Global Markets Struggle Amid Banking Woes and Rate Hike Concerns
Asia markets are mixed as Wall Street marks a four-day losing streak on banking woes. The Reserve Bank of Australia has already reached its peak cash rate of 3.85%, according to Commonwealth Bank of Australia. China's Caixin services purchasing managers index suggests a "modestly slower" recovery, while HSBC shareholders are set to vote on proposals at the bank's annual meeting, including on whether to spin off its Asia business. The Philippines' inflation has eased for the third straight month to 6.6% YoY in April, while Indonesia's GDP expanded 5.03% YoY in Q1 2023. A number of economic data releases are expected next week for Asia-Pacific markets, including China's inflation data, India's industrial production, and the Philippines' trade balance.