16th May Monday : Asian markets mostly start the week lower

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 0.45%, Shanghai Composite down 0.34%, Hang Seng up 0.12%, ASX up 0.25%
  • Commodities : Gold at $1791.18 (-0.94%), Silver at $20.91 (-0.44%), Brent Oil at $109.87 (-1.51%), WTI Oil at $107.25 (-1.27%)
  • Rates : US 10-year yield at 2.926, UK 10-year yield at 1.774, Germany 10-year yield at 0.981

News & Data:

  • (CNY) Retail Sales y/y -11.10% vs -6.20% expected
  • (JPY) PPI y/y 10.00% vs 9.40% expected
  • (NZD) BusinessNZ Services Index 51.4 vs 51.5 previous
  • (USD) Prelim UoM Inflation Expectations 5.40% vs 5.40% previous
  • (USD) Prelim UoM Consumer Sentiment 59.1 vs 64.1 expected
  • (USD) Import Prices m/m 0.00% vs 0.60% expected
  • (EUR) Industrial Production m/m -1.80% vs -2.10% expected

Markets Update:

Asian stock markets are mixed on Monday in thin holiday trading, following the broadly positive cues from Wall Street on Friday, as traders picked up stocks at a bargain after last week’s sell off amid cautious trading. Traders continue to be concerned about persistent inflation, looming interest rate hikes, Ukraine war and the COVID-19 lockdowns in China.

The Hang Seng index saw volatile swings on Monday, wavering between gains and losses. It was up 0.1% in afternoon trade. Mainland Chinese stocks were lower, with the Shanghai Composite down 0.3% and the Shenzhen Component fell 0.5%. Elsewhere in Asia, Japan’s Nikkei 225 gained 0.5%, while the Topix was last below the flatline. The Kospi in South Korea fell 0.1%, and the Kosdaq was 0.5% higher.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 104.603. Crude oil prices rose sharply Friday, lifting the most active crude futures contracts on fears of supply shortage.

Upcoming Events:

Monday, May 16, 2022

  • 02:00 AM GMT – (CNY) Retail Sales y/y
  • 9:00 AM GMT – (EUR) EU Economic Forecasts
  • 12:30 PM GMT – (USD) Empire State Manufacturing Index
  • 02:15 PM GMT – (GBP) Monetary Policy Report Hearings

Tuesday, May 17, 2022

  • 01:30 AM GMT – (AUD) Monetary Policy Meeting Minutes
  • 12:00 PM GMT – (USD) FOMC Member Bullard Speaks
  • 12:30 PM GMT – (USD) Core Retail Sales m/m
  • 12:30 PM GMT – (USD) Retail Sales m/m
  • 06:00 PM GMT – (USD) Fed Chair Powell Speaks
  • 06:30 PM GMT – (USD) FOMC Member Mester Speaks

Wednesday, May 18, 2022

  • 01:30 AM GMT – (AUD) Wage Price Index q/q
  • 06:00 AM GMT – (GBP) CPI y/y
  • 12:30 PM GMT – (CAD) CPI m/m
  • 12:30 PM GMT – (CAD) Common CPI y/y
  • 12:30 PM GMT – (CAD) Median CPI y/y
  • 12:30 PM GMT – (CAD) Trimmed CPI y/y

Thursday, May 19, 2022

  • 01:30 AM GMT – (AUD) Employment Change
  • 01:30 AM GMT – (AUD) Unemployment Rate
  • 02:00 AM GMT – (NZD) Annual Budget Release
  • 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 12:30 PM GMT – (USD) Unemployment Claims
  • 02:00 PM GMT – (USD) Existing Home Sales

Friday, May 20, 2022

  • 06:00 AM GMT – (GBP) Retail Sales m/m
  • 07:30 AM GMT – (GBP) MPC Member Pill Speaks