April 5, 2016
|04:30||AUD||RBA Rate Statement|
|06:00||EUR||German Factory Orders m/m||-0.1%||0.5%|
|14:00||USD||ISM Non-Manufacturing PMI||53.4||54.1|
|14:00||USD||JOLTS Job Openings||5.54M||5.57M|
Markets closed mixed across Asia Monday as investors digested the good economic data out of the U.S. on Friday. Australia’s S&P/ASX 200 edged lower by 0.08% as weakness from crude put a dent in the energy sector. Japan’s Nikkei was unable to hold on to gains and ended 0.25% lower due to the strength of the Yen against the USD. In South Korea, the Kospi ended 0.27% higher despite weakness from the auto sector. Singapore’s Straits Times Index advanced by 0.60%. Markets in mainland China, Hong Kong, and Taiwan were all closed for a public holiday and will reopen Tuesday. Markets across Europe ended the day modestly higher as weakness from the energy and telecom sectors muted gains. The Stoxx Europe 600 was 0.40% higher at the close, Germany’s DAX added 0.28%, and the CAC 40 in France tacked on 0.53%. The FTSE in London ended the session 0.30% higher as it snapped a two session losing streak. Markets in the U.S. ended the session broadly lower as the weakness from crude eroded risk appetite in the market. By the close the S&P 500 was off by 0.32%, the Dow lost 0.31%, and the Nasdaq dropped 0.46%.
EUR – The Euro was mostly weaker Monday, falling against the Yen and Pound, but recovering from losses versus the USD and ending the session unchanged against the greenback.
GBP – The Pound reversed last week’s losses and finished the day firmer against the USD and Euro, though it did slip somewhat versus the Yen.
USD – The USD continued to show broad based weakness Monday, falling versus the Yen and Pound, but finishing flat against the Euro.
JPY – The Yen built on the solid gains made last Friday and continued to firm broadly against rival currencies.
TRY – The Lira firmed broadly Monday after inflation in the country slowed to a seven month low, coming in below the government’s 7.5% target.
RUB – The Ruble retreated against major currencies for a second consecutive session as crude continued to fall sharply, taking the Russian currency along with it.
Metals – Precious metals edged lower Monday as global risk appetite remained high, despite some chicks in investor confidence in the U.S. June gold was down $3.70 at $1,219.80 an ounce. May silver was down $0.091 at $14.955 an ounce.
Oil – Crude continued to fall Monday as trader’s skepticism over a production freeze increased. Crude for May delivery fell for a second day, dropping $1.09, or 3%, to settle at $35.70 a barrel – its lowest close in a month.
S&P500 – The S&P was choppy for the first half of the day as it remained in the red, but tried to rally into positive territory. The afternoon saw the index trading steadily lower though, ending the day with a modest loss of 0.32%.
DAX – The DAX rose steadily throughout the morning, but faded in the afternoon. After trading up by as much as 1.1%, the index handed back gains in the afternoon as U.S. markets opened to weakness and finished the session 0.28% higher.
Nikkei – The Nikkei opened to losses, but quickly recovered, moving back to unchanged levels where it spent the morning trading back and forth with small gains and losses. It began the afternoon in the black, but quickly fell as traders reacted to the strengthening Yen. By the close of the session it was 0.25% lower.
Disney – Shares of the entertainment company ended the day 0.39% lower, but then lost another 1.74% in afterhours trading following the retirement of COO Thomas Staggs. Investors reacted negatively to the news as it will impact the succession plan at Disney into disarray as Staggs was in line to replace current CEO Robert Iger when he retires. This adds more uncertainty for the company, which is already suffering from concerns over falling subscriber numbers in its Media Networks division, particularly the ESPN sports channel. The stock had already been struggling to get past the resistance at the $100 level and this setback could send it back to the support at the $90 level.
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