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Markets Update: APAC Stocks Open Higher on Positive Sentiment
Today's important market events:
[EUR] German Manufacturing PMI (Jun) - 09:55 CEST
[GBP] UK Manufacturing PMI (Jun) - 10:30 CEST
[USD] ISM Manufacturing PMI (Jun) - 16:00 CEST
Global Markets Roundup: 03 Jul 2023
Asian stocks opened higher on Monday, extending gains from last Friday's rally on Wall Street. European equity futures are indicative of a marginally higher open, suggesting that the positive momentum could be sustained in the global markets.
The US dollar index (DXY) was contained ahead of the thinned conditions stateside, where markets will close early on Monday due to Independence Day celebrations.
Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion, providing further support to the positive sentiment in the markets. The US Treasury Department confirmed that Treasury Secretary Janet Yellen will visit China from July 6-9 for meetings with senior Chinese officials. However, a Treasury official tempered expectations, saying that the visit is not expected to yield any major breakthroughs.
The ASX 200 was up 0.7%, supported by strong building approvals data. The Nikkei 225 was up 0.5%, after the BoJ's quarterly Tankan survey showed improved sentiment among Japanese manufacturers.
Chinese equities also traded higher, with the Hang Seng index up 1.3% and the Shanghai Composite index up 1.2%. The gains were supported by upbeat data from China, including the Caixin Manufacturing PMI, which topped expectations for its second consecutive monthly expansion.
US equity futures were mixed, with the S&P 500 futures up 0.1% and the Dow Jones futures down 0.2%. The markets were awaiting the release of key economic data later in the week, including the FOMC minutes and the US jobs report.
In FX markets, the DXY was little changed ahead of the US holiday and key events. The EUR/USD was trading near support at 1.0900, while the GBP/USD was consolidating gains after Friday's rally. The USD/JPY was underpinned by the positive risk appetite and the AUD/USD was indecisive ahead of the RBA meeting.
In fixed income markets, 10-year US Treasury yields were unchanged following Friday's choppy performance. Bund yields were also flat, while 10-year JGB yields were slightly lower after the BoJ's Tankan survey.
In commodities markets, Crude oil prices were flat after the latest Chinese Caixin Manufacturing PMI data pared early losses. Spot gold was rangebound amid an uneventful dollar heading into US Independence Day. Copper futures gained amid the positive risk appetite and encouraging data releases from Asia.
Looking ahead, key economic data releases include Swiss CPI, EZ/UK/US final manufacturing PMI, and US ISM manufacturing PMI. Holidays: Canada observes Canada Day, US closes early for Independence Day.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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