Global Markets:
- Asian Stock Markets : Nikkei up 4.88%, Shanghai Composite up 1.44%, Hang Seng up 2.62%, ASX up 3.89%
- Commodities : Gold at $1732.15 (+0.29%), Silver at $17.51 (+0.63%), Brent Oil at $39.76 (+0.10%), WTI Oil at $37.09 (-0.08%)
- Rates : US 10-year yield at 0.736, UK 10-year yield at 0.230, Germany 10-year yield at -0.423
News & Data:
- (GBP) Claimant Count Change 528.9K vs 405.3K expected
- (CNY) Industrial Production y/y 4.40% vs 5.00% expected
- (CNY) Fixed Asset Investment ytd/y -6.30% vs -6.00% expected
- Reports Exploding Sound Heard Near Korean Border Area – Joongang
- Bank of Japan keeps policy steady, eyes recovery from pandemic
Markets Update:
Asian stock markets are notably higher on Tuesday as investor sentiment received a boost after the U.S. Federal Reserve announced plans to buy individual corporate bonds to support market liquidity amid the coronavirus pandemic. The news helped offset worries about a second wave of coronavirus infections.
The Nikkei 225 in Japan surged 4.9% in afternoon trade as shares of robot maker Fanuc skyrocketed 6% while the Topix index advanced 4.1% The Australian market is rising as investors also digested minutes of the Reserve Bank of Australia’s monetary policy meeting held on June 2.
Hong Kong’s Hang Seng index gained 2.6% by the afternoon. Mainland Chinese stocks were also higher, with the Shanghai composite up around 1.4% while the Shenzhen component added 1.8%.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.518 after slipping from levels above 97 seen earlier.
Oil prices were steady on Tuesday as lingering concerns over the threat to fuel demand from the resurgence of new coronavirus infections around the world were cushioned by hopes for further cuts in crude supplies.
Upcoming Events:
- Tentative – (JPY) BOJ Press Conference
- 12:30 PM GMT – (USD) Core Retail Sales m/m
- 12:30 PM GMT – (USD) Retail Sales m/m
- 02:00 PM GMT – (USD) Fed Chair Powell Testifies