Global Markets:
- Asian Stock Markets : Nikkei up 7.04%, Shanghai Composite up 2.34%, Hang Seng up 4.20%, ASX up 4.17%
- Commodities : Gold at $1598.60 (+1.98%), Silver at $13.66 (+3.02%), Brent Oil at $28.16 (+4.18%), WTI Oil at $24.52 (+4.97%)
- Rates : US 10-year yield at 0.824, UK 10-year yield at 0.424, Germany 10-year yield at -0.365
News & Data:
- (AUD) Flash Services PMI 39.8 vs 49 previous
- (AUD) Flash Manufacturing PMI 50.1 vs 50.2 previous
- (EUR) Consumer Confidence -12 vs -14 expected
- (CNY) CB Leading Index m/m -1.00% vs 1.00% previous
- (CAD) Wholesale Sales m/m 1.80% vs -0.20% expected
- SEC warns on coronavirus insider trading after stock sales by NYSE chair, his wife Sen. Loeffler, 3 other senators
Markets Update:
Asian stock markets are notably higher on Tuesday, rebounding from losses in the previous session, amid optimism about more stimulus measures by central banks and governments to the combat the impact of the coronavirus pandemic on the global economy.
Investor sentiment received a boost after the U.S. Federal Reserve announced extensive new measures, including an unlimited expansion of its asset purchases, to support the world’s largest economy during the coronavirus pandemic. The central bank said the program will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
Japan’s Nikkei 225 was among the region’s major markets that the saw the largest increase, surging 7%. Mainland Chinese stocks also saw gains in afternoon trade, with the Shanghai composite up 2.3% while the Shenzhen composite added 2.2%. Hong Kong’s Hang Seng index also jumped 4.2%, with shares of Chinese tech juggernaut Tencent gaining more than 4.5%. Meanwhile, shares in Australia advanced, with the S&P/ASX 200 up 4.2%.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 101.904 after seeing an earlier high of 102.213. Last week, it breached the 100 barrier. Commodity and emerging market currencies that suffered most during the recent asset rout also benefited from the Fed’s steadying hand. Oil prices were up in the afternoon of Asian trading hours, with international benchmark Brent crude futures 4.18% higher.
Upcoming Events:
- 08:15 AM GMT – (EUR) French Flash Manufacturing PMI
- 08:30 AM GMT – (EUR) German Flash Manufacturing PMI
- 08:30 AM GMT – (EUR) German Flash Services PMI
- 09:00 AM GMT – (EUR) Flash Manufacturing PMI
- 09:00 AM GMT – (EUR) Flash Services PMI
- 09:30 AM GMT – (GBP) Flash Manufacturing PMI
- 09:30 AM GMT – (GBP) Flash Services PMI
- 01:45 PM GMT – (USD) Flash Manufacturing PMI
- 02:00 PM GMT – (USD) Richmond Manufacturing Index