Back

Shanghai Composite briefly tests 7-year highs, Japan services PMI down – TradeTheNews

FXStreet (Barcelona) - The TradeTheNews Team gives an update regarding the key developments during the asian session – Japan data releases and BoJ’s action on JGBs, Equity market performance, and Japanese PM’s advisor Honda’s comments on inflation target.

Key Quotes

“Japan Mar Markit Services PMI: 48.4 V 48.5 prior (lowest since May 2014)”

“BOJ offers to buy ¥375B in 1-3yr JGBs, ¥375B in 3-5yr JGBs, ¥400B in 5-10yr JGBs as well as ¥2.0T in T-bills”

“Shanghai, Tokyo, Seoul are the only equity markets that were opened after US's close. Shares of Sony moved higher by nearly 3%, following press report of company's restructuring effort. Seven & I also reported FY14/15 results overnight, sent shares lower by about 1%. President of Seven & I said even Japan's domestic consumption recovers steadily, company still can't be too optimistic.”

“Japan PM Shinzo Abe's advisor Honda also commented today, forecasting CPI to reach near 2% by the end of current fiscal year. However, he does not see any problem even if it takes 3 years to reach the 2% price target.”

“Shanghai traded at fresh 7-year high during early session, then moved back to negative territory later in the session.”

Weak US GDP coincides with fresh decline in global EPS growth – BAML

Strategists at BofA-Merrill Lynch, share that the soft GDP growth in US has coincided with the weakening of global EPS growth, rekindling fresh concerns for global growth.
Read more Previous

CAD/CHF might move higher – Varengold

The Varengold Bank Research Team views that CAD might make a recovery versus the CHF, and move higher again to retest the resistance at 0.8653.
Read more Next