Global Markets:
- Asian Stock Markets : Nikkei up 0.17%, Shanghai Composite down 0.65%, Hang Seng down 0.22% ASX up 0.39%
- Commodities : Gold at $2363.5 (0.15%), Silver at $28.78 (0.31%), Brent Oil at $82.97 (0.72%), WTI Oil at $78.62 (0.78%)
- Rates : US 10-year yield at 4.42, UK 10-year yield at 4.19, Germany 10-year yield at 2.51
News & Data:
- (CAD) Wholesale Sales m/m -1.1% vs -0.9% expected
- (USD) Core PPI m/m 0.5% vs 0.2% expected
- (USD) PPI m/m 0.5% vs 0.3% expected
Markets Update:
Wednesday saw Asia-Pacific markets mostly in positive territory, following Wall Street’s lead despite strong inflation figures propelling the Nasdaq Composite to a fresh high. April’s producer price index exceeded expectations at 0.5%, surpassing the forecasted 0.3%. Initially rattling markets, revised downward figures for March’s wholesale prices, showing a 0.1% decline, helped restore investor confidence.
With South Korea and Hong Kong observing public holidays, focus shifted to Australia’s annual budget announcement on Tuesday. The People’s Bank of China opted to maintain its one-year medium-term lending facility rate at 2.5%, while mainland China’s CSI 300 index experienced a 0.45% dip. Conversely, in Australia, the S&P/ASX 200 index opened 0.44% higher.
Meanwhile, Japan’s markets saw positive momentum, with the Nikkei 225 rose by 0.17% and the broader Topix index gaining 0.53%. On Wall Street, Tuesday ended on a positive note as investors awaited crucial inflation data. The Nasdaq Composite achieved a 0.75% gain, closing at a record high of 16,511.18, while the Dow Jones Industrial Average rose by 126.60 points, or 0.32%, and the S&P 500 climbed by 0.48%.
Upcoming Events:
- 12:15 PM GMT – CAD Housing Starts
- 12:30 PM GMT – CAD Manufacturing Sales m/m
- 12:30 PM GMT – USD Core CPI m/m
- 12:30 PM GMT – USD Core Retail Sales m/m
- 12:30 PM GMT – USD CPI m/m
- 12:30 PM GMT – USD CPI y/y
- 12:30 PM GMT – USD Retail Sales m/m
