ASIAN OPENING REPORT: WEDNESDAY – 9TH – MAY – 2018
ASIAN OPENING REPORT
WEDNESDAY – 9TH – MAY – 2018
US President Trump confirmed late yesterday that he would be withdrawing the US from the Iranian nuclear deal and reimposing sanctions that were lifted by his predecessor back in 2015. Other nations have vowed
to uphold the deal with France, Germany and the UK issuing a joint statement that also called on Iran to show restraint. In response, oil prices rebounded from earlier losses with US crude futures closing around the $70 mark after getting down as low at $67.63.
This lifted equity prices off the lows with the major bourses ending the session flat (DJIA +0.01%, S&P -0.03%, NASDAQ +0.02%). Elsewhere, the Dollar Index held higher to close above 93.0 while US 10-year yields added almost three basis points to 2.976%.
Looking ahead, investors will be keeping an eye on the trilateral summit taking place between Japan, China and South Korea. Data wise we await Australian Westpac consumer sentiment, Japanese wage data, New Zealand
electronic card sales and possible Chinese M2 and New Yuan loans.