Reddy Virginie
Member
Main Highlights:
·
Asian Stocks Broadly Lower : Major Asian markets opened lower today, influenced by Moody's downgrade of the U.S. credit rating late Friday. Japan's Nikkei 225, South Korea's KOSPI, Hong Kong's Hang Seng Index, and Australia's ASX 200 all registered declines. Mainland China's Shanghai Composite and Shenzhen Component also opened slightly lower.
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U.S. Credit Rating Downgraded : Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing increased difficulty in managing the U.S. fiscal deficit and a heavier debt refinancing burden. This news has had a notable impact on market sentiment.
Commodities:
· Gold: Gold prices rebounded as uncertainty over the U.S. economic outlook and the rating downgrade boosted safe-haven demand. Spot gold rose to around $3,220/oz.
· Oil: Oil prices stabilized after early fluctuations, with Brent Crude around $65/barrel and WTI crude near $62/barrel.
Forex Market :
· The U.S. Dollar Index weakened slightly.
· EUR/USD edged up to around 1.1180.
· USD/JPY weakened (Yen strengthened), with the pair falling to around 145.20.
Key Economic Data:
China released its April economic data today: Retail Sales YoY at 5.1%, Industrial Production YoY at 6.1%, and the Unemployment Rate at 5.1%. These figures will influence market assessment of China's economic recovery.
·
Asian Stocks Broadly Lower : Major Asian markets opened lower today, influenced by Moody's downgrade of the U.S. credit rating late Friday. Japan's Nikkei 225, South Korea's KOSPI, Hong Kong's Hang Seng Index, and Australia's ASX 200 all registered declines. Mainland China's Shanghai Composite and Shenzhen Component also opened slightly lower.·
U.S. Credit Rating Downgraded : Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing increased difficulty in managing the U.S. fiscal deficit and a heavier debt refinancing burden. This news has had a notable impact on market sentiment. Commodities:· Gold: Gold prices rebounded as uncertainty over the U.S. economic outlook and the rating downgrade boosted safe-haven demand. Spot gold rose to around $3,220/oz.
· Oil: Oil prices stabilized after early fluctuations, with Brent Crude around $65/barrel and WTI crude near $62/barrel.
Forex Market :· The U.S. Dollar Index weakened slightly.
· EUR/USD edged up to around 1.1180.
· USD/JPY weakened (Yen strengthened), with the pair falling to around 145.20.
Key Economic Data:
China released its April economic data today: Retail Sales YoY at 5.1%, Industrial Production YoY at 6.1%, and the Unemployment Rate at 5.1%. These figures will influence market assessment of China's economic recovery.