5/5/2021 5:40:06 AM GMT
Asia Market Update: Asian trading continues to be impacted by holidays; JP and CN return from extended holidays on Thurs; NZD rises after jobs data.
General trend
- Energy stocks move higher after overnight rise in oil prices.
- S&P ASX 200 has gained after the flat open [Financial, Resources and Energy indices rise; ANZ declined after reporting earnings].
- Hang Seng is lower after earlier paring decline [Energy cos. move higher; TECH index drops over 2%; SJM drops after earnings, L’Occitane rises ].
- Nasdaq FUTs erased gain.
- Markets in Japan, Shanghai and South Korea to return from holiday on Thurs (May 6th).
5/4/2021 10:06:08 AM GMT
Notes/Observations
Asia
- RBA left Cash Rate Target unchanged at 0.10% and maintained its 3-year Yield Target at 0.10% (both as expected); Keeps its dovish undertones and put focus on its July meeting whether to retain the April 2024 bond or shift into the November 2024 maturity for its 3-Year Yield Target; to also consider a 3rd QE program at that time.
- Australia Mar Trade Balance: A$5.6B v A$8.2Be.
- Australia MP Ted O Brien seeks to fight Communist China with boycotts and sanctions.
- Analysts believe that if Australia terminated the lease of Port Darwin to the Chinese early it could kill all future Chinese investment into Australia.