Tuesday 5th May: Asian markets gain as lockdowns ease.

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Global Markets:

  • Asian Stock Markets : Hang Seng up 1.04%, ASX up 1.64%
  • Commodities : Gold at $1703.10 (-0.60%), Silver at $14.84 (+0.28%), Brent Oil at $29.18 (+7.28%), WTI Oil at $22.55 (+10.59%)
  • Rates : US 10-year yield at 0.670, UK 10-year yield at 0.241, Germany 10-year yield at -0.547

News & Data:

  • (EUR) Spanish Unemployment Change 282.9K vs 500.0K expected
  • (EUR) French Gov Budget Balance -52.5B vs -35.2B previous
  • (CHF) CPI m/m -0.40% vs -0.10% expected
  • (CHF) SECO Consumer Climate -39 vs -40 expected
  • (AUD) Cash Rate 0.25% vs 0.25% expected
  • (NZD) ANZ Commodity Prices m/m -1.10% vs -2.00% previous

Markets Update:

Asian stock markets are in positive territory on Tuesday following the overnight gains on Wall Street as a rally in tech stocks and higher crude oil prices helped ease worries about rising U.S.-China tensions. Investor sentiment was also boosted by news that several countries are planning to ease lockdown restrictions. The markets in Japan, China and South Korea are closed for holidays.

Hong Kong’s Hang Seng index rose 1.2% in afternoon trade after closing more than 4% lower on Monday. The city’s government announced on Monday that Hong Kong’s economy contracted 8.9% in the first quarter as compared to a year ago — its largest decline on record since 1974.

Over in Australia, the S&P/ASX 200 rose 1.6%, with shares of major banks such as Commonwealth Bank of Australia and Westpac all advancing. That came as the Reserve Bank of Australia announced Tuesday its decision to maintain policy.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.572 after seeing an earlier low of 99.361. Crude oil prices moved higher on Monday, extending gains to a fourth straight session, lifted by reports about several countries planning to ease lockdown restrictions.

Upcoming Events:

  • Tentative – (EUR) German Constitutional Court Ruling
  • 08:30 AM GMT – (GBP) Final Services PMI
  • 12:30 PM GMT – (CAD) Trade Balance
  • 02:00 PM GMT – (USD) ISM Non-Manufacturing PMI
  • 10:45 PM GMT – (NZD) Employment Change q/q
  • 10:45 PM GMT – (NZD) Unemployment Rate