19th May 2022 Thursday: Asian markets deep in the red

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Global Markets:

  • Asian Stock Markets : Nikkei down 1.89%, Shanghai Composite up 0.36%, Hang Seng down 2.81%, ASX down 1.65%
  • Commodities : Gold at $1810.31 (-0.31%), Silver at $21.32 (-1.05%), Brent Oil at $109.97 (+0.79%), WTI Oil at $107.44 (+0.37%)
  • Rates : US 10-year yield at 2.852, UK 10-year yield at 1.809, Germany 10-year yield at 0.943

News & Data:

  • (AUD) Unemployment Rate 3.90% vs 3.90% expected
  • (AUD) Employment Change 4.0K vs 30.0K expected
  • (CAD) Trimmed CPI y/y 5.10% vs 4.70% expected
  • (CAD) Median CPI y/y 4.40% vs 3.90% expected
  • (CAD) Common CPI y/y 3.20% vs 2.90% expected
  • (CAD) CPI m/m 0.60% vs 0.50% expected

Markets Update:

Asian stock markets are a sea of red on Wednesday, following the carnage in the global markets overnight, with Wall Street booking the biggest loss in 2 years on weak crude oil prices and disappointing quarterly results from some major retailers that raised concerns about persistently rising inflation, economic slowdown and rising prospects of sharper interest rate hikes.

Hong Kong’s Hang Seng index was among the biggest losers regionally, falling 2.8% in afternoon trade. Shares of Chinese tech behemoth Tencent plunged 7% after reporting that its quarterly profit halved. Japanese markets traded lower again today, with the Nikkei 225 staying just above the 26,200 mark. Japan’s exports rose 12.5% year-on-year in April, data from the country’s Ministry of Finance showed Thursday. That was lower than expectations for a 13.8% increase, according to Reuters.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 103.863 — off levels below 103.5 seen earlier in the week. Crude oil futures settled lower on Wednesday despite data showing a drop in crude inventories last week.

Upcoming Events:

  • 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 12:30 PM GMT – (USD) Unemployment Claims
  • 02:00 PM GMT – (USD) Existing Home Sales