Global Markets:
- Asian Stock Markets : Nikkei up 0.06%, Shanghai Composite down 0.53%, Hang Seng down 0.09%, ASX down 0.41%
- Commodities : Gold at $1297.90 (-0.28%), Silver at $16.44 (-0.14%), Brent Oil at $77.47 (-0.12%), WTI Oil at $66.87 (-0.25%)
- Rates : US 10-year yield at 2.868, UK 10-year yield at 1.231, Germany 10-year yield at 0.356
News & Data:
- (CNY) Caixin Manufacturing PMI 51.1 vs 51.3 expected
- (USD) Crude Oil Inventories -3.6M vs -0.4M expected
- (USD) Chicago PMI 62.7 vs 58.2 expected
- (USD) Unemployment Claims 221K vs 228K expected
- (USD) Personal Spending m/m 0.60% vs 0.40% expected
- (USD) Core PCE Price Index m/m 0.20% vs 0.10% expected
- (CAD) GDP m/m 0.30% vs 0.20% expected
- (EUR) Core CPI Flash Estimate y/y 1.10% vs 1.00% expected
- (EUR) CPI Flash Estimate y/y 1.90% vs 1.60% expected
- (GBP) Net Lending to Individuals m/m 5.7B vs 5.2B expected
- BOJ Unexpectedly Cuts Bond Buying in Test of Yen Speculators
- ANZ bank boss defends institution in face of expected criminal charges
- Trump Says U.S. Will Agree To Fair NAFTA Deal Or No Deal At All: White House Statement
Markets Update:
Asian equities shook off earlier weakness on Friday, as a softer yen supported Japanese stocks and firm export data drove South Korean markets higher, although rekindled concerns about U.S. protectionist trade policies limited gains.
The Trump administration's decision to impose steel and aluminum tariffs on Canada, Mexico and the European Union rekindled fears of a global trade war. In response, Canada and Mexico said they will retaliate against the U.S. decision to impose tariffs. Investors are also cautious ahead of the release of U.S. jobs data for the month of May later in the day.
About 230 yuan-denominated mainland A-shares were included in MSCI’s emerging markets index today, for the first time in a step toward deeper integration of China’s bourses with the rest of the world. The Japanese market staged a recovery and climbed into positive territory on the back of a weaker yen, after opening lower amid renewed fears of a global trade war.
The Australian market is declining following the negative cues from Wall Street. In addition, weak commodity prices dragged down resources stocks.
In currencies, the Canadian dollar and the Mexican peso were on the defensive, weighed by the U.S. decision to impose tariffs on aluminium and steel imports from these countries.
The deal by the Italian parties averted the prospect of a new snap election, which had rattled global markets earlier this week and sent the euro to a 10-month low of $1.1510 on Tuesday.
Upcoming Events:
- 09:30 AM GMT – (GBP) Manufacturing PMI
- Day 2 – (All) G7 Meetings
- 01:30 PM GMT – (USD) Average Hourly Earnings m/m
- 01:30 PM GMT – (USD) Non-Farm Employment Change
- 01:30 PM GMT – (USD) Unemployment Rate
- 03:00 PM GMT – (USD) ISM Manufacturing PMI
- &more…
