Friday 25th May: Asian shares shaky on Friday amid fragile market sentiment regarding US-NK Korea Summit

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Global Markets:

  • Asian Stock Markets : Nikkei up 0.20%, Shanghai Composite down 0.20%, Hang Seng down 0.34%, ASX down 0.05%
  • Commodities : Gold at $1302.30 (-0.16%), Silver at $16.65 (-0.25%), Brent at $78.65 (-0.18%), WTI Oil at $70.61 (-0.14%)
  • Rates : US 10-year yield at 2.988, UK 10-year yield at 1.398, Germany 10-year yield at 0.472                                                                   

News & Data:

  • (JPY) Tokyo Core CPI y/y 0.50% vs 0.60% expected
  • (USD) Natural Gas Storage 91B vs 92B expected
  • (USD) Existing Home Sales 5.46M vs 5.56M expected
  • (USD) HPI m/m 0.10% vs 0.50% expected
  • (EUR) Belgian NBB Business Climate 0.2 vs 0.6 expected
  • (USD) Unemployment Claims 234K vs 220K expected
  • (CAD) Corporate Profits q/q 2.70% vs -1.90% previous
  • (GBP) Retail Sales m/m 1.60% vs 0.80% expected
  • (EUR) German GfK Consumer Climate 10.7 vs 10.8 expected
  • (EUR) German Final GDP q/q 0.30% vs 0.30% expected
  • USD/JPY Forecast: Downside exposed as risk-off move could gather pace
  • Property sector remains central to China's economy, tighter credit supply constrains growth

Markets Update:

Asian stock markets are mixed on Friday amid cautious trades after U.S. President Donald Trump cancelled the planned historic summit with North Korean leader Kim Jong Un and accused North Korea of displaying "tremendous anger and open hostility". Lingering worries about trade wars also weighed on investor sentiment.

The Japanese market recovered after a weak start and is modestly higher following the weak cues from Wall Street. Investor worries eased after North Korea said it is willing to resolve issues with the U.S. despite Trump's cancellation of the summit.

The Australian market is declining following the negative cues from Wall Street. Banks, mining and oil stocks are weak, while gold miners are higher.

The 10-year U.S. Treasuries yield US10YT=RR stood at 2.988 percent, falling further from a seven-year high of 3.128 percent hit a week ago.

Oil prices slipped, partly on speculation reduced supplies from Venezuela and Iran could prompt Organization of the Petroleum Exporting Countries (OPEC) to wind down output cuts in place since the start of 2017.

Upcoming Events:

  • 9:30 am GMT – (GBP) Second Estimate GDP q/q
  • 12:00  AM GMT – (GBP) Prelim Business Investment q/q
  • 1:00 pm GMT – (AUD) RBA Assist Gov Bullock Speaks
  • 1:30 pm GMT – (USD) Core Durable Goods Orders m/m
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  • 2:20 pm GMT – (GBP) BOE Gov Carney Speaks
  • 12:00  AM GMT – (USD) Fed Chair Powell Speaks
  • 3:00 pm GMT – (USD) Revised UoM Consumer Sentiment
  • 4:45 pm GMT – (USD) FOMC Member Bostic Speaks
  • 01:15  PM GMT – (USD) FOMC Member Brainard Speaks
  • &more…

 

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