THE ASIA DAY: Chinese shares rediscover their mojo

Asian markets have closed the week mostly higher.

Here’s the scoreboard.

Asian Equities
Nikkei 225 19,379.19, 0.45%
Shanghai Composite 4,183.79, 1.74%
Hang Seng 27,562.00, 1%
S&P/ASX 200 5,634.60, -0.2%

Global Equity Futures
S&P 500 2,089.15, 0.24%
DAX 11,482.50, 0.46%
FTSE 100 6,982.30, 1.66%

Aside from the ASX 200 in Australia, Asian markets had a good end to what has been a tough week. Keeping with tradition, it’s been a wild session on the Shanghai Composite with the index initially soaring, then falling, before soaring once again. It eventually closed the session up 2.25% although, in percentage terms, it still recorded the largest weekly decline since June 2010. The Hang Seng in Hong Kong, late in trade, is up 1%. Japan’s Nikkei was also higher, adding 0.5%.

The one exception to the rule was the ASX 200 which, having rallied earlier in the session, slipped into the red late in trade. It close the session down 0.2%, recording its largest weekly decline since June 2013.

In currencies the Pound rallied nearly 1.5% following exit polls showing a likely win to the ruling Conservative party in the 2015 general election. Elsewhere the Euro slipped 0.7%.

Bond markets across the board were softer.

In economic data released earlier China’s trade data for April disappointed again. Export and imports continued to fall from a year earlier while the trade surplus came in below market expectations. In Australia the RBA released its quarterly statement on monetary policy, downgrading its outlook for CPI and GDP over the next two years.

US non-farm payrolls for April will be released later in the session. Markets expect payrolls growth of 224,000 with unemployment tipped to fall to 5.4% Aside from US payrolls markets will also receive housing starts and employment data from Canada, trade figures and Halifax house price index from the UK along with Spanish industrial production.

Forex
EUR/USD 1.1207, -0.52%
EUR/GBP 0.7242, -1.99%
EUR/CHF 1.0348, -0.37%
EUR/JPY 134.44, -0.34%
USD/JPY 119.97, 0.19%
USD/CHF 0.9234, 0.17%
GBP/USD 1.5474, 1.5%
AUD/USD 0.7918, 0.14%

Commodity Futures
Gold $1,185.50, 0.28%
Brent Oil $65.36, -0.28%

10-Year Bond Yields
Japan 0.429%, -0.007%
U.S. 2.146%, -0.038%
Germany 0.549%, -0.047%
UK 1.799%, -0.124%
Australia 2.85%, -0.025%
Australia 2.124%, -0.024%

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