18 April 2017. Daily Market Updates

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Headlines-International
Asian equity futures indicated most regional bourses would gain after U.S. stocks rose the most in six weeks. The yen weakened against most peers as geopolitical threats eased and a fresh set of American economic data damped the odds for a Federal Reserve rate hike in June.
The U.S. has gotten encouraging signs that China will act to pressure Kim Jong Un regime to dismantle its nuclear weapons program, a State Department official said, but the Trump administration is holding on to military action — alone or with allies — as an option.
The World’s hottest property stocks are to be found in China as tougher measures to cool real estate prices fail to deter investors. Chinese companies account for nine of the 10 best performers this year on the Bloomberg World Real Estate Index. Among members of the MSCI China Index, Country Garden Holdings Co., Sunac China Holdings Ltd. and China Evergrande Group are the standout winners with gains of more than 70 percent, five times the pace of the benchmark measure.
China’s economy accelerated for a second-straight quarter as investment picked up, retail sales rebounded and factory output strengthened amid robust credit growth and further strength in property markets. China’s economy grow 6.9% yoy in 1st quarter according to National Bureau of Statistics reports. China March retail sales also rose 10.9% y/y
Singapore’s non-oil domestic exports climbed for a fifth consecutive month in March, its longest winning streak in six years, as Chinese demand continues to recover. The 16.5 percent increase was more than double the 7.3 percent median estimate in a Bloomberg survey of 14 economists. Shipments to China surged 46 percent in March from a year earlier, while exports to Taiwan climbed 33 percent and sales to South Korea rose 29 percent, according to official data published on Monday.
According to the Australian Financial Review (AFR) today, The Australian federal government has been examining ways to cap the value of tax breaks for housing investment as it continues to wrestle with the housing affordability issue. While the government has firmly ruled out Labor’s plan to dump negative gearing, and has downplayed the likelihood of lowering capital gains tax concessions, sources have told AFR the government has investigated the possibility of putting a limit on the number of properties that investors can buy.

First-round support for French presidential candidates Marine Le Pen and independent Emmanuel Macron is up half a point to respectively 23% and 24%, according to a poll released Monday by Elabe pollster.

Market in details
FX:
AUD/USD steady at 0.7589 after retreating from 0.7611 24-hour high
NZD/USD up 0.1% to 0.7015 ahead of dairy auction tonight
JPY declined 0.1 percent to 109.02 per dollar as of 7:46 a.m. in Tokyo. USD/JPY turned positive after testing 108.40, the 12-mo. average closing price, earlier in the session. The Bloomberg Dollar Spot Index was steady after falling 0.2 percent Monday to the lowest closing level since March 27
Rates:
U.S. 10Y yield widened 1.2 bps to 2.2498% climbing from the lowest in about five months.
Australia’s 3-year bond yield up 2bps to 1.78% while 10-year yield rises 3bps to 2.50%
Equities:
S&P 500 up 0.9% to 2,349.01
Dow Jones up 0.9% to 20,636.92
Nasdaq up 0.9% to 5,856.79
Commodities:
Gold spot down 0.1% to $1,284.30
WTI Futures down 0.8% to 52.75
Benchmark iron ore slides 3.5% to $66.25/MT, lowest since November 2 on rising supply; analyst Mysteel sees decline in price to $40-$50 a ton by year-end
Regards All.
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