Global Markets:
- Asian Stock Markets : Nikkei down 0.34%, Shanghai Composite down 1.25%, Hang Seng down 0.59%, ASX down 0.13%
- Commodities : Gold at $1343.50 (-0.25%), Silver at $16.55 (-0.76%), WTI Oil at $67.72 (+0.12%), Brent Oil at $63.06 (+0.08%)
- Rates : US 10-year yield at 2.741, UK 10-year yield at 1.343, Germany 10-year yield at 0.494
News & Data:
- (AUD) Cash Rate 1.50% vs 1.50% expected
- (JPY) 10-y Bond Auction 0.03|4.2 vs 0.06|4.5 previous
- (AUD) ANZ Job Advertisements m/m 0.00% vs -0.40% previous
- (JPY) Monetary Base y/y 9.10% vs 9.60% expected
- (AUD) AIG Manufacturing Index 63.1 vs 57.5 previous
- (USD) ISM Manufacturing Prices 78.1 vs 72.5 expected
- (USD) Construction Spending m/m 0.10% vs 0.40% expected
- (USD) ISM Manufacturing PMI 59.3 vs 60.1 expected
- (USD) Final Manufacturing PMI 55.6 vs 55.7 expected
- Australian job advertisements remain flat in March
- NZ dollar falls as China retaliates over US tariffs
Markets Update:
Asian markets traded in the red today, taking cues from the overnight losses on the Wall Street. While the US market fallout has reflected in the markets, regional tech weakness has also contributed to the losses. ASX has been relatively overperforming, following RBA policy meeting minutes, and a rebound in resources.
No improvement on the China situation – although analysts have called the tariffs proposed by China as modest, having left out major sectors aircrafts and automobiles. However, there are no indications at the moment as to whether China’s two-pronged stance is working or not.
After three days of declines, the US dollar steadied against the yen, although it was marginally lower against a basket of major currencies. The proposed tariffs have hurt the US dollar, with investors moving away from the currency on trade concerns.
Gold inched lower today, which has been viewed by many as a sign that investors are still confident in the capacity of the markets to delivery, and that a risk averse sentiment isn’t prevailing. Oil prices recovered slightly, after Monday’s selloff, following reports of increased Russian production.
Upcoming Events:
- 06:00 AM GMT – (EUR) German Retail Sales m/m
- 07:00 AM GMT – (EUR) Spanish Unemployment Change
- 08:30 AM GMT – (GBP) Manufacturing PMI
- Tentative – (NZD) GDT Price Index
- 08:30 PM GMT – (USD) FOMC Member Brainard Speaks
