Asia

Chinese equities ended in the red this morning, including the Hang Seng, at -0.48%. The Nikkei added 0.28% on a slightly weakening Yen, as traders being to whiff a trace of risk in the air.

Caixin reported an increase in China’s services PMI for April to 44.4 – still in contraction but up from march’s 26.5 – while the nation’s trade surplus in April expanded to $45 bn. Australia’s expanded to 10.6bn the month before.

Europe

European stocks are in the green this morning on positive Chinese export data, as the Euro adds 0.4% but the pound soaring by a full half percent.

The Bank of England this morning kept interest rates at 0.1%, expecting the nation’s worst economic contraction in 300 years – according to Reuters – while house prices in April fell to 2.7% YoY.

German PMIs for April exceeded expectations as France came in red. The country’s trade deficit in March contracted by €1.7 bn, while retail sales in the EU contracted by 11.2%. ECB officials expect the zone’s GDP to fall by about 15% in Q2.

Americas

US markets yesterday closed mixed, the Nasdaq managing to add a half percent as the Dow lost nearly a percent. Ahead of tomorrow’s NFP, ADP Inc. reported a 20mn contraction in employment for April.

The Nikkei Asian Review reports that the US administration is looking into the possibility of private lawsuits against China for its Covid performance, which could lead to a seizing of Chinese assets in the US.

Commodities

Relatively good news came from the EIA yesterday, which reported a mere 4.59mn barrel change in inventories – nearly half the expected increase – and China imports rebounded to 10.42 million barrels per day, according to Reuters.

Futures, however, were not impressed, the 8-day price rise stemmed at $23.81 this morning due to a continuing and growing glut.

Gold continues to consolidate down towards 1690, even as Bitcoin finally broke through resistance in the 9K zone.

The crypto has determined a new support level at 9200 – this, according to CoinDesk, on a surge in open futures positions at the CME.

Corporate

Libra took another step forward yesterday as former HSBC legal officer Stuart Levey was named the association’s CEO.

T-Mobile shares rose slightly on a marginal beat on revenues for Q1, while PayPal beat expectations widely despite a 78% drop in profits but with a 12% increase in revenues.

GM reported a 6.2% increase in revenue (YoY), profits pushed by federal orders for Covid treatment equipment.

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