Australia's trade surplus on goods declined to AUD 5.02 billion in March 2024 from a downwardly revised AUD 6.59 billion in the previous month, below market forecasts of AUD 7.30 billion. It was the smallest trade surplus since November 2020, as exports grew much softer than imports. Shipments edged up 0.1% from a month earlier to AUD 44.91 billion, mainly boosted by other mineral fuels. On the original basis, outbound shipments to the country's largest trading partner, China, surged by 11%, rebounding sharply from a 10.4 plunge in February. Meanwhile, imports increased by 4.2% to a record high of AUD 39.89 billion due to rises in consumption, capital, and intermediate goods.

European stock markets traded slightly lower on Thursday following the Labor Day holiday, as investors digested the US Federal Reserve's latest policy decision alongside a barrage of corporate updates. The US central bank opted to maintain interest rates and struck a somewhat dovish tone, acknowledging that it would require additional time for inflation to converge towards its 2% target after several months of disappointing CPI readings. On the corporate front, Novo Nordisk revised its 2024 outlook upward following a stronger-than-anticipated Q1 operating profit. Hugo Boss also exceeded expectations with its Q1 operating profit, while Stan Chart surpassed forecasts with a 5.5% increase in pretax profit, albeit ING Groep reported a decline in Q1 net interest income. In the realm of mergers and acquisitions, BBVA has presented a merger proposal to Sabadell.

The annual inflation rate in Switzerland rose to 1.4% in April 2024, accelerating from 1% in the previous month and coming above market forecasts of 1.1%. It marked the highest reading since December 2023, mainly driven by a strong rebound in prices for food and non-alcoholic beverages (1% vs -0.4% in March). Additionally, inflation increased further for recreation and culture (2.3% vs 1.8%), and housing and utilities (3.3% vs 3.2%). At the same time, prices were stable for transport (vs -0.5%), and declined less for household goods and services (-0.5% vs -1.9%). On a monthly basis, the CPI rose 0.3%, after showing no growth in the prior period. Meanwhile, the core rate, which excludes volatile items such as unprocessed food and energy, increased 1.2% year-on-year in April, up from a previous 1% rise.

Retail sales in Switzerland unexpectedly edged down 0.1 percent year-on-year in March 2024, after a revised 0.2 percent rise in February and missing market forecasts of a 0.2 percent growth. Trade declines for non-food products (-1.2 percent vs 1.9 percent in February). while food products rebounded (0.7 percent vs -0.5 percent). Compared to the previous month, retail sales dropped 0.4 percent in March, after a revised 0.1% gain in the previous month.

The S&P Global Russia Manufacturing PMI decreased to 54.3 in April 2024 from 55.7 in the previous month, which was the fastest expansion since August 2006. The reading pointed to the softest expansion in the sector since January, as output and new order growth eased, with foreign demand returned to contraction territory. Subsequently, firms raised employment for the third straight month, though the rate of job creation slowed from March, but was nonetheless among the strongest in over 23 years. Despite a sharp rise in employment, the backlogs of work rose to the fastest since July 2017, as capacity was placed under strain. On the price front, input cost inflation accelerated due to higher raw materials and transport prices. Meanwhile, selling prices rose as firms passed through greater costs to customers. Finally, business sentiment weakened to a three-month low but remained upbeat amid hopes of higher production and customer demand.

The consumer confidence index in Japan declined to 38.3 in April 2024 from 39.5 in the previous month, which was the highest reading since April 2019, and below market forecasts of 39.7. It was the lowest figures in three months, as households’ sentiments weakened towards all components, namely income growth (41.1 vs 41.5 in March), employment (44.2 vs 45.0), willingness to buy durable goods (31.8 vs 34.0), and overall livelihood (36.1 vs 37.6).