Morning wrap

  • US indices finished yesterday's session with solid gains. S&P 500 added 1.67%, Dow Jones gained 1.52% and Nasdaq jumped 2.08%

  • Stocks from Asia-Pacific region trade mixed. Nikkei and S&P/ASX 200 gain while Hang Seng declines. However, all three indices trade very close to previous closing prices. DAX futures trade around 100 point below yesterday's close

  • Number of confirmed coronavirus cases topped 5 million and reached 5.09 million. Almost 330 thousand people died and more than 2.02 million people recovered.

  • New Zealand will open bars soon with 4-day work week being taken into consideration

  • White House keeps accusing China of predatory economic policies, military build-up as well as disinformation.

  • Preliminary PMIs from Australia for May showed services index jumping from 19.5 to 25.5 pts and manufacturing index dropping from 44.1 to 42.8 pts

  • Preliminary PMIs from Japan for May showed services index moving from 21.5 to 25.3 pts and manufacturing index dropping from 41.9 to 38.4 pts

  • Japan's exports declined 21.9% YoY in April (exp. -22.7% YoY) while imports dropped 7.2% YoY (exp. -12.9% YoY). Trade deficit stood at 930.4 billion JPY

  • South Korean exports dropped 20.3% YoY in the first 20 days of May.

  • Credit card spending in New Zealand dropped 41.3% MoM in April (exp. -9.7% MoM)

  • AUD and NZD are top laggards among majors while JPY and USD lead. EM currencies decline against USD

  • Precious metals are pulling back after strong gains in recent days. Platinum and palladium take the biggest step back.

  • Oil trades higher following an announcement that Saudi Arabia and Kuwait will halt production at Al-Khafji oil field for one month

More than 100,000 new cases were reported yesterday. This is the third such day since the outbreak started. Source: worldometers, XTB Research

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Morning wrap
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