Asia Market Update: Asian trading continues to be impacted by holidays; JP and CN return from extended holidays on Thurs; NZD rises after jobs data.

General trend

- Energy stocks move higher after overnight rise in oil prices.

- S&P ASX 200 has gained after the flat open [Financial, Resources and Energy indices rise; ANZ declined after reporting earnings].

- Hang Seng is lower after earlier paring decline [Energy cos. move higher; TECH index drops over 2%; SJM drops after earnings, L’Occitane rises ].

- Nasdaq FUTs erased gain.

- Hon Hai rises after issuing April sales.

- Markets in Japan, Shanghai and South Korea to return from holiday on Thurs (May 6th).

- Companies due to report during the NY morning include Ardmore Shipping, BorgWarner, CyberArk Software, Emerson Electric, Exelon, Flex Ltd, GM, Barrick Gold, Hilton, Jones Lang LaSalle, LL Flooring, Madison Square Garden Sports, NiSource, New York Times, Office Depot, Owens & Minor, Performance Food Group, Reynolds Consumer Products, Scotts Miracle-Gro, Standard Motor Products, Spirit Aerosystems, SunPower Corp, Tupperware..

Headlines/Economic data

Australia/New Zealand

- ASX 200 opened 0.0%.

- ANZ.AU Reports H1 (A$) cash profit 2.99B v 1.41B y/y; Rev 8.4B v 8.9B y/y.

- (NZ) Fonterra Global Dairy Trade Auction Dairy Trade price index: -0.7% v -0.1% prior.

- (NZ) Reserve Bank of New Zealand (RBNZ) Semi-Annual Financial Stability Report (FSR): Financial system sound but vulnerabilities remain, have so far come through pandemic better than expected.

- (NZ) NEW ZEALAND Q1 UNEMPLOYMENT RATE: 4.7% V 4.9%E; Employment Change Q/Q: 0.6% v +0.6% prior ; Y/Y: +0.3% v -0.1%e.

- (NZ) Reserve Bank of New Zealand (RBNZ) Deputy Gov Bascand: There is greater risk of housing price correction; we are in an uncertain economy at the moment.

- WBC.AU Acknowledges AISC proceedings related to interest rate swap in 2016.

- (NZ) Reserve Bank of New Zealand Assistant Gov Hawkesby: Funds for Lending Program (FLP) is serving its purpose.

- (AU) Australia sells A$1.2B v A$1.2B indicated in 1.00% Nov 2031 bonds, avg yield 1.7453%, bid to cover 3.35x.

- (AU) AUSTRALIA MAR BUILDING APPROVALS M/M: 17.4% V 3.0%E.

Japan

- Nikkei 225 closed for holiday.

- Market to re-open tomorrow.

- (JP) Osaka and Tokyo Prefectures in Japan said to seek extending state of Emergency – Press.

- (JP) Japan ministry of internal affairs report finds that in 2020 child population reached record low after 40 years of decline, lowest on record since 1950 - press.

Korea

- Kospi closed for holiday.

- (KR) US Defense official Jennifer Walsh: North Korea continues to build up its chemical and biological weapons, in addition to its other weapons of mass destruction (WMD) such as nuclear weapons, this poses a threat to the US and South Korea - Yonhap.

China/Hong Kong

- Hang Seng opened -0.5%; Shanghai Composite closed for holiday.

- (HK) Hong Kong Apr PMI (Whole Economy): 50.3 v 50.5 prior (3rd consecutive expansion).

- (HK) Hong Kong Mar Retail Sales Value Y/Y: 20.1% v 34.0%e; Retail Sales Volume Y/Y: 19.8% v 33.3%e.

Other

- (TW) US Commerce Department said to have asked Taiwan companies to prioritize US automakers when supplying chips – press.

- (SG) Singapore Apr PMI (whole economy): 51.8 v 53.5 prior (lowest since Dec 2020, 5th consecutive expansion).

- (PH) Philippines Apr CPI Y/Y: 4.5% v 4.7%e (4th consecutive month above target range).

- (IN) India Central Bank (RBI) Gov Das announces loan repayment relief and steps to boost credit to key sectors to get through the pandemic [unscheduled comments].

North America

- (US) Treasury Sec Yellen: Not predicting or recommending rates increase; Expects full employment next year.

- (US) Fed's Kashkari (dove, non-voter): Fed has powerful tools to fight inflation if needed; If Govt raises taxes to pay for new spending, it won't be inflationary.

Europe

- (CN) EU said to suspend efforts to ratify China-EU investment deal – AFP.

- (DE) German Finance Min Scholz (Chancellor candidate) economic aid will be extended; wants an investment offensive and to make private more responsible for investment in public infrastructure - Handelsblatt interview.

- DAI.DE Nissan to sell 16.4M shares, its entire stake, (1.54% stake) at of €69.85/shr.

Levels as of 01:15ET

- Hang Seng -0.6%; Shanghai Composite closed; Kospi closed; Nikkei225 closed; ASX 200 +0.5%.

- Equity Futures: S&P500 +0.1%; Nasdaq100 +0.1%, Dax -2.1%; FTSE100 -0.1%.

- EUR 1.2066-1.1999; JPY 109.48-109.03; AUD 0.7765-0.7676; NZD 0.7209-0.7116.

- Commodity Futures: Gold -0.8% at $1,777/oz; Crude Oil +2.5% at $66.09/brl; Copper +0.5% at $4.55/lb.

All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: Mildly bid above 1.20 on USD pullback ahead of US ADP, PMI

EUR/USD holds gains above 1.2000 amid US dollar’s pullback. Fed’s Kashkari pours cold water on rate hike expectations, raised by US Treasury Secretary Yellen. Covid woes escalate but fail to overturn vaccine optimism. Eurozone economic forecasts, risk catalysts eyed ahead of key US data.

EUR/USD News

GBP/USD consolidates gains above 1.3900 as USD retreats ahead of data

GBP/USD is looking to extend daily gains above 1.3900. Pullback in the US dollar lends support to the pair. Risk-on mood keeps investors motivated amid ongoing Brexit concerns, as the focus shifts to the UK/US Services PMIs.

GBP/USD News

GBP/USD consolidates gains above 1.3900 as USD retreats ahead of data

GBP/USD is looking to extend daily gains above 1.3900. Pullback in the US dollar lends support to the pair. Risk-on mood keeps investors motivated amid ongoing Brexit concerns, as the focus shifts to the UK/US Services PMIs.

GBP/USD News

Gold bulls remain on the defensive near $1,780

Gold prices recovered part of their losses from Tuesday’s low of $1,770.90 and seem to confide in the vicinity of multi-day resistance placed around $1,780. On the hourly chart, the pair is struggling to maintain intraday gains and is moving toward the session low of $1,776.80.

Gold News

S&P 500 correction arriving or not?

One more day of upside rejection in S&P 500, in what is now quite a long stretch of prices going mostly sideways. As unsteady as VIX seems at the moment, it doesn‘t flash danger of spiking in this data-light week, and neither does the put/call ratio. 

Read more

Majors

Cryptocurrencies

Signatures