Your Cart

World News Round up

FX Updates: Norwegian Krone Drops by 0.68%

Top currency losers are Norwegian Krone (-0.68%), British Pound (-0.44%) and Canadian Dollar (-0.43%). In addition, there was a slight change on Dollar Index (0.23%), Japanese Yen (-0.3%) and Euro (-0.13%). > Trading and Economics: Energy Commodities Updates: Natural Gas EU Dutch TTF Drops by 3.55%

Top commodity losers are Natural Gas EU Dutch TTF (-3.55%) and Gasoline (-2.08%). Gains are led by Natural Gas UK GBP (2.21%) and Natural gas (1.11%). In addition, there was a slight change on Brent Crude Oil (-0.21%) and Crude Oil WTI (-0.16%). > Trading and Economics: Metals Commodities Updates: Platinum Gains by 2.33%

Top commodity gainers are Platinum (2.33%). Biggest losers are Silver (-0.78%). In addition, there was a slight change on Gold (-0.44%). > Trading and Economics: Agricultural Commodities Updates: Cocoa Rallies by 13.38%

Top commodity gainers are Cocoa (13.38%) and Canola (8.30%). Biggest losers are Cheese (-5.42%), Wheat (-3.55%) and Corn (-2.85%). > Trading and Economics: Error! Filename not specified. New Zealand Equities Fall to 7-Week Low

Shares in New Zealand dropped 61 points or 0.52% to 11,740 in the morning session on Wednesday, withdrawing for the third straight session as almost all sectors retreated. Markets approached their lowest level in seven weeks. Commonwealth Bank Hits 5-week High

Commonwealth Bank increased to a 5-week high of 119.43 AUD. Over the past 4 weeks, Commonwealth Bank gained 0.69%, and in the last 12 months, it increased 22.53%. > Trading and Economics: Error! Filename not specified. US Futures Steady After Mixed Session

US stock futures held steady on Wednesday after the major averages ended mixed in the previous session. In extended trading, Reddit surged about 14% on upbeat first quarter results. Wynn Resorts and Lyft also gained 2% and 6%, respectively, on better-than-expected earnings. In regular trading on Tuesday, the Dow and S South Korea 10Y Bond Yield Hits 4-week Low

South Korea 10 Year Government Bond Yield decreased to a 4-week low of 3.53%. Over the past 4 weeks, South Korea 10Y Bond Yield gained 4.50 basis points, and in the last 12 months, it increased 22.60 basis points. Japanese Shares Fall on Weak Earnings

The Nikkei 225 Index fell 1.1% to around 38,400 while the broader Topix Index lost 0.8% to 2,723 on Wednesday, with Japanese shares retreating from three-week highs as disappointing earning reports from major firms dampened market sentiment. Nintendo dropped 3.7% after forecasting a decline in net profit for the fiscal year starting April on expectations of weaker sales of Switch consoles and software. Sony Group also tumbled 2.4% amid potential regulatory concerns surrounding its bid to acquire Paramount Global. Elsewhere, Toyota Motor and Mitsubishi Motor fell 1.8% and 1%, respectively, ahead of their latest quarterly earnings reports. Investors now look ahead to Japanese wage data on Thursday, as well as the Bank of Japan’s summary of opinions. Oil Resumes Fall on Fears of Higher Supply

WTI crude futures fell toward $78 per barrel on Wednesday, heading back to the lowest levels in nearly two months following reports that Russian Deputy Prime Minister Alexander Novak indicated OPEC could consider increasing crude production. The group of major producers will meet on June 1 to decide on output policy for the second half of the year. The current supply agreement which removes around 2.2 million barrels per day off the market will expire at the end of June. Elsewhere, industry data showed that US crude inventories increased by 0.509 million barrels last week, defying market expectations for a 1.43 million barrel decline. On the demand side, investors look ahead to the latest Chinese trade figures this week to gauge the economic health of the world’s top crude importer. Gold Stabilizes, as Investors Eye Fed Signals

