|Day's range||22,563.56 - 22,865.88|
|52-week range||16,358.19 - 24,115.95|
Australian retail sales suffered a historic plunge in April while the trade surplus narrowed as the coronavirus battered the economy.
Mid-week market drivers with Dukascopy TV. We’ve got COVID-19 news and numbers, U.S – China tension, and optimism towards the economic.
U.S. President Trump said that he was preparing to take action against China this week over its effort to impose national security laws on Hong Kong.
Australian shares jumped to their highest value in almost three months. Japan’s Nikkei surged on fresh stimulus speculation.
The move by China drew a warning from U.S. President Donald Trump, who said the United States would react “very strongly” against it.
Trump signaled a further deterioration of his relationship with China by saying he has no interest in speaking to President Xi Jinping right now.
Chinese shares closed higher on Wednesday, reversing course from small losses as a rally in healthcare stocks boosted the index, although gains were capped due to persisting concerns around a potential second wave of COVID-19 cases.
China’s factory-gate prices fell to a four-year low, official data showed Tuesday, with firms suffering from the economic devastation unleashed by the coronavirus on the global economy.
Despite the early strength on Monday, the markets still face headwinds which may limit gains. South Korea warned on Sunday of a potential second wave of cases. Japan is set to launch a second budget to help the country tide over the economic fallout from the pandemic
Asia – Pacific shares firm as news of top trade representatives of China and the United States holding phone talks calmed investors worried about simmering Sino-U.S. tensions
(Bloomberg) -- U.S. stocks rose to the highest in a week as investors sifted through the latest company earnings and poor labor data. Yields on Treasuries tumbled.The S&P 500 rallied 1.15% with speculation mounting that the worst of the economic damage has passed as more of the country reopens. Filings for unemployment continued at historically high levels, but fell from the prior week. News that top U.S. and Chinese negotiators will speak as soon as next week on trade helped boost sentiment. The tech-heavy Nasdaq Composite turned positive for the year, wiping out losses that reached as much as 24% at the depths of the pandemic-fueled sell-off.The bond market delivered a different take on the economy’s future. Two-year yields plunged to a record low and 10-year rates fell toward 0.6%. Banks stocks defied the move, with financial firms in the S&P 500 rising more than 2% to halt a five-day slide.“You ask the question, are things likely to be better six months from now than they are today?” said Randy Frederick, vice president of trading and derivatives at Charles Schwab & Co. “Most people would say yes, and the market is looking ahead. Right now the market thinks the future looks better.”In the latest corporate news:ViacomCBS Inc. rallied after reporting a surge in streaming subscribers.Raytheon Technologies jumped after results beat expectations. Moderna surged after saying its experimental vaccine for the new coronavirus would be in late-stage studies by early this summer.The Stoxx Europe 600 Index gained as most national gauges and industry sectors climbed. Crude oil declined after reaching $26 a barrel in New York. The pound swung between losses and gains after the Bank of England kept its policy settings unchanged and signaled it may expand monetary stimulus as soon as next month.Risk assets rebounded swiftly in April following a dramatic sell-off in the first quarter, but stocks have struggled for direction this month as bulls and bears duel over the outlook. Optimists point to efforts to reopen economies, a slowing rate of new infections and unprecedented stimulus. Pessimists fret over the mounting economic toll, with payrolls data from the largest economy on Friday expected to be dire.Worries about rising tension between the U.S. and China have added an extra headache for investors lately; the planned call between the two countries may signal an effort to de-escalate the situation.Most Asian stocks slipped earlier, including in Japan where exchanges opened for the first time this week following a holiday. China’s yuan advanced offshore after the country reported a surprise gain in exports, even as the virus pandemic damaged global demand.Here are some key events coming up:U.K. markets will be closed on Friday for a holiday.Friday also brings the U.S. jobs report for April, expected to show a severe impact from the pandemic. The median forecast in a Bloomberg survey of economists calls for a 21 million plunge in payrollsThese are some of the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Japan’s blue-chip Nikkei average edged up on Wednesday, helped by gains in semiconductor-related stocks. The broader Topix index dropped 0.32% to 1,426.73, with air transport and land transport among the worst three performing sectors on the local bourse.
The Australian share market wiped out a week’s worth of gains and Japanese shares retreated from a near-eight week peak on Friday.
China’s manufacturing sector has been hit by slowing export demand due to the economic impact from the global coronavirus pandemic even as factories in the world’s second-largest economy resumed production, two sets of April data released on Thursday showed.
Hong Kong shares on Tuesday climbed to their highest level in more than a week, as the financial hub showed some signs of returning to normalcy with civil servants set to head back into offices after the government eased lockdown restrictions.
Australia is expected to fall into recession while unemployment, bankruptcies and bad debts are expected to surge. This does not bode well for the banks’ earnings, and investors are worried the financial giants will be forced to reduce, or even cut, their prized dividends.
The Bank of Japan is expected to expand monetary stimulus on Monday for a second straight month to ease corporate funding strains and finance huge government spending aimed at combating the deepening economic fallout from the coronavirus pandemic.
There has been strong focus on EUR assets, with Merkel detailing a potential “huge” stimulus package is in the works, although the EU leaders left without anything concrete for a longer-term program.
Investors were also nervous after reports surfaced saying North Korea’s leader Kim Jong Un may be “gravely ill”. This news is important because his death would threaten the stability in the region.
Investors have remained fairly calm in the face of flash April PMI crashes and an increase of virus cases in several European countries. Most equity markets in the Asia Pacific region rose, with the notable exceptions of China and Australia.
The coronavirus pandemic pushed South Korea’s economy into its biggest contraction since 2008 in the first quarter. An Australian survey showed grim business activity data overshadowed a surge in exports.