Stock market snapshot as of [27/5/2019 0610 GMT]
- A quiet start for the week in Asia as both the UK and U.S. cash markets will be closed today for public holidays. Positive outliers as at today’s Asian mid-session were China and Japan stock markets where the China A50 and Nikkei 225 rose by 0.83% and 0.32% respectively.
- The main catalyst for China A50 rally had been triggered by a verbal intervention on the yuan where a top Chinese official from the banking and insurance regulator commented on Sat, 25 May that speculators “shorting the yuan will inevitably suffer from a huge loss”. In today’s Asian session, the USD/CNH (offshore yuan) had dropped by close to 200 pips from last Fri, U.S. close to print a current intraday low of 6.8980.
- On trade related news flow, U.S. President Trump on a state visit to Japan had announced in a press conference with Japanese PM Abe that U.S. may have a trade deal with Japan in August which “smoothed” the fears of U.S. tariffs hikes being imposed on US$50 billion worth of Japanese cars and auto parts. In addition, Trump added that U.S. is not ready to make a trade deal with China after the recent failed trade talks that led to the blacklisting of Huawei by the U.S. administration.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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