Thursday 28th February: Asian markets mostly lower; Trump – Kim Jong Un summit cut short

Global Markets:

• Asian Stock Markets : Nikkei down 0.91%, Shanghai Composite down 0.44%, Hang Seng down 0.63%, ASX up 0.30%
• Commodities : Gold at $1321.05 (-0.01%), Silver at $15.69 (+0.10%), Brent Oil at $66.25 (-0.50%), WTI Oil at $56.74 (-0.35%)
• Rates : US 10-year yield at 2.664, UK 10-year yield at 1.273, Germany 10-year yield at 0.147

News & Data:

• (CNY) Non-Manufacturing PMI 54.3 vs 54.5 expected
• (CNY) Manufacturing PMI 49.2 vs 49.5 expected
• (AUD) Private Capital Expenditure q/q 2.00% vs 0.80% expected
• (NZD) ANZ Business Confidence -30.9 vs -24.1 previous
• (CAD) Trimmed CPI y/y 1.90% vs 1.90% expected
• (CAD) Median CPI y/y 1.80% vs 1.80% expected
• (CAD) Common CPI y/y 1.90% vs 1.90% expected
• (CAD) CPI m/m 0.10% vs 0.20% expected
• (AUD) Construction Work Done q/q -3.10% vs 0.60% expected

Markets Update:

Asian stock markets are mostly lower on Thursday following the mixed cues overnight from Wall Street after comments by U.S. Trade Representative Robert Lighthizer dampened recent optimism about the U.S.-China trade talks. Data showing that China’s manufacturing sector shrank in February for the third straight month and rising India-Pakistan tensions also weighed on investor sentiment.

Mainland Chinese stocks were lower in afternoon trade, with the Shanghai composite declining 0.4 percent, while the Shenzhen component traded flat. Hang Seng traded lower by 0.6 percent. Japan’s Nikkei 225 declined by 0.9 percent, Topix by 0.79 percent, while Australia’s ASX 200 recovered from earlier losses to end its trading day higher by 0.3 percent.

In currency markets, the dollar index against a basket of six major currencies stood little changed at 96.097. The index had edged up 0.1 percent on Wednesday, pulling away from a three-week trough as Treasury yields rose ahead of the release of U.S. fourth-quarter GDP data later on Thursday.

Crude rallied after U.S. inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing.

Upcoming Events:

• All Day – (EUR) German Prelim CPI m/m
• 02:00 PM GMT – (USD) FOMC Member Clarida Speaks
• 02:30 PM GMT – (CAD) Current Account
• 02:30 PM GMT – (CAD) RMPI m/m
• 02:30 PM GMT – (USD) Advance GDP q/q
• 02:30 PM GMT – (USD) Advance GDP Price Index q/q
• 03:45 PM GMT – (USD) Chicago PMI
• &more…