|

Asia trades higher amid holidays and record close for the S&P 500

Asia Market Update: Asia trades higher amid holidays and record close for the S&P 500; US jobs report due later today.

General trend

- Asian markets have remained higher amid various holidays; Tech firms rise after gains on the Nasdaq.

- Nikkei is trading near the session highs [Topix Electric Appliances and Information & Communication indices rise; Marine Transportation and Financial cos. lag; Mizuho declines after press report related to Archegos].

- Shanghai Composite rose modestly during the morning session [IT and Consumer indices outperformed; Financials lagged].

- Samsung extends gain in South Korea.

- Commodity currencies see modest gains in Asia.

- Shanghai market to be closed on Monday (April 5th).

- The HK market is due to be closed for holiday from April 2nd to April 6th.

- Australia and NZ markets are closed April 2-5th.

Headlines/Economic Data

Australia/New Zealand

- ASX 200 closed for holiday.

China/Hong Kong

- Hang Seng closed for holiday, Shanghai Composite opened +0.2%.

- (CN) China PBOC monetary policy Dept chief Sun Guofeng: Impact of any new US policies on China will be limited.

- (CN) China PBoC reiterates stance that current financial risks are controllable.

- (CN) Senior PBOC official Zou Lan: Keeping close watch on foreign investment in bond market, believe Chinese bond market is resilient.

- (CN) China PBoC Wang Xin: Have launched multi-lateral digital currency research pilot with Hong Kong, Thailand and UAE.

- (CN) Current China PBOC official Li Bo is expected to become Deputy Gov at the PBOC - Chinese press.

- (CN) China State Planner NDRC: To ensure decline in steel production for 2021; To launch nationwide inspection on steel capacity cuts.

- (CN) China Commerce Ministry (MOFCOM): Reiterates stance that US and China should address concerns via dialogue; reiterates opposition to unilateral imposition of tariffs; China expected to release e-commerce 5-year plan in H2 2021 [comments from April 1st].

- (HK) US Sen GOP Leader McConnell: HK news shows China's tightening totalitarian grip, US must work with partners to impose consequences.

- (CN) China Industry Ministry (MIIT): To increase the production of coronavirus vaccines.

- (CN) Shanghai Stock Exchange (SSE) has started on-site inspections related to certain bond sales, to tighten its scrutiny related to the issuance of corporate bonds - Chinese press.

- (CN) China PBOC sets Yuan reference rate: 6.5649 v 6.5584 prior.

- (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v CNY0B prior.

Japan

- Nikkei 225 opened +1.1%.

- (JP) Bank of Japan (BOJ)'s Noguchi: (new Board member) support BoJ's current policy stance as it has stopped the trend of falling prices; To decide later if BoJ should cut rates further into negative territory [comments from April 1st ].

- (JP) Japan PM Suga has delayed trip to US to meet with President Biden until Apr 16th [versus April 9th prior] - Japan Press.

- (JP) Japan Fin Min Aso: Declining to comment on impact of Archegos on specific companies; Monitoring situation on Archegos impact.

- (JP) Japan Mar Monetary Base Y/Y: 20.8% v 19.6% prior.

Korea

- Kospi opened +0.6%.

-*(KR) SOUTH KOREA MAR CPI M/M: +0.1% V -0.1%E; Y/Y: 1.5% V 1.5%E (fastest annualized pace since Jan 2020).

North America

- (US) President Biden to give remarks on Jobs report at 11:00EST on Apr 2nd.

- (US) Top White House aides to meet with industry and tech execs on April 12th to discuss semiconductor shortage – press.

- (US) Said that President Biden has no ambitions to revive State and Local Tax Deduction (SALT) – Press.

- [MRNA]: Confirms FDA has approved to allow up to 15 coronavirus doses per vial; FDA has authorized cos’ COVID-19 Vaccine to be kept at room temperature conditions once removed from the refrigerator for administration for 24 hours [an increase from the previous 12 hours].

Europe

- OPEC+ delegate says majority of OPEC+ members support a 1-month roll over of production cuts; discussions are ongoing – press.

- (SA) Saudi Oil Min: confirms voluntary Saudi cuts will be eased by 250K in May, 350K in June, and 400K in July.

- (DE) German Finance, Econ Ministry: German Government to agree to further aid for companies hit by Covid-19.

- AstraZeneca [AZN.UK]: Said that UK has linked 25 blood clot cases to coronavirus vaccine – FT.

- AstraZeneca [AZN.UK]: US NIH's Fauci has 'general feeling' the US will not need the AstraZeneca vaccine, even if the vaccine is authorized - financial press.

- (NL) Dutch PM 'narrowly' survives no-confidence vote (72 voted for no-confidence out of 150 seats).

Levels as of 01:20 ET

- Nikkei 225, +1.5%, ASX 200 closed , Hang Seng closed; Shanghai Composite +0.3% ; Kospi +0.6%.

- Equity S&P500 Futures: +0.2%; Nasdaq100 +0.3%, Dax closed; FTSE100 closed.

- EUR 1.1784-1.1769 ; JPY 110.67-110.52 ; AUD 0.7638-0.7614 ;NZD 0.7042-0.7010.

- Gold closed; Crude Oil closed; Copper closed.

Author

TradeTheNews.com Staff

TradeTheNews.com Staff

TradeTheNews.com

Trade The News is the active trader’s most trusted source for live, real-time breaking financial news and analysis.

More from TradeTheNews.com Staff
Share:

Editor's Picks

AUD/USD hangs near three-week low, below 0.6950 as traders await US NFP report

AUD/USD hits a three-week low during the Asian session on Friday as the RBA’s dovish shift and a rout in equity markets weigh on the risk-sensitive Aussie. However, the recent slump in US bond yields to a two-month low keeps US Dollar bulls on the back foot and limits losses for the currency pair as traders look to the US NFP report for a fresh impetus.

USD/JPY bounces off three-week low; keeps the red near 157.65 as focus remains on US NFP

USD/JPY bounces off the weekly low set during the Asian session, as bears turn cautious ahead of the US NFP report due later this Friday. The upside seems limited as the recent slump in US bond yields and hopes of Iran war de-escalation undermine the US Dollar. Moreover, a hawkish BoJ and intervention risks support the Japanese Yen, capping the pair.

Gold loses the grip; $4,000 comes next on the downside

Gold sets aside two daily advances in a row on Friday, opening the door to a potential test of the key $4,000 mark per troy ounce. The precious metal’s retracement follows a decent improvement in the sentiment surrounding the US Dollar, solid NFP data and higher US Treasury yields across the board.

Democrats win House and Senate in US midterms: Why isn’t all bad news for crypto

The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.

Week ahead – Inflation and geopolitics in focus as US political landscape shifts

Post-midterm election euphoria fizzles out as risk aversion prevails. US CPI, PPI and Fedspeak on the radar as Fed hike bets remain supported. Oil retreat pauses on mixed hopes about the ongoing conflicts.

US Dollar breaks below 101.50 as Democrats sweep Congress
The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.