Global Markets:
- Asian Stock Markets : Nikkei down 0.28%, Shanghai Composite down 0.74%, Hang Seng up 1.64% ASX up 0.45%
- Commodities : Gold at $2320.5 (-1.11%), Silver at $26.97 (-1.06%), Brent Oil at $87.23 (0.18%), WTI Oil at $82.11 (0.24%)
- Rates : US 10-year yield at 4.60, UK 10-year yield at 4.23, Germany 10-year yield at 2.48
News & Data:
- (CAD) NHPI m/m 0.0% vs 0.1% expected
Markets Update:
Asian-Pacific markets continued to build on Monday’s gains as technology shares bounced back on Wall Street. According to S&P Global, Australia’s composite purchasing managers index reached a two-year high, standing at 53.6 compared to March’s 53.3, with Japan and India also recording faster rates of expansion in their business activity in April. The S&P/ASX 200 began the day up 0.35% following the PMI release. Japan’s Nikkei 225 gained 0.45%, while the broad-based Topix was up 0.1%. South Korea’s Kospi was trading close to the flatline, and the small-cap Kosdaq rose 0.16%. Hong Kong’s Hang Seng index climbed 1.64%, leading gains in Asia, while the CSI 300 on mainland China was the outlier, falling 0.57%.
In the U.S. overnight, the S&P 500 and Nasdaq Composite both snapped six-day losing streaks, gaining 0.87% and 1.11%, respectively, while the Dow Jones Industrial Average climbed 0.67%. Chipmaker and artificial intelligence favorite Nvidia rebounded 4.4%, bouncing from a nearly 14% sell-off last week, its worst since September 2022. Arm Holdings also rebounded nearly 7% on Monday.
U.S. crude prices slipped after Iran said it would not escalate the conflict with Israel. Investors had been concerned that higher oil prices could contribute to inflation, leading the Federal Reserve to hold off on cutting rates.
Upcoming Events:
- 1:45 PM GMT – USD Flash Manufacturing PMI
- 1:45 PM GMT – USD Flash Services PMI
- 2:00 PM GMT – USD New Home Sales
