Global Markets:
- Asian Stock Markets : Nikkei up 0.50%, Shanghai Composite down 0.74%, Hang Seng up 0.18%, ASX up 0.46%
- Commodities : Gold at $1318.30 (+0.03%), Silver at $16.48 (-0.07%), WTI Oil at $74.56 (-0.24%), Brent Oil at $68.03 (-0.23%)
- Rates : US 10-year yield at 2.972, UK 10-year yield at 1.506, Germany 10-year yield at 0.596
News & Data:
- (NZD) Trade Balance -86M vs 270M expected
- (USD) Unemployment Claims 209K vs 230K expected
- (USD) Durable Goods Orders m/m 2.60% vs 1.60% expected
- (USD) Core Durable Goods Orders m/m 0.00% vs 0.50% expected
- (EUR) Minimum Bid Rate 0.00% vs 0.00% expected
- (EUR) Spanish Unemployment Rate 16.70% vs 16.30% expected
- Japanese Yen Steady As BoJ Holds Once More, Kuroda Up Next
- The Moon-Kim summit is historic, but denuclearization may not be on the agenda
- Mexico says NAFTA deal 'reasonably close' talks 'not easy'
Markets Update:
Asian shares edged higher on Friday, after U.S. equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged.
Chinese markets opened stronger but have reversed with mainland equities in negative territory. Data showed industrial profit growth slowed sharply in March, while PBoC left liquidity unchanged, draining CNY270B via OMOs this week. Hang Seng tech stocks mixed following Thursday’s volatility as concerns over smartphone demand linger.
ASX off its highs, with banks under pressure again amid a recent pickup in concerns over lending standards. Japanese earnings have ramped up with some big tech names logging outsized gains. BoJ kept policy unchanged as expected, decision registering a muted market response even as policymakers omitted language around inflation timetable.
Geopolitics a high profile focus with North Korean leader Kim Jong-un meeting his South Korean counterpart for the first time. Expected to discuss peace and denuclearization, setting the stage for Kim’s planned summit with President Trump by early June
The yield on U.S. 10-year Treasuries closed below the 3 percent level on Thursday as buyers emerged following a sell-off fueled by worries over growing U.S. debt issuance and rising costs. Oil prices edged lower on Friday but Brent largely held gains from the previous session amid concerns that Iran may face renewed sanctions, choking off supply.
Upcoming Events:
- Tentative – (JPY) BOJ Policy Rate
- Tentative – (JPY) Monetary Policy Statement
- Tentative – (JPY) BOJ Outlook Report
- Tentative – (JPY) BOJ Press Conference
- 07:00 AM GMT – (EUR) Spanish Flash CPI y/y
- 07:00 AM GMT – (EUR) Spanish Flash GDP q/q
- 08:00 AM GMT – (CHF) SNB Chairman Jordan Speaks
- 08:30 AM GMT – (GBP) Prelim GDP q/q
- 12:30 PM GMT – (USD) Advance GDP q/q
- 12:30 PM GMT – (USD) Advance GDP Price Index q/q
- 12:30 PM GMT – (USD) Employment Cost Index q/q
- 02:00 PM GMT – (GBP) BOE Gov Carney Speaks
- 02:00 PM GMT – (USD) Revised UoM Consumer Sentiment
- &more…
