Asian Equity Market Handover No Clear Signs Of Recovery

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By :  ,  Financial Analyst

Stock market snapshot as of [30/5/2019 0650 GMT]

  • Most Asian stock markets have continued to trade in the red except for Kospi 200 which has rallied by close to 1% as at today’s Asian mid-session.
  • Fears of a global growth slowdown in tune with heightened trade tensions have continued to cast “dark clouds” in global stock markets where the S&P 500 is set to record its first negative closing month for May since its 4-month of consecutive winning streak (higher closes) that started in Jan 2019.
  • In addition, another key risk-off indicator to monitor will be the USD/CNH (offshore yuan) where it has continued to inch higher from this Mon, 27 May low of 6.8980 after verbal intervention from a top Chinese official on a weakening yuan. Also, the USD/CNH is set to record a positive monthly close for May, its best monthly close since Jun 2018. A rising USD/CNH does not bode well for global stock markets.
  • No key European and UK economic data releases for today.
  • European stock indices CFD futures have started to recover some lost ground from yesterday’s steep losses where the FTSE 100 and German Dax has recorded modest gains of 0.25% and 0.28% respectively.

Macroeconomic Calendar

   *Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

Related tags: Indices

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