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The Morning Market Wrap

  • In Asia, the market struggles for direction as investors await trade data from China, looking to gain insights into the country’s economic recovery. There was also speculation concerning additional policy support for the financial sector by the Chineses government. Major Indexes from Hong Kong and South Korea declined, while Japan saw an increase fueled by positive earnings reports from domestic companies.
    • HKComp down 0.36% to 20,141 points
    • CHNComp down 0.33% to 6,863 points
    • JAP225 up 0.93% to 29,244 points
  • China reported another month of export growth in April – in line with expectations, reflecting the global demand recovery. In March, the country’s exports surpassed expectations, indicating robust performance in the export sector.
  • During early Asian trading, the value of the dollar slightly increased, heading for a second consecutive day of gains. This upward trend followed the release of the Federal Reserve’s Senior Loan Officer Opinion Survey, which revealed a slight tightening in the credit market and a decrease in demand for business loans.
  • After experiencing a decline the previous day, Treasury bonds remained relatively stable during Asian trading hours. Investors are evaluating the factors that could potentially influence the Federal Reserve’s decision to adjust its interest rate policy.
  • According to the latest government forecasts from Tuesday, this year Australia expects its first budget surplus since 2008 for the fiscal year ending in June 30. The government’s financial position has been bolstered by higher tax revenue resulting from robust employment rates and elevated prices of exported commodities.
  • BoJ’s Governor Ueda said that if the price target is met in a sustainable and stable manner, BoJ will end yield curve control (YCC) and then shrink its balance sheet.
  • Based on futures instruments the European indexes are set to open slightly higher. DE30 gains 0.03% and is trading at 16,050 points.EU50 is up 0.06% to 4,340 points and UK100 is up 0.12% to 7,800 points.
  • Oil prices experienced a slight decline as investors evaluated the complex outlook for global demand following a period of volatility. Gold prices remained relatively stable gaining 0.32% to $2027 per ounce.
  • Crypto market crash continues, BTC price remains below $28k level and is trading at $27,550. Ether price is up 0.2% to $1840.
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