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Asian Markets Mixed, Yen Falls, Europe Gains, and Crude Rises

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Mixed Monday in Asian markets as yen falls

The major Asian markets (AAXJ) were trading on a contrasting note on May 9 as they were affected by negative sentiments from the previous week’s US payrolls. This was offset by the statement by Japan’s finance minister, Taro Aso, that intervention may be in order if the yen’s volatility persists.

The Japanese yen was trading 1.1% higher at 108.27 as of 8:30 AM EST. The Japanese (DXJ) Nikkei 225 and Indian Nifty 50 were among the biggest gainers for the day as they rose by 0.68% and 1.7%, respectively. The Chinese (MCHI) DJ Shanghai Index registered significant losses for the day as it fell by 2.7%.

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European markets rise with oil prices

Major European indexes (DBEU) were trading on a positive note on May 9 after the rise in crude oil prices resulted in gains in the major markets. The European indexes (HEDJ) were also affected by the strong release of German factory orders. Crude futures (USO) were up by 0.80% at 7:30 AM EST.

Specifically, the SPDR Euro Stoxx 50 ETF (FEZ) was trading 1.3% higher at 7:30 AM EST. The German DAX and French CAC 40 also posted significant gains. The DAX rose by 1.9% while the CAC rose by 1.3%.

Contrasting domestic data release

The Chinese balance of trade for April was published on Sunday, revealing a surplus of $45.5 billion against the forecasts of a surplus of $32 billion. The rise in the trade balance was attributed to a fall of 10.9% in imports against a fall of 1.8% in exports.

The Japanese consumer confidence index published by the country’s cabinet office was released at 40.8. There was positive data from the European front as Destatis reported the month-over-month German factory orders rising by 1.9%, which was well above the forecasts of a rise of 0.7%.

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