Friday 5th April: Low volumes on account of Chinese holiday – Markets await Jobs data

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Global Markets:

  • Asian Stock Markets : Nikkei up 0.35%, Shanghai Composite up 0.94%, Hang Seng down 0.17%, ASX down 0.83%
  • Commodities : Gold at $1293.25 (-0.08%), Silver at $15.11 (+0.19%), Brent Oil at $69.27 (-0.19%), WTI Oil at $62.13 (+0.05%)
  • Rates : US 10-year yield at 2.529, UK 10-year yield at 1.087, Germany 10-year yield at 0.013

News & Data:

  • (JPY) Leading Indicators 97.40% vs 97.30% expected
  • (JPY) Household Spending y/y 1.70% vs 1.90% expected
  • (JPY) Average Cash Earnings y/y -0.80% vs 0.90% expected
  • (AUD) AIG Construction Index 45.6 vs 43.8 previous
  • (USD) Natural Gas Storage 23B vs 2B expected
  • (CAD) Ivey PMI 54.3 vs 51.4 expected
  • (USD) Unemployment Claims 202K vs 215K expected
  • (USD) Challenger Job Cuts y/y 0.40% vs 117.20% previous
  • (GBP) Housing Equity Withdrawal q/q -6.2B vs -7.7B expected
  • Italy Cabinet Approves Growth Measures
  • Brexit: EU’s Donald Tusk ‘suggests 12-month flexible delay’

Markets Update:

Asian stock markets are mostly lower on Friday following the mixed cues overnight from Wall Street amid optimism about a U.S.-China trade deal after both countries said progress is being made in trade talks. Investors are cautious ahead of the release of the U.S. monthly jobs report for March later in the day. Trading volumes were muted due to the markets in China, Hong Kong and Taiwan remaining closed for a holiday.

The Nikkei 225 in Japan advanced 0.4% in afternoon trade, as shares of companies with dependence on Chinese demand saw gains. Over in South Korea, the Kospi was traded higher by 0.1 percent. Shares of industry heavyweight Samsung Electronics slipped 0.11% after the company warned that its first-quarter profits likely dropped almost 60% as compared to a year ago. Australia’s ASX 200 slipped 0.59% as almost all the sectors declined as investors digested data showing that the construction sector in Australia continued to contract in March.

Reuters reported Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.

In commodity markets, spot gold dipped to $1,293.25 per ounce but held above a near 10-week low hit overnight. Brent oil had briefly touched $70 a barrel for the first time since November on Thursday as expectations of tight global supply outweighed pressure from rising U.S. production.

Upcoming Events:

  • 01:30 PM GMT – (CAD) Employment Change
  • 01:30 PM GMT – (CAD) Unemployment Rate
  • 01:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 01:30 PM GMT – (USD) Non-Farm Employment Change
  • 01:30 PM GMT – (USD) Unemployment Rate
  • &more…

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