Gold held steady near $2,310 per ounce on Wednesday, as investors anticipated new signals from several Fed officials due to speak this week, seeking clearer insights into the potential timeline for rate cuts. On Tuesday, Minneapolis Fed President Neel Kashkari said that due to stalled inflation, the US central bank may need to keep borrowing costs unchanged for an extended period, possibly throughout the year, particularly given the strength of the housing market. Markets now show a 65% chance of a rate cut in September, per CME's FedWatch Tool. Lower rates increase the appeal of holding non-yielding bullion. Elsewhere, People’s Bank of China increased its gold reserves by 60,000 troy ounces in April, marking the 18th consecutive month of purchases. Meanwhile, the US said negotiations on a Gaza ceasefire should be able to bridge the gaps between Israel and Hamas while Israeli forces took control of the main border crossing in Rafah yesterday. South Korean Shares Edge Higher on Wednesday

The benchmark KOSPI edged up 0.1% to around 2,737 points in early trade on Wednesday, after a strong rally in the previous session fueled by fresh hopes that the US central bank might reduce rates this year. Meanwhile, Minneapolis Fed President Neel Kashkari hinted on Tuesday that due to stagnant inflation, the US central bank might keep rates unchanged for the year, especially with the strong housing market. Across the board, battery and biopharmaceutical shares managed to log in gains, offsetting losses from chip and auto makers. Among individual stocks, shares went up for LG Energy Solution (0.4%), Samsung Biologics (1.2%), and Celltrion (0.3%), while Samsung Electronics (-0.5%), SK Hynix (-1.1%), and Hyundai Motors (-0.2%), declined. China Stocks Fall on Market Caution

The Shanghai Composite fell 0.2% to around 3,140 while the Shenzhen Component dropped 0.8% to 9,690 on Wednesday, with mainland stocks retreating from multi-month highs as investors turned cautious ahead of key economic data from China. Investors will assess Chinese trade figures for April on Thursday to gauge the health of the world’s second-largest economy. Notable losses were seen from key growth names such as Seres Group (-1.4%), Citic Offshore (-3%), 360 Security Technology (-4.7%), Wuxi Apptec (-1.7%) and Foxconn Industrial (-1.4%). In corporate news, ChongQing Changan gained 3.1% after reporting a 15.5% year-on-year growth in vehicle sales for April. The company also posted a 14.2% year-on-year increase in vehicle sales for the January-April period. Hong Kong Shares Rise Modestly

Equities in Hong Kong rose 84 points or 0.47% to 16,563 on Wednesday morning trade after closing lower in the prior session, largely supported by gains among consumers, tech, and financials. The Hang Seng tried to approach its highest level in eight months, as traders focused on Chinese President Xi Jinping’s visit to Europe this week and how trade relations will develop amid ongoing probes into various industries. Yen Extends Fall Despite Verbal Interventions

The Japanese yen depreciated past 155 per dollar, giving back about half of the gains made last week even as Japanese authorities continued to warn markets against extreme currency moves. Finance Minister Shunich Suzuki reiterated a warning that authorities stand ready to respond to excessive foreign exchange volatility, while Bank of Japan Governor Kazuo Ueda said they will study the impact of yen moves on inflation to guide policy decisions. Last week, the yen bounced as much as 5.2% from low to high on suspected government intervention, with BOJ data suggesting it spent nearly $60 billion to defend the currency. Meanwhile, analysts argued that interventions would only buy authorities some time given stark interest rate differentials between Japan and the US. US Treasury Secretary Janet Yellen also said over the weekend that interventions should be rare and consultations should take place, indicating a lack of coordination between Japan and the US on foreign exchange policy. Palm Oil Snaps Two-Day Gains

Malaysian palm oil futures were below MYR 3,920 per tonne, slipping for the first session in three due to a further drop in crude oil prices in the face of persistent weak demand. Meanwhile, concerns about weaker exports reemerged, particularly after Reuters estimated that Malaysia's shipments of palm oil products may fall by 7.79% from the prior month in April due to increased price competition from other edible oils, especially sunflower oil. Caution also grew ahead of crucial data from key buyer China in the following days, including April trade figures and inflation readings. Strength in soybean oil on the Dalian exchange and the Chicago Board of Trade capped the fall, along with a weaker ringgit. In Indonesia, the world's largest palm oil exporter, the meteorological agency warned of potential adverse weather events until mid-May that could cause floods and landslides. Meanwhile, palm oil purchases from top buyer India surged 41% last month to its highest figure in three months.