Asian equity markets trade mixed approaching the mid-point of today’s session. The ASX 200 trades in mild negative territory as gold and mining stocks suffer from declines in gold and iron ore prices. The Nikkei 225 closed morning trade with losses weighed by profit taking and the tech sector, despite the release of better than expected Japanese Q1 GDP at 0.9% vs. 0.7%. The Hang Seng and Shanghai Comp. saw volatile trade, fluctuating from gains and losses and were mildly supported following reports that China approved further qualified institutional investments.
In the FX markets, USD marginally weakened in early trade, which translated to minor gains seen to its major counterparts. USD then pared the early weakness which caused mild reversals in the majors which saw little price action otherwise. Elsewhere, NZD was immediately supported after NZ Business PMI showed a faster rate of expansion of 54.5 vs. Prev. 53.4. In other news, New Zealand also released there budget where they forecast GDP to grow 2.3% for 2013-2014 along with a decreasing deficit within the next 2 years.
Looking forward, Indian Industrial Production is scheduled for release at 0530BST/2330CDT.
As of 0400BST:
ASX 200 (-0.13%), Nikkei 225 (-1.08%), Shanghai Comp. (+0.50%), Hang Seng (+0.32%), KOSPI (+0.98%)
Print 03:05, 16 May 2013 - Market Analysis - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: