Thursday 8th April 2021: Asian markets gain as Fed brushes away inflation concerns

Global Markets:

• Asian Stock Markets : Nikkei down 0.07%, Shanghai Composite up 0.08%, Hang Seng up 1.53%, ASX up 1.02%
• Commodities : Gold at $1743.95 (+0.13%), Silver at $25.31 (+0.24%), Brent Oil at $62.97 (-0.30%), WTI Oil at $59.45 (-0.54%)
• Rates : US 10-year yield at 1.656, UK 10-year yield at 0.785, Germany 10-year yield at -0.328

News & Data:

• (USD) Crude Oil Inventories -3.5M vs -2.0M expected
• (CAD) Ivey PMI 72.9 vs 62 expected
• China’s MOFCOM: Will Keep Policy Consistent, Work To Keep Trade Stable
• Yuan Erases Year’s Gains Against Dollar as PBOC Steps Aside

Markets Update:

Asian stocks rose broadly on Thursday after the Federal Reserve minutes from the March meeting indicated that officials have little concern over inflation despite rising longer-duration government bond yields.

The Nikkei 225 in Japan slipped less than 0.1% while the Topix index finished its trading day 0.8% lower. Chinese markets moved marginally. South Korea’s Kospi closed 0.2% higher. Hong Kong’s Hang Seng index led gains among the region’s major markets, rising 1.2%.

Oil prices slipped, but were still within a narrow trading range that has held for the last two weeks or so. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.3 following its decline earlier in the week from above 92.8.

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