Global Markets:
- Asian Stock Markets : Nikkei up 0.49%, Shanghai Composite up 1.34%, Hang Seng up 0.94%, ASX up 0.37%
- Commodities : Gold at $1577.05 (-0.34%), Silver at $17.73 (+0.32%), Brent Oil at $54.67 (+0.40%), WTI Oil at $50.47 (+0.72%)
- Rates : US 10-year yield at 1.560, UK 10-year yield at 0.517, Germany 10-year yield at -0.430
News & Data:
- (AUD) Cash Rate 0.75% vs 0.75% expected
- (USD) ISM Manufacturing PMI 50.9 vs 48.5 expected
- (GBP) Final Manufacturing PMI 50 vs 49.8 expected
- (CNY) Caixin Manufacturing PMI 51.1 vs 51 expected
- (AUD) Building Approvals m/m -0.20% vs -5.00% expected
- BoJ Kuroda: Won’t hesitate to ease further but too early to do so now
Markets Update:
Asian stock markets are mostly higher on Tuesday following the positive cues overnight from Wall Street and as the Chinese market rebounded after sharp losses in the previous session amid concerns about the rapid spread of the coronavirus as well as its impact on the global economy. Stimulus plans announced by China to support its economy has bolstered investor sentiment.
Monday’s plunge had left mainland Chinese indexes diving more than 7%. By Tuesday afternoon, the Shanghai composite was 1.3% higher while the Shenzhen component gained 1.9%. Hong Kong’s Hang Seng index was 0.9% higher as shares of Chinese tech giants Tencent and Alibaba surged 2.3% and 3.6%, respectively. In Japan, the Nikkei 225 was 0.5% higher while the Topix index gained 0.7%.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.828 after rising from levels below 97.5 yesterday. Oil prices were higher in the morning of Asian trading hours.
Upcoming Events:
- 09:45 PM GMT – (NZD) Employment Change q/q
- 09:45 PM GMT – (NZD) Unemployment Rate