Asian equity markets were mixed on the final trading day of the week as profit-taking on recent gains overshadowed another record close for the S&P 500 overnight.
News that the International Monetary Fund (IMF) trimmed its global growth forecasts again on Thursday also put a lid on gains. The IMF cut its forecast down to 3.4 percent this year from April's forecast for 3.7 percent due to geopolitical risks over Ukraine and Iraq, as well as lowered expectations for key emerging markets.
"The main threat to risk sentiment in Asia today is news that Portugal's Espirito Santo Financial Group sought protection from creditors. While this is not a major threat to Europe's financial sector, it could be used as an excuse to take some profits in the near term," said Stan Shamum, market strategist at IG in a note.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price holds strength ahead of US core PCE inflation
Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.