the largest gainer.
Singapore’s non-oil domestic exports unexpectedly fell by 0.1% year over year in February, compared to the Reuters poll expectations of a 4.7% rise. The decline was mainly attributed to non-electronics exports, while electronics exports saw growth.
Lastly, oil prices posted a weekly gain as the crude market is expected to tighten. Crude oil futures rose in the two previous sessions, with the West Texas Intermediate contract for April settling at $81.04 a barrel and the Brent contract for May settling at $85.34 a barrel. U.S. crude and the global benchmark are up more than 3.5% week to date so far.
