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Asian Stocks End Mixed, UK Pound Turns South On New Election Poll

Asian Stocks End Mixed, UK Pound Turns South On New Election Poll

2017-05-31 06:40:00
David Cottle, Analyst
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Talking Points:

  • Asian stocks traded narrowly and mixed as Chinese markets returned to full steam after holidays
  • Investors found some reassurance in China’s manufacturing Purchasing Managers Index whihc came in above forecasts
  • The UK Pound took a knock, however

Learn how to trade Asia/Pacific markets more effectively with the DailyFX Trading Guide

Stocks in Asia were mixed yet again on Wednesday as Chinese markets returned after a day’s holiday. However, most indexes are on course for a run of five straight monthly gains as May bows out.

Investors seemed reassured by China’s official Purchasing Managers Indexes, which came in better than expected for this month. Shanghai stocks added 0.2%, while Australia’s ASX 200 rose 0.1%. The Nikkei 225 shed 0.1% into the close.

The UK Pound slipped too after a poll suggested that Prime Minister Theresa May’s Conservative Party may not win an overall majority in June 8’s General Election. The US Dollar scraped higher against major traded peers including the Euro, which also slipped a little. The New Zealand Dollar got a modest lift from Reserve Bank of New Zealand Governor Graeme Wheeler. He sounded a cautiously upbeat note as he introduced the bi-annual Financial Stability Review.

Crude oil prices fell by about 25 cents/barrel as rising output from Libya added to now-ancient worries about a supply glut.. Gold prices fell for a third straight day in Asia Wednesday. The oldest haven looks set for its first monthly fall since December as investors seem more convinced that US interest rates will rise next month.

The rest of the session offers Germany unemployment numbers, official Euro zone consumer prices and Canadian first-quarter Gross Domestic Product news. US pending home sales and the Chicago Purchasing Managers Index are also coming up. As for central bank speakers, investors can look to hearing from Dallas Federal Reserve President Robert Kaplan and European Central Bank executive board member Sabine Lautenschlaeger.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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