Global Markets
- U.S. equity markets closed higher overnight, with the S&P 500 up +0.7%, Dow Jones up +0.3% and NASDAQ closing +1.2% higher, as a dip in Treasury yields provided a tailwind for stocks. U.S. existing home sales declined in February to a six-month low, decreasing -6.6% from the prior month to an annualized 6.22 million.
- Long-dated U.S. treasury yields were lower, with the 2-Yr yield at 0.147% and the 10-Yr yield at 1.686%.
- European markets. European equity markets closed higher overnight, with the Stoxx Europe 600 up +0.2%, led by gains in Tech stocks partially offset by declines in Banks which were dragged lower by lenders with exposure to Turkey, after the country’s financial markets plunged as the shock dismissal of the central bank chief triggered concern the country is headed for a fresh bout of currency turbulence. The UK FTSE 100 was up +0.3% and German DAX closed +0.2% higher.
- Asian markets. Asian equity markets closed mostly lower overnight, with the Shanghai Composite up +1.1%, as sentiment improved after the PBOC vowed liquidity support for the economy and the top securities regulator suggested domestic assets should remain attractive to investors. The Hang Seng was down -0.4%, KOSPI down -0.1% and Nikkei 225 declined -2.1%. The U.S., U.K., and Canada joined the EU to impose sanctions against China over alleged human rights abuses on the Uyghurs in Xinjiang, drawing an immediate reaction from Beijing, sanctioning 10 individuals and four entities on the EU side.
- WTI oil is trading at US$61.26 a barrel. Iron ore price is at US$157.28 per ton. Spot gold is trading at US$1,739 per oz.
ASX Market Update
- ASX performance. The ASX 200 closed +0.66% higher yesterday.
- Crown Resorts Ltd (CWN) surged +21.4%, after Blackstone Group Inc offered to buy the Company in a cash bid of A$11.85/share, +20% higher than last close, valuing CWN at A$8.02bn. GrainCorp Ltd (GNC) was up +4.9%, amid prospects for a surge in food prices after the biggest floods in decades hit parts of New South Wales over the weekend.
- Today’s trading. In Japan, data on machine tool orders is to be published. In the U.K., employment data is anticipated.