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April Off To A Green Start

EQUITIES

The new quarter kicks off with gains in Asia-Pac equity markets, taking a positive lead from the US and boosted by robust data in the region. US President Biden unveiled the latest spending plan late yesterday, which also helped engender a positive tone. Markets in Hong Kong rose, despite reports of around 50 companies suspended from trading on the Hang Seng, with speculation among traders that the restriction is due to a failure by the companies to report earnings on time. Chip makers were buoyed by TSMC's announcement to spend $100bn expanding capacity over the next three years, while Micron and Western Digital are said to be each exploring a potential $30bn deal for Kioxia. Futures in the US are mixed, S&P and Dow Jones in negative territory, while the Nasdaq ekes out some small gains.

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