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5 Jun 2013
Flash: Asia round up pre-London open - TD Securities
FXstreet.com (London) - Analysts at TD Securities said that risk assets were out of favour as the negative sentiment left by the US session overnight carried over into the Asia open, with most equity markets down about 0.5-1%.
They said that the Nikkei was flat until a long-awaited “Third Arrow” speech by PM Abe triggered fresh selling and a bout of JPY strengthening (+0.2% to 99.82, Nikkei –1.6%). They said datawise, Australia’s GDP grew by a slightly less-than-expected +0.6% in Q1, but the market reaction was muted with both the AUD and the curve little changed post the data. Looking ahead, the see the US highlights including the ADP and ISM non-manufacturing for May, while in Europe, services PMIs are due.
They said that the Nikkei was flat until a long-awaited “Third Arrow” speech by PM Abe triggered fresh selling and a bout of JPY strengthening (+0.2% to 99.82, Nikkei –1.6%). They said datawise, Australia’s GDP grew by a slightly less-than-expected +0.6% in Q1, but the market reaction was muted with both the AUD and the curve little changed post the data. Looking ahead, the see the US highlights including the ADP and ISM non-manufacturing for May, while in Europe, services PMIs are due.