Jakarta, Indonesia – In a surprising turn of events, Indonesia’s first-quarter gross domestic product (GDP) has experienced its fastest growth in three quarters, expanding by 5.11% year on year. This growth exceeds the 5% predicted by economists polled by Reuters, indicating a stronger economic performance than anticipated. Despite this positive growth, the economy saw a 0.83% decline on a quarter-on-quarter basis, slightly softer than the 0.89% expected by Reuters.
This economic upswing is echoed in the stock market, where shares of Foxconn, an iPhone manufacturer, surged by almost 7% following a remarkable 19.03% increase in April revenue. The company, known as Hon Hai Precision Industry in Taiwan, recorded a substantial revenue of 510.9 billion New Taiwan dollars ($15.83 billion) in April, signaling a significant growth trajectory in its various business segments.
Across the globe, the Japanese yen is projected to face resistance against the U.S. dollar at the 150 level, despite recent interventions by Japanese authorities to strengthen the currency. Analysts predict that the rate differential between the two currencies will remain stable unless monetary policies are altered significantly. At the same time, China’s services sector experienced a slight slowdown in growth in April, as reflected in the Caixin/S&P Global services purchasing managers’ index figure of 52.5, down from 52.7 in March.
In Hong Kong, the private sector’s expansion slowed in April, with the purchasing managers’ index dropping to 50.6 from the previous month’s 50.9. While there are signs of improvement in business conditions, concerns linger over weakening factors, such as declining new business orders. Meanwhile, in the tech industry, companies like Samsung and SK Hynix are vying for dominance in the memory chip market, both positioning themselves as key players in the artificial intelligence boom.
As global economic landscapes shift and react to various factors, including technological advancements and market forces, analysts and investors alike are closely monitoring these developments. From the performance of defense exchange-traded funds reaching record highs to fluctuations in job growth rates in the U.S. economy, each indicator provides valuable insights into the evolving financial world.