Forex Marketz Daily Forex News – Fully Markets Update
The Asian and Pacific Rim equity markets were broadly higher by Wednesday afternoon, Hong Kong time. The regional Asian financial markets, over the last few days, had been under pressure thanks to the coronavirus outbreak.
On the mainland in China, the headline bourses were all higher with the Shanghai composite leading the way. Shares on this index were up 1.1 percent.
In Japan, the benchmark Nikkei 225 added over one percent and in Tokyo, the Topix index was up just over one percent as well.
In South Korea, the Kospi composite pared back early gains to trade up 0.55 percent and in Hong Kong, the Hang Seng index was up over 0.8 percent.
In Australia, the headline S&P ASX 200 added 0.32 percent. Most of the sub-sectors that make up the Australian bourse were in the green.
China does more to stem the Coronavirus Outbreak
The coronavirus has now claimed its first life in Hong Kong. On the mainland, in China, there have been another 65 deaths which brings the total up to 490. The number of cases, worldwide, is now at 24,342.
The World Health Organization (WHO) continues to reiterate that it is possible to contain the spread of the deadly coronavirus. China, which has seen 99% of the known cases, has implemented drastic quarantine measures. Beijing has also injected about 1.7 trillion yuan to insulate their financial markets.
Asian Traders wait on Key U.S. Labor Data and ISM Services PMI
On the U.S. economic calendar, Asian and global traders will be following a number of high impact events today. This includes the ADP non-farm labor change.
The Institute for Supply Management (ISM) non-manufacturing purchasing managers’ index (PMI) will also be released during the North American hours.
Both the ISM non-manufacturing PMI is closely watched by traders. The services sectors makes up the largest portion on the U.S. economy’s gross domestic product.
Both the ISM services PMI and the ADP labor data will affect Friday’s closely monitored non-farm payroll report (NFP).
