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Asia Market Update
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Most Asian indices trade higher following the FOMC statement
Thu, Jun 26 2008, 08:56 GMT
by Trade The News Staff
Trade The News
Real-time 24hr global markets news in both audio & text formats. Free Trial.- Economic Numbers: New Zealand's Q1 current account balance came in worse than expected (Q1 CURRENT ACCOUNT BALANCE: -2.16B V -1.70BE; ACCOUNT DEFICIT-GDP RATIO: -7.8% V -7.5%E) and the data drove the Kiwi to session lows. Now traders are looking ahead to tomorrow's Q1 GDP data as the consensus estimate is for a -0.3% q/q reading versus the prior +1.0% figure. In Australia the April Conference Board leading index rose (APRIL CONFERENCE BOARD LEADING INDEX: 0.3% V -0.4% PRIOR), while May job vacancy numbers also improved (MAY JOB VACANCIES: 3.4% V -2.5% PRIOR). In other economic news, the BoJ's Nakamura noted that inflation risks and the chances of a US slowdown are rising. He also said that the end of the financial market turmoil is not yet in sight.
- Forex: The USD is higher against the JPY, CHF, GBP, AUD and NZD, after being sold following the FOMC rate decision and commentary. The EUR is near session highs. EUR/JPY is trading at record levels (above 169.00). In other yen pairs, AUD/JPY and GBP/JPY are both higher, while NZD/JPY is lower. The AUD/NZD pair is higher by more than 0.25% on the soft NZ current account data.
- Asian Equities: The Nikkei 225 is higher by more than 0.50% on gains in shares of banks. The S&P ASX 200 is also being driven higher by gains in shares of financials. The Kospi is higher by more than 0.60% on gains in shares of consumer electronics companies and Posco Steel. Chinese equities are lower by more than 1%, led by declines in shares of oil companies. The Hang Seng is higher by more than 0.40% on gains in shares of property developers.
- Commodities: Crude oil prices are lower by more than 0.10% and trading around $134.30/bbl. During the US session, crude fell by more than 1.5% on bearish weekly crude inventories data (DOE CRUDE: +800K V -1ME). Although crude closed the US session lower, it did rebound off of session lows following the FOMC statement. Spot Gold is higher by more than 0.85% and trading around $890.00/oz, tracking the gains in the EUR.
Published on Thu, Jun 26 2008, 08:58 GMT
Archive
- Renewed Selling in US Sinks Asian Bourses
Published On Tue, Dec 2 2008, 07:48 GMT - Asian equities open mixed following initial US holiday sales results and China's record low PMI data
Published On Mon, Dec 1 2008, 08:34 GMT - Crude oil surrenders some gains ahead of OPEC, USD rangebound vs majors in thin holiday trading
Published On Fri, Nov 28 2008, 08:13 GMT - Toyota Rating Cut at Fitch, Korea's Kospi Rallies on Financials' Resilience
Published On Wed, Nov 26 2008, 10:02 GMT - Yang out as Yahoo Chief, Dovish RBA Sinks Aussie Index to 4-year low
Published On Tue, Nov 18 2008, 09:25 GMT
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