Asian stocks dipped on Monday as investors braced for a bevy of earnings from the world’s largest corporations, while keeping a wary eye on U.S. bond yields as they approach peaks that have triggered market spasms in the past.
Trade remains a discussion point, though selling pressure in Chinese equities has dissipated after developments over the weekend seemed to dial back trade war threats. While the White House is expected to soon unveil its list of Chinese imports it will impose tariffs on, Treasury Secretary Mnuchin indicated an openness to visiting China to discuss trade. China’s Commerce Ministry responded by saying such a visit would be welcomed.
Geopolitics remains a headline focus though has not registered much of a market reaction. Takeaways viewed North Korea’s announcement it would stop nuclear and missile tests as a sign of seriousness about its offer to denuclearize. Trump praised decision, though reports have noted a key sticking point in upcoming negotiations may involve the pace of both sanctions relief and North Korean nuke dismantlement.
ASX outperforming with banks seeing some reprieve. Comes after a recent ramp in political pressure owing to damaging misconduct revelations involving some big name financial firms. Relatively quiet elsewhere, with yen’s latest weakness not offering much upside support for Nikkei. Dollar mostly higher on major crosses, its gains occurring alongside a further lift in 10Y Treasury yield to 2.97%.
Monday, April 23rd 2018
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