Global Fundamental Analysis 04/05/2021

Global Fundamental Analysis 04/05/2021, FP Markets

Opening Call: The Australian share market is to open higher.

U.S. stocks closed mixed, with the S&P 500 and Dow industrials stronger. The 10-year Treasury note yield ticked down to 1.607%. The WSJ Dollar Index was down 0.32% to 85.95.

Oil prices finished higher on signs of stronger global demand. Gold marked its first gain in five sessions amid a subdued dollar, bond yields.

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Australian Market

Australia’s S&P/ASX 200 index closed flat, avoiding a loss after Westpac’s stronger-than-expected first-half earnings helped the heavyweight financial sector to its best day since March 1.

US Market

Investors piled into shares of economically sensitive companies and pulled back from technology stocks, leading to a divergence in major indexes.  

The Dow Jones Industrial Average jumped 0.7%. The S&P 500 advanced 0.3% to kick off May after finishing April with its best month since November.

The Nasdaq Composite, in contrast, pulled back 0.5% after opening higher. Mega cap technology companies including Amazon.com, Netflix and Facebook weighed on the technology-heavy index.

Commodities

Gold futures climbed to mark their first gain in five sessions, as weakness in the dollar and subdued yields for government bonds helped to revive some buying in bullion after last week’s drop.  

Gold for June delivery rose $24.10, or 1.4%, to settle at $1,791.80 an ounce after touching an intraday day of $1,798.90. The settlement was the highest for a most active contract since April 21, FactSet data showed.

Oil Futures

Oil futures settled higher, supported by signs of stronger global demand, even as India continues to suffer from record daily cases of Covid-19.  

West Texas Intermediate crude for June delivery rose 64 cents, or 1%, to $64.22 a barrel on the New York Mercantile Exchange. July Brent crude, the global benchmark, was up 68 cents, or 1%, at $67.44 a barrel on ICE Futures Europe.

Forex

Major currencies were stronger against the US dollar in European and US trade. The Euro rose from lows near US$1.2013 to highs near US$1.2075 and was near US$1.2060 at the US close. The Aussie dollar rose from lows near US77.07 cents to highs near US77.66 cents and was near US77.60 cents at the US close. And the Japanese yen lifted from near 109.69 yen per US dollar to JPY108.89 and was near JPY109.10 at the US close.

European Markets

European sharemarkets climbed on Monday after the European Commission outlined plans to loosen Covid-19 restrictions on tourism. The pan-European STOXX 600 index rose by 0.6%. IHS Markit’s ‘final’ manufacturing purchasing managers’ index rose from 62.5 to a record 62.9 in April (survey: 63.3). The German Dax index gained 0.7% with Lufthansa shares up 2.6% after the German carrier said it will offer flights to more than 100-holiday destinations. German retail sales surged 7.7% in March (survey: +3.0%). The London Stock Exchange was closed in observance of the UK Bank Holiday on Monday.

Asian Markets

The Tokyo Stock Exchange is closed through Wednesday for holidays. 

Chinese stock markets are closed through Wednesday for the Labor Day holiday.

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