Global Markets:
- Asian Stock Markets : Nikkei up 0.73%, Shanghai Composite up 0.69%, Hang Seng up 1.50%, ASX up 0.81%
- Commodities : Gold at $1335.60 (-0.34%), Silver at $16.44 (-0.57%), WTI Oil at $69.06 (+0.60%), Brent Oil at $63.84 (+0.66%)
- Rates : US 10-year yield at 2.805, UK 10-year yield at 1.401, Germany 10-year yield at 0.503
News & Data:
- (AUD) NAB Business Confidence 7 vs 9 previous
- (NZD) NZIER Business Confidence -11 vs -12 previous
- (GBP) Halifax HPI m/m 1.50% vs 0.10% expected
- Oil markets firm on hopes that U.S. trade spat with China may ease
- North Korea’s Kim Jong Un breaks silence, confirms summit with Trump
- China's Xi announces plans to 'open' China, including lowering tariffs on imported autos
Markets Update:
Asian equities traded higher Tuesday, driven by the improved risk sentiment – all courtesy of Chinese president Xi Jingping’s speech at the Boao Forum for Asia. US equities also closed higher on Monday, following Friday’s sell off across sectors.
Nikkei has been trading in the green, supported to an extent by yen’s declines. Australia has also made broad based gains. South Korean stocks were boosted by confirmation from the North of a May meeting with President Trump.
Hang Seng outperformed on Xi’s speech, but mainland benchmarks are trading mixed, as investor continue to ascertain how the US would react – and whether Xi’s speech would be taken as a sign of weakness, or strength.
Dollar is firmer against the major currencies, with the safe haven yen retreating. Gold was also seen to be giving up earlier gains.
Treasuries have been mixed with the yield curve flattening, as investors worry about the inversion of the curve. Crude has been rising, as trade war concerns ease.
Upcoming Events:
- 09:30 AM GMT – (GBP) MPC Member Haldane Speaks
- 12:30 PM GMT – (CAD) Building Permits m/m
- 12:30 PM GMT – (USD) PPI m/m
- 12:30 PM GMT – (USD) Core PPI m/m
- &more…
