Oil prices inched higher in Asian trade on Thursday following steep losses in the prior session, as investors digested reports that OPEC+ plans to further ramp up production in June.
The dollar took a breather on Thursday, following a sharp bounce after President Donald Trump backed away from threats to fire Federal Reserve chair Jerome Powell and his administration opened the door to a softer stance on China tariffs.
Bank of America analysts cut their annual gross domestic product forecast for China on Tuesday, stating that the country faces significant headwinds from a bitter trade war with the United States.
The Bank of Japan is likely to hold its key interest rate through June, showed a Reuters survey of economists, with a 25-basis-point hike next quarter expected by a slight majority of respondents rather than over two-thirds in a poll last month.
Japan’s factory activity shrank for the tenth consecutive month in April as confidence among manufacturers dived to almost 5-year lows, dented by worries about U.S. President Donald Trump’s tariff policies, a private-sector survey showed on Wednesday.
Bank of America (BofA) has downgraded its 2025 growth forecasts for Asia, warning that U.S.-China trade tensions and broader tariff pressures will weigh heavily on the region’s economies.