May 10, 2020 / 7:57 PM / 15 days ago

Asia Morning Call-Global Markets

    May 11 (Reuters) - 
 Stock Markets                  Net Chng    Stock Markets                    Net Chng
 S&P/ASX 200**   5,391.10       26.90       NZX 50**            10,695.59    46.36
 DJIA            24,331.32      455.43      NIKKEI**            20,179.09    504.32
 Nasdaq          9,121.321      141.66      FTSE**              5,935.98     82.22
 S&P 500         2,929.8        48.61       Hang Seng**         24,230.17    249.54
 SPI 200 Fut     5,405.00       3.00        STI**               2,591.88     0.28
 SSEC**          2,895.34       23.82       KOSPI**             1,945.82     17.21
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 Bonds                                      Bonds                            
 JP 10 YR Bond   0              0           KR 10 YR Bond       1.425        -0.001
 AU 10 YR Bond   0.963          0.06        US 10 YR Bond       0.6847       0
 NZ 10 YR Bond   0.595          0           US 30 YR Bond       1.3858       0
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 Currencies                                                                  
 SGD US$         0              0           KRW US$             1,218.8      -0.85
 AUD US$         0              0           NZD US$             0.6129       -0.0004
 EUR US$         1.0844         0.0004      Yen US$             106.62       -0.03
 THB US$         32.16          -0.03       PHP US$             50.39        -0.11
 IDR US$         14,890         -90         INR US$             75.533       0.023
 MYR US$         4.331          0.009       TWD US$             29.902       -0.048
 CNY US$         7.0749         -0.0101     HKD US$             7.7516       0
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 Commodities                                                                 
 Spot Gold       1,700.65       -17.0399    Silver (Lon)        15.45        -0.05
 U.S. Gold Fut   1,725.9        -11.9       Brent Crude         0            0
 Iron Ore        CNY637         5           TRJCRB Index        -            -
 TOCOM Rubber    JPY152.7       0           LME Copper          -            -
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    ** indicates closing price 
    All prices as of 18:54 GMT
    
    EQUITIES

    GLOBAL - Equity markets rallied on Friday, hitting weekly highs, and oil prices
gained as more governments around the world began gradually reopening their economies
and Sino-American trade tensions eased.

The optimism contrasted with the economic data. U.S. unemployment numbers showed the
coronavirus crisis cost the economy 20.5 million jobs in April, the steepest plunge in
payrolls since the Great Depression.
    For a full report, click on
    
    - - - -
    
    NEW YORK - Major U.S. stock indexes jumped on Friday and logged solid gains for the
week after data on historic job losses due to the coronavirus crisis showed they were
slightly fewer than feared.

All 11 S&P 500 sectors were positive, led by the beaten-up energy group, which
gained 4.3%.
    For a full report, click on
    
    - - - -
    
    LONDON -  European shares closed higher on Friday, clocking weekly gains as signs
of improving U.S.-China relations provided a fresh dose of optimism for investors
counting on the easing of lockdowns to spark a recovery in global growth.

The pan-European STOXX 600 closed up 0.9%, with dialogue between U.S. and
Chinese officials over their phase-1 trade deal soothing investor about a renewed trade
spat. 
    For a full report, click on

    - - - -
    
    TOKYO - Japanese shares advanced on Friday, in line with Wall Street's gains, as
news of top trade representatives of China and the United States holding a phone talks
calmed investors worried about simmering Sino-U.S. tensions, with cyclicals leading the
rally.

On the domestic front, hopes for a potential lifting of Japan's state of emergency in
some areas before the nationwide deadline of May 31 also supported investors' risk
appetite, said traders.
    For a full report, click on
    
    - - - -
    
    SHANGHAI - hina stocks closed higher on Friday as investors cheered Beijing opening
up its financial markets further to foreign investors and talks between U.S. and
Chinese trade officials.

China finalised rules on Thursday that would scrap quotas under two major inbound
investment schemes, giving qualified foreign institutions unlimited access to Chinese
stocks and bonds.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - Australian stocks ended higher on Friday, marking their second straight
weekly gain, after the government unveiled plans to end most coronavirus restrictions
by July and as talks between U.S. and Chinese trade officials lifted sentiment.

The S&P/ASX 200 index settled 0.5% higher at 5,391.1. The benchmark climbed
nearly 3% this week, its biggest weekly rise since April 10.
    For a full report, click on
    
    - - - -
    
    SEOUL - South Korean shares closed higher on Friday as a phone call between top
trade representatives of the United States and China calmed investors nerves worried
about simmering tensions, while continued optimism over re-opening of economies aided
sentiment.
    
The KOSPI ended 17.21 points, or 0.89%, higher at 1,945.82. For the week, the
KOSPI lost 0.09%.
    For a full report, click on
    
    - - - -
    
    FOREIGN EXCHANGE

    NEW YORK - The U.S. dollar rose against some currencies on Friday after data showed
the world's largest economy lost fewer jobs than expected last month on fallout from
the coronavirus pandemic.

The greenback posted its largest weekly gain versus the euro in more than a month,
although that was more related to the European single currency's issues concerning the
European Central Bank's asset purchases.
    For a full report, click on

    - - - -
    
    SHANGHAI -  The yuan firmed on Friday as China and the United States softened their
tone on trade, easing tensions after U.S. President Donald Trump had threatened new
tariffs over Beijing's handling of the coronavirus outbreak.

