• Blue chips pare gains after downbeat Chinese economic data
  • Industrial sector jumps after speculation about a takeover attempt of Brambles
  • Bitcoin and the crypto market have stabilised


Asian markets reacted negatively to China’s latest economic data, which shows a sharp contraction in its industrial output in April, falling YoY by 2.9%.

Chinese retail sales also fell, down 11% YoY in April, as Covid lockdowns in Shanghai and China weighed heavily.

The ASX 200 was traveling nicely up to 11am before the Chinese data caused a mini selloff.

At the close, the index was still 0.27% higher, with other major Asian bourses like HongKong and Singapore also caught off guard by the data release.

“Even if we get a small pop somehow tomorrow from news about easing lockdowns in Shanghai, it might not last. Powell is set to speak at a conference hosted by the WSJ Tuesday afternoon,” says market analyst Lauren Werner.

By sector, 7 out of 11 ASX sectors rose – with Industrials leading the way up by 2.5%, and Healthcare the laggard down by 0.5%.

Cryptos meanwhile, have steadied after the rout last week caused by the collapse of algorithmic stablecoin TerraUSD/Luna which left bag holders with billions in losses.

At 4pm AEDT, Bitcoin is trading at US$30,385.



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The surge in the Industrials index was mainly led by sector giant Brambles (ASX:BXB), which rose by more than 10% on speculation that private equity CVC Partners was making an acquisition play.

In a release to the ASX, Brambles confirmed that it has had preliminary engagement with CVC in regard to an unsolicited proposal to acquire all of the shares in Brambles.

Brambles didn’t disclose the Board’s view of the proposal, but said that the company remained focused on implementing its strategic plans set out previously.

Mining company Jervois Global (ASX:JRV) jumped 7% after announcing the commencement of its Bankable Feasibility Study (BFS) to expand its cobalt refinery capacity at Kokkola in Finland.

The BFS scope will expand annual Jervois refinery capacity access from 6,250 metric tonnes to at least 12,250 metric tonnes of refined cobalt in order to meet growing global demand.



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