1) China 1Q22 GDP beats expectations with a 4.8% rise
China’s first quarter gross domestic product (GDP) of 2022 rose by 4.8%, beating economist expectations of a 4.4% increase from the same period last year, according to the data released by the National Bureau of Statistics on Monday.
Last week, China reported better-than-expected exports data in March with an increase by 14.7%, however, imports fell 0.1% from the same period last year.
The Chinese government has been struggling to keep the resurgence of Covid-19 at bay. Last Friday, China reported a new high of new daily infections of 52,951 cases, compared to an average of 24,000 cases in the past week.
2) WHO is monitoring two other omicron subvariant
The World Health Organization (WHO) said that it is tracking a few dozen cases of omicron BA.4 and BA.5 subvariant that are spreading through South Africa and Europe.
According to the initial report, they do not appear to be more contagious or deadly than the original omicron variant. However, WHO warned that it could change as more cases are detected.
3) Oil prices edge higher over tight global supply
Oil prices rose above $110 level once again amid lingering concerns on tight global supply following sanctions on Russian commodities, especially crude oil due to its advancement in Ukraine.
In the morning session on Monday, the international benchmark Brent crude rose 0.80% to $112.59 per barrel. West Texas Intermediate rose 0.65% to $107.65 per barrel.
4) China Eastern resumes commercial flights for Boeing 787-800
China Eastern Airlines restarted Boeing 787-800 for commercial flights after a temporary suspension due to the crash that killed 132 people on board nearly a month ago.
The company said that it had conducted various tests after the crash. Test flight would be carried out on all planes before putting on a commercial flight. Meanwhile, any Boeing 787-800 that has a serial number close to the one that crashed are still undergoing maintenance checkup.
