Global Markets:
- Asian Stock Markets : Nikkei down 1.55%, Shanghai Composite down 0.59%, Hang Seng down 0.02%, ASX up 0.19%
- Commodities : Gold at $1284.05 (+0.02%), Silver at $14.92 (-0.03%), Brent Oil at $71.00 (-0.34%), WTI Oil at $62.21 (-0.06%)
- Rates : US 10-year yield at 2.480, UK 10-year yield at 1.218, Germany 10-year yield at 0.006
News & Data:
- (AUD) Cash Rate 1.50% vs 1.25% expected
- (NZD) Inflation Expectations q/q 2.00% vs 2.00% previous
- (AUD) Trade Balance 4.95B vs 4.49B expected
- (AUD) Retail Sales m/m 0.30% vs 0.20% expected
- Japan April manufacturing PMI returns to expansion but export orders, output still falling
- Australian Dollar Leaps As RBA Leaves Rates On Hold, Eyes Labor Market
Markets Update:
Asian shares staggered up from five-week lows on Tuesday but remained fragile after U.S. President Donald Trump’s latest threat to raise tariffs on Chinese goods shocked financial markets and fuelled worries that trade talks may be derailed.
The Australian market is rising despite the negative cues from Wall Street. Mining stocks and banks are among the major gainers. Meanwhile, the Japanese and South Korean markets, which resumed trading after holidays, are lower. The Chinese markets attempted to recover, but gave up gains not long after, with the Shanghai composite now trading lower by 0.6%. Hong Kong traded flat.
There was little movement in the currency market, with the euro trading virtually flat at $1.1204, having held in a tight range for the past four sessions, while the dollar was steady at 110.70 yen. The Australian dollar rose 0.2 percent to $0.6999.
In the commodity market, oil prices were mixed as U.S. sanctions on oil exporters Iran and Venezuela kept markets on edge, while concerns that the escalating Sino-U.S. trade dispute could slow the global economy also kept crude somewhat in check.
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