Global Markets:
- Asian Stock Markets : Nikkei up 0.47%, Shanghai Composite up 0.08%, Hang Seng down 0.07%, ASX up 0.32%
- Commodities : Gold at $1554.55 (+0.26%), Silver at $18.02 (+0.43%), Brent Oil at $64.58 (-0.06%), WTI Oil at $58.48 (-0.07%)
- Rates : US 10-year yield at 1.829, UK 10-year yield at 0.635, Germany 10-year yield at -0.222
News & Data:
- (CNY) Industrial Production y/y 6.90% vs 5.90% expected
- (CNY) Fixed Asset Investment ytd/y 5.40% vs 5.20% expected
- (CNY) GDP q/y 6.00% vs 6.00% expected
- (USD) Philly Fed Manufacturing Index 17 vs 3.7 expected
- (USD) Retail Sales m/m 0.30% vs 0.30% expected
- (USD) Core Retail Sales m/m 0.70% vs 0.50% expected
- NZ dollar rises on hopes China’s economy has stabilised
- White House officials confirm election year stimulus plan focusing on tax cuts
Markets Update:
Asian stock markets are mostly higher on Friday following the record closing highs overnight on Wall Street amid upbeat economic data and corporate earnings results. The markets also benefited from continuing optimism following the signing of the U.S.-China trade deal on Wednesday.
In addition, investor sentiment was boosted by data showing that China’s economy grew in line with expectations. Data released by the National Bureau of Statistics showed that China’s gross domestic product or GDP grew 6.1 percent in 2019, which was well within the target of 6 to 6.5 percent growth.
Chinese markets rose following the release of those numbers, before reversing to trade almost flat. The Shanghai composite was up 0.1%, while the Shenzhen composite traded flat. Hong Kong’s Hang Seng index jumped 0.1%. Japan’s Nikkei 225 rose 0.5%, with most sectors rising. South Korea’s Kospi seesawed to trade 0.2% higher. The Bank of Korea on Friday kept its benchmark rate steady at 1.25%, as expected. That followed two cuts last year.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.320, up from its previous close at 97.298. The safe-haven Japanese yen was at 110.16, weakening from the 109 level for most of the week. Oil prices were little changed in the morning of Asia trading hours on Friday.
Upcoming Events:
- 09:30 AM GMT – (GBP) Retail Sales m/m
- 01:30 PM GMT – (USD) Building Permits
- 02:00 PM GMT – (USD) FOMC Member Harker Speaks
- 03:00 PM GMT – (USD) Prelim UoM Consumer Sentiment