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- Trading day in one post 24.04.2017
Trading day in one post 24.04.2017
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Loading...Equities in Asia turned mixed on Monday following the widely-expected results of the first round of presidential elections in France.
Markets in Asia traded mostly higher on Monday. Japan's benchmark Nikkei 225 index surged 1.2 percent on the back of the French polls while the Kospi gained 0.22 percent. The ASX 200 was higher by 0.26 percent, driven by the strong performance in its financials sub-index.
In greater China, the Hang Seng Index reversed gains of more than 0.63 percent to fall 0.27 percent. Equities in mainland China also bucked the trend, with the Shanghai Composite down by 1.56 percent and the Shenzhen Composite off by almost 2 percent.
On the energy front, oil prices crept up slightly after falling at least 2 percent on Friday although U.S. crude remained just below the $50 a barrel mark. U.S. West Texas Intermediate (WTI) crude was 0.48 percent higher at $49.86 while Brent crude traded up by 0.58 percent at $52.26.
Stateside, U.S. stock futures opened sharply higher on the back of the French election polls, with Dow futures soaring nearly 200 points earlier in the session. S&P and Nasdaq futures were both higher by around 1 percent.
In other currency news, the dollar index traded at 99.167, creeping up from the 98 handle seen earlier in the session.
Economic calendar for the European and American trade sessions
11:00 Germany - Ifo Business climate
13:00 UK - CBI Industrial orders
15:30 Canada - Wholesale sales
18:30 USA - FOMC member Kashkari speaks
22:15 USA - FOMC member Kashkari speaks
EUR - EUR exploded when market opened as investors traded the widely expected win of Emmanuel Macron strongly positive for the common currency. EUR/USD opened 200 points higher, and the biggest loser against EUR was JPY. EUR/JPY opened 400 points higher. The final result didn't surprise anyone. For the moment EUR is strong and we can look for a long positions after correction of today's gap.
USD - The dollar cheapened after the stunning performance of EUR when the markets opened. DX fell below 99 for a brief period, but after that managed to return part of hit losses. This week we are expecting the new tax reform plan from president D.Trump. We are expecting high volatility of the dollars pairs.
JPY - Yen weakened after the result of French election first round. But that may be temporary. The tension around North Korea is escalating by the minute and we know that JPY is the best performer in environment of political uncertainty. For the moment we are negative toward JPY.
Idexes - The futures of US indexes opened with large gains, and most likely will be followed by Europe. During this week there are a long a fiscal reports which will determine the path of the indexes. Some of the companies that will publish reports are: Alcoa, Boeing, Paypal, Twitter, Google, Amazon etc.
Trader Bozhidar Arabadzhiev
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