{"id":34856,"date":"2019-06-05T16:47:05","date_gmt":"2019-06-05T06:47:05","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=34856"},"modified":"2019-06-05T16:47:05","modified_gmt":"2019-06-05T06:47:05","slug":"wednesday-5th-june-asian-markets-rise-on-powells-comments","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-5th-june-asian-markets-rise-on-powells-comments\/","title":{"rendered":"Wednesday 5th June: Asian markets rise on Powell&#8217;s comments"},"content":{"rendered":"<h3><strong>Global Markets:<\/strong><\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei up 1.76%, Shanghai Composite up 0.23%, Hang Seng up 0.29%, ASX up 0.41%<\/li>\n<li>Commodities : Gold at $1334.55 (+0.44%), Silver at $14.81 (+0.29%), Brent Oil at $61.59 (-0.61%), WTI Oil at $53.01 (-0.88%)<\/li>\n<li>Rates : US 10-year yield at 2.099, UK 10-year yield at 0.898, Germany 10-year yield at -0.221<\/li>\n<\/ul>\n<h3><strong>News &amp; Data:<\/strong><\/h3>\n<ul>\n<li>(CNY) Caixin Services PMI 52.7 vs 54.3 expected<\/li>\n<li>(AUD) GDP q\/q 0.40% vs 0.40% expected<\/li>\n<li>(AUD) AIG Services Index 52.5 vs 46.5 previous<\/li>\n<li>(NZD) GDT Price Index -3.40% vs -1.20% previous<\/li>\n<li>(USD) Factory Orders m\/m -0.80% vs -1.00% expected<\/li>\n<li>RBA Boss Warns Banks On Undermining The Economy<\/li>\n<\/ul>\n<h3><strong>Markets Update:<\/strong><\/h3>\n<p>Asian stock markets are in positive territory on Wednesday following the overnight rally on Wall Street after comments by Federal Reserve Chairman Jerome Powell generated optimism about a potential interest rate cut. Powell said the central bank will act &#8220;as appropriate&#8221; to sustain the economic expansion. Worries about trade tensions also eased after China&#8217;s Ministry of Commerce said that the U.S.-China trade dispute can only be resolved through talks.<\/p>\n<p>Mainland Chinese stocks rose by the afternoon, with the Shanghai composite gaining 0.2% and the Shenzhen component adding 0.3%. Hong Kong\u2019s Hang Seng index also rose 0.3%, as Hong Kong-listed shares of Chinese telecommunications equipment maker ZTE soared 5.94%. Japan\u2019s Nikkei 225 jumped 1.8% in afternoon trade, with shares of index heavyweight Fanuc surging more than 2.5%. The Topix index also gained 2.1% as the sectors mostly advanced. Over in South Korea, the traded flat.<\/p>\n<p>The pound recovered from a five-month low on Tuesday but concerns about a disorderly departure from the European Union meant gains were minimal, amid promises from U.S. President Donald Trump of a \u201cphenomenal\u201d post-Brexit trade deal. Other major currencies were relatively calm, with the safe-haven yen still supported but not aggressively so.<\/p>\n<p>In commodity markets, oil prices resumed their slide on Wednesday, dragged down by a surprise gain in U.S. inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.<\/p>\n<h3><strong>Upcoming Events:<\/strong><\/h3>\n<ul>\n<li>08:15 AM GMT &#8211; (USD) ADP Non-Farm Employment Change<\/li>\n<li>09:45 AM GMT &#8211; (USD) FOMC Member Clarida Speaks<\/li>\n<li>10:00 AM GMT &#8211; (USD) ISM Non-Manufacturing PMI<\/li>\n<li>10:00 AM GMT &#8211; (USD) FOMC Member Bowman Speaks<\/li>\n<li>09:30 PM GMT &#8211; (AUD) Trade Balance<\/li>\n<li><a href=\"http:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\">&amp;more&#8230;<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei up 1.76%, Shanghai Composite up 0.23%, Hang Seng up 0.29%, ASX up 0.41% Commodities : Gold at $1334.55 (+0.44%), Silver at $14.81 (+0.29%), Brent Oil at $61.59 (-0.61%), WTI Oil at $53.01 (-0.88%) Rates : US 10-year yield at 2.099, UK 10-year yield at 0.898, Germany 10-year yield &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-5th-june-asian-markets-rise-on-powells-comments\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 5th June: Asian markets rise on Powell&#8217;s comments<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":34857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-34856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=34856"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34856\/revisions"}],"predecessor-version":[{"id":34858,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/34856\/revisions\/34858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/34857"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=34856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=34856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=34856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}