Forex Marketz Daily Forex News – Fully Markets Update
Asian and Pacific Rim equities were mostly mixed by late morning as volume was low throughout the Asian region on Friday. Key regional financial markets were closed for the Good Friday Holiday.
For the holiday, the financial markets in Australia, Hong Kong, Singapore and India were all closed on Friday.
In Japan, the Asian benchmark, the Nikkei 225 reversed opening gains to trade down 0.4 percent by late morning. Shares of FamilyMart led losers as they shed 4.94 percent. In Tokyo, the broader Topix index shed 0.8 percent.
Across the Korean Strait, in Seoul South Korea, the Kospi composite index was down around half a percent.
On the mainland, in China, the Shanghai composite was trading about half a percent lower. The smaller Shenzhen composite fell 0.75 percent.
Asian Traders Digest Chinese Inflation Data for March
This morning, China released key inflation data for the month of March. Their consumer price index (CPI) on an annual basis came in at 4.3 percent. This is according to the National Bureau of Statistics.
This was below what economists and financial market participants expected at 4.8 percent.
Overnight, weekly jobless claims in the United States painted a dismal picture. For the week ending 3 April, 6.6 million Americans filed for unemployment benefits.
OPEC reached Deal to Cut Production but Mexico Refuses to Comply
The Organization of the Petroleum Exporting Countries (OPEC) and non-member nations led by Russia reached a deal to cut production. However, the agreement hit a possible roadblock as Mexico refused to sign off on the deal.
The OPEC + led by Russia and Saudi Arabia agreed to a supply or production cut of ten (10) million barrels per day. This comes as the Covid-19 pandemic is reducing the demand for oil and supply is plentiful.
At last report, Mexico has agreed to continue talking as the oil cartel is scheduled to meet again later on Friday.
