A 13.6% year-over-year drop in South Korea’s March exports, reported on Saturday, was not as steep as feared, given the slowdown in global growth and a prolonged semiconductor slump. Asia will awake to another important breaking news story: An OPEC+ surprise 1.16 million barrels per day output cut announced on Sunday, which could well send crude prices higher on Monday. Asia’s data calendar across the rest of the week otherwise looks fairly tame and the main economic event for global markets will be U.S. payrolls data on Friday.
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