Forex Marketz Daily Forex News – Fully Markets Update
The Asian and Pacific Rim equity and financial markets were broadly higher during the late morning, Hong Kong time. Asian sentiment was broadly improved as traders are noting the reopening of regional economies.
Authorities are starting to ease back Covid-19 (coronavirus) restrictions and businesses are starting to slowly reopen. This was a boost to trade sentiment.
In Seoul South Korea, the benchmark Kospi composite index led the region as shares tacked on 2.6 percent. Shares of blue chip Samsung Electronics saw its price jump by five (5) percent.
In Japan, the benchmark Nikkei 225 index was up 1.7 percent and in Tokyo, the broader Topix index added 0.96 percent.
In Hong Kong, the Hang Seng index added 1.43 percent. Shares of China’s tech giant, Alibaba, rose 3.9 percent. On the mainland, in China, they headline benchmarks also advanced.
The Shanghai composite rose 0.63 percent and the Shenzhen composite added 0.31 percent by late morning.
Asian Traders Monitor Australian Economic Data
Elsewhere in the Asian and Pacific Rim, the island nation of Australia released their first look at the second quarter gross domestic product (GDP). On a quarterly basis their economy contracted by 0.3 percent. This is official data published by Australia’s Bureau of Statistics.
Shares on the benchmark S&P ASX 200 gained over one percent after the release.
Traders are still watching developments between China and the United States as political tension remain elevated but news of economies reopening overshadowed those concerns.
Traders Wait on Key U.S. Employment Data
The United States will release the private ADP non-farm payroll report. They also publishing the monthly Institute for Supply Management (ISM) non-manufacturing purchasing managers’ index (PMI) as well as monthly factory orders data.
Italy will publish their monthly unemployment rate. Germany will release their monthly employment change and the Eurozone is also releasing their monthly unemployment rate. Today, the Bank of Canada will announce monetary policy and their rate decision for the month.
