Global Markets:
- Asian Stock Markets : Nikkei up 1.29%, Shanghai Composite up 0.07%, Hang Seng up 1.36%, ASX up 1.83%
- Commodities : Gold at $1726.60 (-0.43%), Silver at $18.18 (-0.47%), Brent Oil at $40.18 (+1.54%), WTI Oil at $37.61 (+2.17%)
- Rates : US 10-year yield at 0.705, UK 10-year yield at 0.246, Germany 10-year yield at -0.383
News & Data:
- (EUR) Spanish Services PMI 27.9 vs 24.7 expected
- (CHF) GDP q/q -2.60% vs -2.00% expected
- (CNY) Caixin Services PMI 55 vs 47.4 expected
- (AUD) Building Approvals m/m -1.80% vs -10.80% expected
- (AUD) GDP q/q -0.30% vs -0.40% expected
- (GBP) BRC Shop Price Index y/y -2.40% vs -1.70% previous
- (AUD) AIG Construction Index 24.9 vs 21.6 previous
- (NZD) GDT Price Index 0.10% vs 1.00% previous
- (USD) Wards Total Vehicle Sales 8.7M vs 11.1M expected
- (GBP) 10-y Bond Auction 0.26|2.8 vs 0.26|3.2 previous
- (GBP) M4 Money Supply m/m 1.50% vs 2.50% expected
- (GBP) Net Lending to Individuals m/m -6.9B vs 1.7B expected
- (GBP) Mortgage Approvals 16K vs 34K expected
- Global manufacturing downturn eases in May, but only China enjoys growth
Markets Update:
Asian stock markets are rising on Wednesday, extending gains from the previous session following the positive cues overnight from Wall Street amid optimism about an economic recovery and on hopes of more stimulus measures.
Investors shrugged off worries about the spreading civil protests in the U.S. over the death of George Floyd at the hands of Minneapolis police officers.
Stocks in mainland China traded flat, with the Shanghai composite fractionally higher while the Shenzhen component dipped slightly. n Hong Kong, the Hang Seng index rose 1.4%, as of its final hour of trading, with shares of Chinese tech juggernaut Alibaba soaring 4.5%. Shares in Australia also saw gains, with the S&P/ASX 200 up 1.8%. Japan’s Nikkei 225 also saw decent gains as it advanced 1.3%.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.358 after weakening in recent days following levels above 99.4 seen last week. The U.S. Treasury yield curve steepened, partly reflecting the sale of more government debt to finance massive stimulus efforts.
On the other hand, as expectations of central bank policy support kept shorter yields in check, boosting the yield gap between 5- and 30-year Treasuries to 118 basis points, its highest since early 2017.
Upcoming Events:
- 08:30 AM GMT – (GBP) Final Services PMI
- 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 02:00 PM GMT – (CAD) BOC Rate Statement
- 02:00 PM GMT – (CAD) Overnight Rate
- 02:00 PM GMT – (USD) ISM Non-Manufacturing PMI
- All Day – (All) G7 Meetings