Morning wrap (09.05.2023)

8:44 am 9 May 2023

  • In Asia, the market struggles for direction as investors await trade data from China, looking to gain insights into the country's economic recovery. There was also speculation concerning additional policy support for the financial sector by the Chineses government. Major Indexes from Hong Kong and South Korea declined, while Japan saw an increase fueled by positive earnings reports from domestic companies.

    • HKComp down 0.36% to 20,141 points

    • CHNComp down 0.33% to 6,863 points

    • JAP225 up 0.93% to 29,244 points

  • China reported another month of export growth in April - in line with expectations, reflecting the global demand recovery. In March, the country's exports surpassed expectations, indicating robust performance in the export sector.

  • During early Asian trading, the value of the dollar slightly increased, heading for a second consecutive day of gains. This upward trend followed the release of the Federal Reserve's Senior Loan Officer Opinion Survey, which revealed a slight tightening in the credit market and a decrease in demand for business loans.

  • After experiencing a decline the previous day, Treasury bonds remained relatively stable during Asian trading hours. Investors are evaluating the factors that could potentially influence the Federal Reserve's decision to adjust its interest rate policy.

  • According to the latest government forecasts from Tuesday, this year Australia expects its first budget surplus since 2008 for the fiscal year ending in June 30. The government's financial position has been bolstered by higher tax revenue resulting from robust employment rates and elevated prices of exported commodities.

  • BoJ's Governor Ueda said that if the price target is met in a sustainable and stable manner, BoJ will end yield curve control (YCC) and then shrink its balance sheet.

  • Based on futures instruments the European indexes are set to open slightly higher. DE30 gains 0.03% and is trading at 16,050 points.EU50 is up 0.06% to 4,340 points and UK100 is up 0.12% to 7,800 points.

  • Oil prices experienced a slight decline as investors evaluated the complex outlook for global demand following a period of volatility. Gold prices remained relatively stable gaining 0.32% to $2027 per ounce.

  • Crypto market crash continues, BTC price remains below $28k level and is trading at $27,550. Ether price is up 0.2% to $1840.

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.