Wednesday 7th April 2021: Asian markets gain on broad based sentiment

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Global Markets:

  • Asian Stock Markets : Nikkei up 0.12%, Shanghai Composite down 0.10%, Hang Seng down 1.24%, ASX up 0.61%
  • Commodities : Gold at $1739.65 (-0.19%), Silver at $25.10 (-0.51%), Brent Oil at $62.47 (-0.43%), WTI Oil at $59.08 (-0.42%)
  • Rates : US 10-year yield at 1.644, UK 10-year yield at 0.780, Germany 10-year yield at -0.331

News & Data:

  • (AUD) AIG Construction Index 61.8 vs 57.4 previous
  • (NZD) GDT Price Index 0.30% vs -3.80% previous
  • (USD) JOLTS Job Openings 7.37M vs 6.91M expected
  • (USD) IBD/TIPP Economic Optimism 56.4 vs 56.2 expected
  • (EUR) Unemployment Rate 8.30% vs 8.10% expected
  • (EUR) Sentix Investor Confidence 13.1 vs 6.8 expected
  • (EUR) Italian Monthly Unemployment Rate 10.20% vs 8.90% expected
  • German business activity rises for first time in six months in March

Markets Update:

Asian stocks ended broadly higher on Wednesday as the International Monetary Fund raised this year’s global economic growth forecast to 6 percent from its earlier estimate of 5.5 percent, citing additional fiscal measures by advanced economies and the rollout of vaccines.

Traders also looked ahead to the release of the minutes of the Federal Reserve’s latest monetary policy meeting later in the day, for additional clues on the outlook for interest rates.

Japanese shares ended slightly higher, with paper & pulp, transport and real estate stocks leading the gainers. Australian markets advanced as the latest reports on the construction sector and service sector activity painted a positive picture of the economy. The benchmark S&P/ASX 200 index climbed 0.6%. Meanwhile, Chinese mainland shares also struggled for gains. The Shanghai composite finished fractionally lower while the Shenzhen component fell 0.7%.

The dollar rebounded from a two-week low of 92.246 against a basket of world currencies. Oil prices traded up Wednesday during Asian trading hours, extending overnight gains on the back of strong economic data from the U.S. and China.

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