Asian Stocks

Asian Stocks Higher on Improved Sentiment

Asian Stocks Higher on Positive Data from China

Asian markets finished higher after positive economic data from China. China’s exports drop 6.6% in March below the expectations of 14%. Chinese Imports fell 0.9% below the expectations for a 9.5% drop. The death rate continues to drop in Spain, Italy, and the U.K., boosting investors’ sentiment. 

The Nikkei 225 finished 3.13% higher at 19638; The Shanghai Composite closed up 1.59% at 2827, while the Singapore Straits Times ended 2.35% higher at 2627. The Hang Seng was 0.56% higher at 24435. Australian equities finished 1.90% higher at 5488, making fresh monthly highs. 

European markets started the session mostly higher; the German DAX is 1.05% higher at 10,675. CAC 40 index is 0.33% higher at 4,521, while the FTSE MIB in Milan is 0.70% higher at 17,748. In London, the FTSE 100 is 0.43% lower at 5,817.  

In commodities markets, the crude oil price trades lower despite the news that major oil-producing countries agreed to cut the crude oil production by 10 million barrels per day. WTI crude oil is 2.10% lower at $21.96, while the Brent oil is 1.99% lower at $31.19 per barrel. 

The gold price is 0.49% higher at 1721. The gold first resistance stands at $1,7293 the daily high, while the initial support stands at $1,608 the 50-day moving average. Silver (XAGUSD) is 1.19% higher at $15.51.   

XAUUSD Daily Chart
XAUUSD Daily Chart

Cryptocurrencies trading mixed today, Bitcoin’s (BTCUSD) price is 0.86% lower at $6,805, hitting the daily low at $6,759 and the daily high at $6,925. Bitcoin’s (BTCUSD) technical outlook is bearish, as the price hovers below the major daily moving averages. The first support for BTCUSD stands now at $6,135, the low from April 1. On the other side, initial resistance stands at $7,456, the high from the previous week.

ETHUSD is 0.25% higher, at $157.42, with capitalization at 17.34 billion. The initial resistance for Ethereum stands at 176.55 the high from last week, while the first support stands at $142.55, the low from April 6th trading session. Ripple – XRPUSD is 1.49% lower at 0.1853. Litecoin (LTCUSD) is 1.38% lower at 40.80. The crypto market capitalization stands now at $194.60 billion.

In the Lookout: The China Exports came in at -6.6%, above the expectations of -15% in March. The Imports came in at -0.9% also above forecasts of -8%. The March Trade Balance in U.S. Dollar came in at $19.9B, topping the forecasts of $18B. 

Australia’s Business Confidence came in at -66, well below the expectations of -2 in March while the Business Conditions came in at -21, also below the expectations of 1. 

Trading Perspective: In the fx markets, EURUSD is 0.40% higher at 1.0950, the Australian dollar is 0.03% higher at 0.6383 against the U.S. greenback. The Yen is stronger against the USD; the USDJPY is 0.30% lower at 107.43. NZDUSD trades 0.01% lower at 0.6086.

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