The first day of the new trading quarter kicks off a data packed week. Trading in the Asia Pacific region is likely to continue the positive tone set last week but volumes may remain subdued ahead of important releases. Gains in industrial commodities should aid sentiment, but ongoing support for gold and bonds suggest a degree of nervousness among investors.
Releases today include Tankan data from Japan, building approvals and retail sales in Australia and the Singaporean purchasing managers index. The usual beginning of month data deluge continues through the week, with China PMIs and US non-farm payrolls the most watched. There is also an RBS meeting tomorrow, but consensus that this meeting is not “live” means a market reaction is unlikely.
Futures markets are pointing to opening gains across the region, despite US markets ending in the red on profit-taking. Higher oil prices may see energy stocks under bid, and gold miners may receive further interest after gains in the yellow metal.