Tuesday 15th May: Asian markets mixed on Chinese data

IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Nikkei down 0.24%, Shanghai Composite up 0.05%, Hang Seng down 1.07%, ASX down 0.48%
  • Commodities : Gold at $1311.30 (-0.52%), Silver at $16.49 (-0.93%), Brent Oil at $78.22 (-0.01%), WTI Oil at $70.91 (-0.07%)
  • Rates : US 10-year yield at 3.019, UK 10-year yield at 1.472, Germany 10-year yield at 0.610

News & Data:

  • (CNY) Fixed Asset Investment ytd/y 7.00% vs 7.40% expected
  • (CNY) Industrial Production y/y 7.00% vs 6.40% expected
  • Australian Reserve Bank backs budget economic forecasts but warns US inflation a growing risk
  • Brexit Rebels in Scotland Add to Theresa May’s Disarray
  • India: Inflation accelerates in April

Markets Update:

Asian markets are mixed today, as investors digested economic data from China. The Wall Street pared most of its intra-day gains to end slightly higher yesterday. Crude traded higher today, after rising back toward last week’s four-year high overnight.

Investors are cautious after soft Chinese economic data and awaited fresh developments on U.S.-China trade talks. China’s industrial output in April beat expectations, while retail sales and fixed asset investment also increased, but missed expectations. Hong Kong’s Hang Seng lost 0.9 percent, pulling back from a two-month peak to snap a five-day winning run, while Shanghai slipped 0.2 percent.

The Australian market slipped into negative territory after opening higher following the modest gains overnight on Wall Street. Gold miners are weak after gold prices edged lower overnight.

Oil stocks are also mostly lower despite crude oil prices rising slightly overnight. The Japanese market is edging higher in choppy trade backed by a weaker yen.

Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. In currencies, the dollar index against a basket of six major currencies gained 0.3 percent 

Upcoming Events:

  • 06:00 AM GMT – (EUR) German Prelim GDP q/q
  • 07:15 AM GMT – (CHF) PPI m/m
  • 08:30 AM GMT – (GBP) Average Earnings Index 3m/y
  • 08:30 AM GMT – (GBP) Claimant Count Change
  • 08:30 AM GMT – (GBP) Unemployment Rate
  • 09:00 AM GMT – (EUR) Flash GDP q/q
  • 09:00 AM GMT – (EUR) German ZEW Economic Sentiment
  • 09:00 AM GMT – (GBP) Inflation Report Hearings
  • 12:30 PM GMT – (USD) Core Retail Sales m/m
  • 12:30 PM GMT – (USD) Retail Sales m/m
  • 12:30 PM GMT – (USD) Empire State Manufacturing Index
  • Tentative – (USD) Mortgage Delinquencies
  • Tentative – (NZD) GDT Price Index
  • 05:00 PM GMT – (USD) FOMC Member Williams Speaks
  • 11:50 PM GMT – (JPY) Prelim GDP q/q
  • &more…

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