Economic calendar

  • 8:30 AM EST: US core durable goods orders (April)
  • 9:15 AM EST: European Central Bank Coeuré speaks
  • 9:20 AM EST: Bank of England Governor Carney speaks
  • 9:20 AM EST: US Fed Chair Powell speaks
  • 10:00 AM EST: US Michigan Consumer Expectations (May)
  • 10:00 AM EST: US Michigan Consumer Sentiment (May)
  • 11:45 AM EST: US FOMC member Bostic speaks
  • 11:45 AM EST: US FOMC member Kaplan speaks
  • 1:00 PM EST: US Baker Hughes oil rig count
  • 3:20 PM EST: German Bundesbank President Weidmann speaks

Asian Markets Are Weak, Trump Cancels North Korean Summit

China

China’s Shanghai Composite Index gained in the first two trading days this week and declined as the week progressed. After a brief pullback on Thursday, the Shanghai Composite Index opened lower on Friday and declined to three-week low price levels.

Market sentiment

The Asian market sentiment was weaker on Thursday amid increased speculations about new auto import tariffs by the US. President Trump canceled the summit with North Korean leader Kim Jong-un, which increased caution in the market and weighed on the Shanghai Composite Index on Friday. There was a weakness in all of the major sectors in China’s markets. The market losses were limited by the increased demand for defensive sectors like the consumer and healthcare sectors. The market is looking forward to another round of US-China trade talks that are scheduled in June.

The Shanghai Composite Index closed May 25 at 3,141.30—a drop of 0.42%. The SPDR S&P China (GXC) declined 0.36% on Thursday.

Hong Kong

After a brief rebound on Thursday, Hong Kong’s Hang Seng Index opened lower on May 25 and declined to 15-day low price levels. The Hang Seng Index opened lower following the decline in US markets and maintained the weakness amid trade tensions and President Trump canceling the summit with North Korea. Weakness in the energy, IT, and financials sectors pushed the Hang Seng Index lower on Friday.

On May 25, the Hang Seng Index declined 0.51% and closed the day at 30,604.00. The iShares MSCI Hong Kong (EWH) declined 0.34% on Thursday.

Japan

Japan’s Nikkei Index declined for three-consecutive trading days and opened lower on Friday. However, the market regained strength as the day progressed and closed the day without losses. The strength in stocks related to the transportation equipment, marine transport, and pharmaceutical sectors pushed the market higher. On May 25, the Nikkei Index gained 0.06% and closed the day at 22,450.79. The iShares MSCI Japan (EWJ) declined 0.61% on Thursday.

Next, we’ll discuss how European markets performed in the morning session on May 25.

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