Global Markets:
- Asian Stock Markets : Nikkei up 1.05%, Shanghai Composite up 1.47%, Hang Seng up 0.47%, ASX up 0.38%
- Commodities : Gold at $1312.65 (-0.26%), Silver at $15.54 (+0.01%), Brent Oil at $66.90 (+0.89%), WTI Oil at $57.63 (+0.72%)
- Rates : US 10-year yield at 2.719, UK 10-year yield at 1.293, Germany 10-year yield at 0.189
News & Data:
- (CNY) Caixin Manufacturing PMI 49.9 vs 48.5 expected
- (USD) Chicago PMI 64.7 vs 57.3 expected
- (USD) Advance GDP Price Index q/q 1.80% vs 1.70% expected
- (USD) Advance GDP q/q 2.60% vs 2.20% expected
- (CAD) RMPI m/m 3.80% vs 4.10% expected
- (CAD) Current Account -15.5B vs -13.4B expected
- (EUR) German Prelim CPI m/m 0.50% vs 0.50% expected
- S. and China on Verge of ‘Historic’ Trade Deal, Kudlow Says
Markets Update:
Asian stock markets are mostly higher on Friday as news about the Trump-Kim summit ending abruptly without any positive outcome was more than offset by data showing U.S. economic growth slowed by less than expected in the fourth quarter. Comments by White House economic advisor Larry Kudlow that the U.S. and China are making “fantastic” progress in their trade negotiations also boosted sentiment.
Mainland China markets capped the morning session in mixed territory following turbulent early trade, after a private survey showed that Chinese factory activity shrank for a third straight month in February. The Shanghai composite was higher by 1.5 percent, while the Shenzhen composite was fractionally higher.
Hong Kong’s Hang Seng index edged up 0.5 percent. The Nikkei 225 in Japan rose 1 percent and the Topix added 0.5 percent, with shares of conglomerate Softbank Group gaining 1.56 percent. In Australia, the ASX 200 advanced 0.46 percent, with most sectors seeing gains.
Better-than-expected U.S. economic growth in the fourth quarter had little impact on U.S. stocks. Gross domestic product rose 2.9 percent for the year, just shy of the 3 percent goal set by the Trump administration. The GDP data lifted yields on benchmark 10-year Treasury notes. The dollar index which tracks the greenback against major rivals, was up 0.1 percent at 96.268.
Upcoming Events:
- 10:30 AM GMT – (GBP) Manufacturing PMI
- 10:30 AM GMT – (GBP) Net Lending to Individuals m/m
- 11:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 11:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- &more…
