Thursday 23rd April: Asian markets gain on positive cues

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 1.52%, Shanghai Composite down 0.19%, Hang Seng up 0.09%, ASX down 0.08%
  • Commodities : Gold at $1739.30 (+0.06%), Silver at $15.54 (+1.34%), Brent Oil at $21.77 (+6.87%), WTI Oil at $15.05 (+9.22%)
  • Rates : US 10-year yield at 0.622, UK 10-year yield at 0.335, Germany 10-year yield at -0.400

News & Data:

  • (EUR) German Flash Services PMI 15.9 vs 28.3 expected
  • (EUR) German Flash Manufacturing PMI 34.4 vs 39 expected
  • (EUR) French Flash Manufacturing PMI 31.5 vs 37.3 expected
  • (EUR) French Flash Services PMI 10.4 vs 24.7 expected
  • COVID-19 lockdown leads to record contraction in German economy
  • BOJ mulls expanding monetary easing to help virus-hit firms

Markets Update:

Asian stock markets are mostly higher on Thursday with modest gains following the positive cues overnight from Wall Street for the first time in three days and the substantial rebound in crude oil prices.

Optimism about more stimulus measures from global central banks to deal with the economic impact of the coronavirus pandemic also lifted stocks. Stocks’ recovery was buoyed by gains in oil futures during its previous session as U.S. President Donald Trump threatened to destroy Iranian gun boats that harassed American ships at sea.

Japan’s Nikkei 225 led gains among the region’s major markets as it rose 1.5%. Hong Kong’s Hang Seng index added about 0.1%. Meanwhile, shares in Australia dipped, with the S&P/ASX 200 closing lower by 0.1%. Mainland Chinese stocks dipped on the day, with the Shanghai composite 0.2% lower to about while the Shenzhen composite shed 0.5%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 100.327 after seeing lows around 100 yesterday. U.S. crude was up 3.3% at $14.22. U.S. crude futures fell deep into negative territory on Monday as the market grappled with a supply glut and cratering demand.

Upcoming Events:

  • 08:00 AM GMT – (EUR) Flash Manufacturing PMI
  • 08:00 AM GMT – (EUR) Flash Services PMI
  • 08:30 AM GMT – (GBP) Flash Manufacturing PMI
  • 08:30 AM GMT – (GBP) Flash Services PMI
  • 09:30 AM GMT – (GBP) MPC Member Vlieghe Speaks
  • All Day – (EUR) EU Economic Summit
  • 12:30 PM GMT – (USD) Unemployment Claims
  • 01:45 PM GMT – (USD) Flash Manufacturing PMI