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21 Jul 2020

Asian stock market: EU fiscal package cheered, ASX 200 gains extra on RBA’s Lowe

  • Asian shares stay on the front foot amid hopes of further stimulus, vaccine news.
  • EU summit closes with 750 billion Euros of aid package.
  • RBA minutes cited policymakers refrain from using additional measures but Governor Lowe offered surprise.
  • Japan’s Inflation numbers, New Zealand Credit Card Spending offer extra motivation to trade.

Equities in Asia add on the previous gains as European leaders finally agree over 750 billion Euros of fiscal stimulus. After laborious talks of five days, policymakers of the bloc managed to the bifurcation of 360 billion of loans and 390 billion of grants as a part of the Recovery Fund. Also adding to the market optimism are signals of a 10-pips rate cut by the RBA Governor Philip Lowe and upbeat data from Japan as well as New Zealand.

Amid all these catalysts, the MSCI index of Asia-Pacific shares outside Japan jump 1.68% whereas Japan’s Nikkei 225 rise over 0.70% to 22,900 while heading into the European open on Tuesday. Further, Australia’s ASX 200 defy RBA minutes to rally 2.32% to 6,143 and New Zealand’s NZX 50 follow the suit despite upbeat Credit Card Spending, -9.2% versus -24.7% forecast, turn down odds favoring the further easing from the RBNZ.

It should be noted that the receding strength of the US coronavirus (COVID-19) numbers, in contrast to that from Australia, adds to the market’s optimism. Additionally, news that Oxford University and AstraZeneca’s joint trials are offering upbeat results also proved risk-positive.

Even so, stocks in China remain sluggish amid tension with the US and the UK, for which American Secretary of State Mike Pompeo is in London. Though, Hong Kong’s Hang Seng, South Korea’s KOSPI and Indonesia’s IDX Composite, not to forget India’s BSE Sensex, remain as the bulls’ favorites while flashing over 1.0% gains. Further to note, the US 10-year treasury yields drop one basis point (bp) to 0.61% while S&P 500 Futures add nearly 0.30% to cross 3,250 as we write.

Looking forward, traders will keep eyes on the US policymakers’ discussion over another tranche of fiscal stimulus as well as headlines from the UK. Though, the market sentiment is likely to remain positive and may gain further strength if the American Senators follow their European counterparts.

Jul 21, 2020

Gold Price Analysis: Acceptance above $1821 is critical for further upside – Confluence Detector

Gold flirts with the critical $1821 barrier, hovering near nine-year highs. The XAU bulls remain poised to extend the upbeat momentum in the day ahead
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Jul 21, 2020

EUR/USD: Rising bets for a move to 1.1492 – UOB

EUR/USD is still seen testing the yearly highs near the 1.1500 mark in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view:
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