Thursday 2nd April: Asian Markets lower as US posts grim forecast of Corona deaths.

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Global Markets:

  • Asian Stock Markets : Nikkei down 1.37%, Shanghai Composite up 1.69%, Hang Seng up 0.29%, ASX down 1.98%
  • Commodities : Gold at $1608.80 (+1.09%), Silver at $14.36 (+2.71%), Brent Oil at $27.29 (+10.31%), WTI Oil at $22.20 (+9.31%)
  • Rates : US 10-year yield at 0.608, UK 10-year yield at 0.324, Germany 10-year yield at -0.446

News & Data:

  • (USD) ISM Manufacturing PMI 49.1 vs 44.9 expected
  • (USD) ADP Non-Farm Employment Change -27K vs -150K expected
  • Chinese County Back Under Lockdown After Coronavirus Cases Re-Emerge
  • Swiss Consumer Price Index in March 2020 Consumer prices increased by 0.1% in March

Markets Update:

Asian stock markets are mixed on Thursday following the overnight sell-off on Wall Street amid worries about the rising death toll and the economic impact from the coronavirus pandemic. White House officials have warned of nearly a quarter million deaths in the U.S. from COVID-19.

The S&P/ASX 200 lost its gains from the last session as it slid 2%. Among the big four banks, National Australia Bank and ANZ Banking are losing more than 5 percent each, while Westpac and Commonwealth Bank are lower by more than 4 percent each.

Mainland Chinese stocks recovered from earlier losses to jump on the day, with the Shanghai composite up 1.7%. Japan’s Nikkei 225 declined 1.4% at the end of its trading day as shares of index heavyweight Fast Retailing slipped 2.4%.

Oil futures bounced after overnight drops, before paring gains slightly since the demand outlook remains weak and storage tanks are quickly filling with an oversupply of crude. In currency markets, safety and liquidity remained in hot demand, with the dollar gaining against the euro and yen and mostly holding ground won overnight against other majors.

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