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Pre-Market Report: Global Markets Rebound, Commodities Are Stable

PART:
1 2 3
Pre-Market Report: Global Markets Rebound, Commodities Are Stable PART 1 OF 3

Asian Markets Regain Strength amid Global Market Rebound

Economic calendar

8:00 AM EST – European Central Bank Vice President Constancio speaks

8:30 AM EST – Canada’s core consumer price index (April)

8:30 AM EST – Canada’s core retail sales (March)

9:15 AM EST – US FOMC member Bullard speaks

1:00 PM EST – Baker Hughes’s US oil rig count

Asian Markets Regain Strength amid Global Market Rebound

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China

After losing strength and falling for two consecutive trading days, China’s Shanghai Composite Index is stable on Friday. The Shanghai Composite Index broke a five-week losing streak and ended the week almost flat.

Weakness in Chinese markets

Chinese markets were weaker for the past one and half months amid concerns about increased regulations on money market participants and insurance providers. Market sentiment is also dented amid increased regulations on the property market. The Shanghai Composite Index started the week on a stable note amid decreased concerns about market liquidity. China’s banking regulator assured stability in the banking sector amid increased regulations. The central bank of China injected 17 billion yuan on May 16 to decrease liquidity concerns.

Chinese markets lost strength due to global market weakness amid political uncertainty in the US. However, China regained stability on Friday as the sentiment improved on Wall Street. On May 19, the Shanghai Composite Index rose 0.03% and ended the day at 3,090.93. The SPDR S&P China ETF (GXC) rose 0.26% to $85.48 on May 18.

Hong Kong

After falling for two consecutive trading days, Hong Kong’s Hang Seng Index regained strength and opened higher on Friday. The market regained strength amid a recovery in US markets on Thursday. Read S&P 500, NASDAQ, and Dow Regained Strength on May 18 to learn how market sentiment improved in the US. The market is also supported by April’s unemployment rate, which remained unchanged at 3.2%. On May 19, the Hang Seng Index rose 0.15% and closed the day at 25,174.87. The iShares MSCI Hong Kong ETF (EWH) rose 0.56% to $23.28 on May 18.

Japan

After falling to two-week low price levels, Japan’s Nikkei index regained strength and ended the day almost positive. Stocks related to the retail, gas and water, and railway and bus sectors led the market. Nikkei closed the day at 19,590.76 with a gain of 0.19%. The iShares MSCI Japan ETF (EWJ) closed at $52.62—a gain of 0.27% on May 18. In the next part, we’ll discuss how European markets are performing in the morning session on May 19.

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