Tuesday 30th April: China PMI disappoints, Japan closed for Golden Week

Global Markets:

• Asian Stock Markets : Nikkei down 0.22%, Shanghai Composite up 0.45%, Hang Seng down 0.49%, ASX down 0.45%
• Commodities : Gold at $1285.65 (+0.32%), Silver at $14.99 (+0.40%), Brent Oil at $71.33 (-0.29%), WTI Oil at $63.44 (-0.09%)
• Rates : US 10-year yield at 2.527, UK 10-year yield at 1.160, Germany 10-year yield at 0.007

News & Data:

• (CNY) Caixin Manufacturing PMI 50.2 vs 51 expected
• (NZD) ANZ Business Confidence -37.5 vs -38 previous
• (CNY) Non-Manufacturing PMI 54.3 vs 55 expected
• (CNY) Manufacturing PMI 50.1 vs 50.7 expected
• (USD) Personal Spending m/m 0.90% vs 0.70% expected
• (USD) Core PCE Price Index m/m 0.00% vs 0.10% expected
• (USD) Personal Spending m/m 0.10% vs 0.20% expected
• (USD) Core PCE Price Index m/m 0.10% vs 0.20% expected
• Yuan Dips After China PMI ‘Green Shoots’ Dry Up

Markets Update:

Asian stock markets are turning in a mixed performance on Tuesday following the modest gains overnight on Wall Street and on caution ahead of the U.S. Federal Reserve’s monetary policy decision due on Wednesday.

Investor sentiment was dampened after data showed that China’s manufacturing activity grew less than expected in April and as South Korean conglomerate Samsung Electronics reported weak first-quarter earnings results.The Japanese market remains closed for the Golden Week holidays. Greater China markets were lower by Tuesday morning’s session – only to recover later in the day. The Shanghai composite advanced more than 0.4% and the Shenzhen component added 0.71%.

In Hong Kong, the Hang Seng index declined 0.48% by the morning session’s end. The Kospi in South Korea slipped 0.68% in afternoon trade. Over in Australia, the ASX 200 declined 0.49% as most of the sectors slipped.The dollar index, which tracks the greenback against a basket of six major rivals, was also unchanged, holding at 97.852.

Oil prices turned lower, after edging higher on Monday as markets attempted to resume a rally interrupted by demands from U.S. President Donald Trump that OPEC raise output.

Upcoming Events:

• 08:00 AM GMT – (EUR) Spanish Flash GDP q/q
• All Day – (EUR) German Prelim CPI m/m
• 08:40 AM GMT – (GBP) MPC Member Ramsden Speaks
• 10:00 AM GMT – (EUR) Prelim Flash GDP q/q
• 01:30 PM GMT – (CAD) GDP m/m
• 01:30 PM GMT – (CAD) RMPI m/m
• 01:30 PM GMT – (USD) Employment Cost Index q/q
• 02:45 PM GMT – (USD) Chicago PMI
• 03:00 PM GMT – (USD) CB Consumer Confidence
• 04:00 PM GMT – (CAD) BOC Gov Poloz Speaks
• 11:45 PM GMT – (NZD) Employment Change q/q
• 11:45 PM GMT – (NZD) Unemployment Rate
• &more…