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Japan s factory activity contracted for the tenth consecutive month in April, according to a private survey, due to weakened overseas demand and rising concerns over U.S. tariffs. The au Jibun Bank Japan Manufacturing PMI edged up slightly to 48.7, remaining below the 50.0 threshold.

Amid market uncertainty, investors seek clarity. Rana Gupta of Manulife Investment suggests focusing on domestic tailwinds. He favors consumer and financial sectors. Infrastructure and telecom are attractive in the short to medium term. Gupta anticipates credit growth. He expects globally linked sectors like IT and metals to face challenges. Earnings momentum in IT may remain soft for some time.

Meta Platforms exceeded first-quarter revenue expectations, driven by strong advertising performance, and anticipates similar success in the second quarter. The company is increasing capital expenditures to bolster AI infrastructure, despite economic uncertainties and potential tariff impacts. While some advertisers are reducing spending, Meta s reliable platform positions it to benefit from market instability, though regulatory challenges in Europe loom.

Indian companies are gearing up to release their Q4 earnings, with Adani Enterprises and Adani Ports among the key names. All eyes are on Eternal, formerly Zomato, which is expected to reveal strong revenue growth, fueled by Hyperpure and Blinkit. However, profitability might suffer, with analysts predicting a potential profit dip or even a loss.

A rare financial event occurred on April 11th as the U.S. and India 10-year government bond yield spread dipped below 2% for the first time. This compression, driven by factors like U.S. fiscal deficits and tariff war fears, grants the Reserve Bank of India greater independence in monetary policy.

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Japan, China, South Korea and ASEAN plan to broaden their currency swap programme. The expansion aims to include infectious disease outbreaks and natural disasters. The Chiang Mai Initiative, a $240 billion pool, supports regional financial stability. Members will likely agree on the expansion in Milan. The change is expected to take effect in May.

Technology giant Microsoft posted robust quarterly results on Wednesday, with revenue rising 13 percent to $70.1 billion, powered by a strong performance in its cloud computing and artificial intelligence businesses. The company s Intelligent Cloud segment, a key part of Microsoft s business, showed particularly strong growth with revenue of $26.8 billion, up 21 percent.

Nikkei inched up as investors awaited Bank of Japan s rate decision. Focus is on U.S. trade talks. Advantest surged, buoyed by U.S. tech gains. Bank of Japan is expected to hold rates steady. Investors are keen on Governor Ueda s comments on U.S. trade policy impact. Economy Minister Akazawa is set for trade talks. Murata Manufacturing declined after disappointing results.