Top trade representatives of the two countries held a phone call on Friday and agreed
there was "good progress" made to meet the phase 1 trade agreement reached earlier this
year, and that they expect to meet the obligations under the deal.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - The Australian dollar edged up on Thursday, helped by an unexpectedly
large trade surplus for March on the back of mineral exports, but worries over weak
consumption in top trading partner China capped gains.

The Australian dollar was last up 0.2% at $0.6419, trading in a snug range of
$0.6373 and $0.6476 this week.
    For a full report, click on
    
    - - - -
    
    SEOUL - The won strengthened in Friday, while the benchmark bond yield fell.
    
The won closed at 1,219.9 per dollar on the onshore settlement platform,
0.42% higher than its previous close at 1,225.0.
    For a full report, click on
    
    - - - -
    
    TREASURIES
    
    NEW YORK - Two-year Treasury yields hit record lows on Friday and fed fund futures
implied the Federal Reserve could cut rates into negative territory, though analysts
said the move was likely technical as investors betting on higher rates were squeezed
out of their positions.

The move came after data on Friday showed the U.S. economy lost a staggering 20.5
million jobs in April, the steepest plunge in payrolls since the Great Depression and
the starkest sign yet of how the novel coronavirus pandemic is battering the world's
biggest economy.
    For a full report, click on
    
    - - - -
    
    LONDON -  Italian bond yields fell on Friday as investor risk appetite was boosted
by easing U.S.-China trade tensions and data showing that the U.S. economy lost fewer
jobs than expected and as traders awaited two credit ratings decisions on Italian debt.

Though a German constitutional court ruling earlier this week cast doubt over the
future of one of the European Central Bank's bond-buying programmes, on which Italy
depends heavily to keep down borrowing costs, broad improvement in investor sentiment
helped Italian yields lower.
    For a full report, click on
    
    - - - -
    
    TOKYO - Super-long Japanese government bond yields rose on Friday following a fall
in U.S. Treasury yields, while investors braced for what is expected to be grim U.S.
payrolls data.

U.S. Treasury yields fell from three-week highs on overnight, with short-term rates
setting record lows, while federal funds futures priced in negative U.S. interest rates
for the first time.
    For a full report, click on
 
    
    COMMODITIES
    
    GOLD

    Gold on Friday eased from its highest in nearly two weeks, as investors grew
hopeful about economies reopening after COVID-19 lockdowns, but a continued wave of
central bank stimulus kept bullion on course for a weekly gain.

Spot gold fell 0.8% to $1,704.53 per ounce by 2:31 p.m. EDT (1831 GMT) after
hitting $1,722.56, its highest since April 27. Prices were up 0.3% for the week.
    For a full report, click on
    
    - - - -
    
    IRON ORE
    
     Iron ore and steel futures in China gained in this week's three trading sessions,
supported by surging demand from local mills as the country returns from lockdowns
related to the coronavirus pandemic.

The most-traded iron ore futures on the Dalian Commodity Exchange, for
September delivery, ended up 2.6% to 633 yuan ($89.52) a tonne, the highest since Aug.
1.
    For a full report, click on
    
    - - - -
    
    BASE METALS
    
    Shanghai copper rose to a three-week high on Friday and clocked a second straight
weekly gain, buoyed by strong import numbers in China and signs that the Sino-U.S.
trade deal would be implemented despite the coronavirus disruption.

Copper gained 1.2% in Shanghai over the holiday-shortened week, which had seen the
Shanghai Futures Exchange closed on Monday and Tuesday before reopening on Wednesday.
    For a full report, click on
    
    - - - -
    
    OIL
    
    Oil prices settled 5% higher on Friday in their second consecutive week of gains as
U.S. producers cut production with the number of drilling rigs falling to a record low,
and as more states moved ahead with plans to relax lockdowns intended to halt the
coronavirus pandemic.

The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374
this week - reflecting data going back 80 years - as the energy industry slashes output
and spending to deal with the coronavirus-led crash in fuel demand.
    For a full report, click on
    
    - - - -
    
    PALM OIL
    
    Malaysian palm oil futures climbed as much as 4% on Friday, buoyed by hopes of a
revival in demand due to the easing of coronavirus-led curbs in some countries and a
fall in inventories in top producer Indonesia, but the contract posted a weekly
decline.

The benchmark palm oil contract for July delivery on the Bursa Malaysia
Derivatives Exchange closed down 73 ringgit, or 3.75%, to 2,019 ringgit ($466.17) per
tonne.
    For a full report, click on
    
    - - - -
    
    RUBBER
    
    Tokyo Commodity Exchange (TOCOM) futures closed higher on Friday, posting their
first weekly gain in three, as oil prices rose with more countries easing lockdowns set
in place to combat the coronavirus outbreak

TOCOM's rubber contract for October delivery, finished 0.4 yen higher
at 152.7 yen per kg, the highest close since late April, gaining 2.6% over a holiday
shortened week
    For a full report, click on
    
    - - - -

 (Bengaluru Bureau; +91 80 6749 1130)
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