Global Markets:
- Asian Stock Markets : Shanghai Composite up 0.77%, Hang Seng down 1.01%, ASX up 0.76%
- Commodities : Gold at $1309.40 (+0.29%), Silver at $16.43 (+0.31%), WTI Oil at $73.22 (-0.19%), Brent Oil at $67.86 (-0.10%)
- Rates : US 10-year yield at 2.968, UK 10-year yield at 1.456, Germany 10-year yield at 0.580
News & Data:
- (AUD) Building Approvals m/m 2.60% vs 1.10% expected
- (AUD) Trade Balance 1.53B vs 0.68B expected
- (USD) Federal Funds Rate <1.75% vs <1.75% expected
- (USD) Crude Oil Inventories 6.2M vs 1.0M expected
- (USD) ADP Non-Farm Employment Change 204K vs 200K expected
- (EUR) Prelim Flash GDP q/q 0.40% vs 0.40% expected
- (GBP) Construction PMI 52.5 vs 50.5 expected
- (CNY) Caixin Manufacturing PMI 51.1 vs 50.9 expected
- Cambridge Analytica and Scl Elections Commence Insolvency Proceedings and Release Results of Independent Investigation into Recent Allegations
- NZ commodity prices rise in April on gains in dairy, aluminium
Markets Update:
Asia equities trading mixed in today’s trade following overnight US weakness. Press indicated momentum would be subdued as participants digest the FOMC meeting, though there were no major surprises.
Regional focus remains on the US-China trade talks as US Treasury Secretary Mnuchin arrived in Beijing today. S&P futures little changed in the night session. Dollar softer, crude oil partially gave back earlier gains, while gold moderately higher.
Hang Seng opened sharply lower amid ongoing concerns about trade tensions, while mainland China is trading moderately negative. ASX 200 is outperforming the region on the back of materials strength, while banks are mostly higher.
KOSPI faded after briefly turning positive amid uncertainties about US monetary policy and foreign net selling. Japan will be closed for the rest of the week for the Golden Week holidays. News flow generally dominated by earnings reports. Australian data impact was limited.
Upcoming Events:
- 07:00 AM GMT – (EUR) Spanish Unemployment Change
- 08:30 AM GMT – (GBP) Services PMI
- 09:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 09:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- 12:30 PM GMT – (CAD) Trade Balance
- 12:30 PM GMT – (USD) Prelim Nonfarm Productivity q/q
- 12:30 PM GMT – (USD) Prelim Unit Labor Costs q/q
- 12:30 PM GMT – (USD) Unemployment Claims
- 02:00 PM GMT – (USD) ISM Non-Manufacturing PMI
- 04:00 PM GMT – (CHF) SNB Chairman Jordan Speaks
- &more…
