Global Markets:
- Asian Stock Markets : Nikkei up 0.62%, Shanghai Composite down 0.07%, Hang Seng down 0.18%, ASX up 1.43%
- Commodities : Gold at $1745.65 (+0.27%), Silver at $16.54 (+2.36%), Brent Oil at $32.42 (+4.14%), WTI Oil at $28.65 (+3.96%)
- Rates : US 10-year yield at 0.620, UK 10-year yield at 0.205, Germany 10-year yield at -0.542
News & Data:
- (CNY) Industrial Production y/y 3.90% vs 1.50% expected
- (CNY) Fixed Asset Investment ytd/y -10.30% vs -9.80% expected
- (USD) Unemployment Claims 2981K vs 2500K expected
- China Foreign Ministry: In The Interest Of China, US To Keep Developing Relations
- Xi’s Stronger Virus Controls Signal Anxiety Over Second Wave
Markets Update:
Asian stock markets are mostly lower on Friday, with some of the markets paring early gains. Optimism about some states in the U.S. partially reopening their economies was offset by mixed economic data from China and worries about rising tensions between the U.S. and China over the coronavirus pandemic. China’s industrial production rose in April, while fixed asset investment and retail sales fell more than expected.
Mainland Chinese stocks were mixed on the day, with the Shanghai composite lower by 0.1% while the Shenzhen composite added 0.2%. In Japan, the Nikkei 225 closed 0.6% higher. South Korea’s Kospi added 0.1%. Shares in Australia saw gains on the day, with the S&P/ASX 200 up 1.4%.
In the currency market, the dollar steadied near a three-week high as Sino-U.S. tensions and worries about a second wave of coronavirus infections rattled investors. Oil prices extended gains as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade.
Upcoming Events:
- 06:00 AM GMT – (EUR) German Prelim GDP q/q
- 12:30 PM GMT – (USD) Core Retail Sales m/m
- 12:30 PM GMT – (USD) Retail Sales m/m
- 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment