Stocks Market Report 30th May

Stocks – Asia

Stocks in Asia were seen trading mixed on Friday as investors digest the US GDP data released on Thursday.

Japan

The Japanese benchmark Nikkei 225 index edged 0.34% higher, ending the session at 14,632.38 points, while Tokyo’s Topix index gained 0.06% to 1,201.41 points.

The Japanese multinational cooperation Minebea added 2.22%, while Credit Saison edged 3.90% lower. In Tokyo, Softbank gained 1% during the session after the news that Deutsche Telecom approved the Japanese company to purchases T-mobile.

Japan’s core Consumer Price Index climbed to 3.2% in April, the biggest rise in 23 years, reports from the statistics bureau showed. Analysts forecasted a reading of 3.1%.

A separate report showed that the nation’s household spending plunged 4.6% year-on-year in April, compared to analysts’ estimates of a 3.4% fall. Meanwhile, the jobless rate in Japan remained steady, coming in at a seven-year low of 3.6% in April.

The nation’s industrial production dropped 2.5% in April on a monthly basis, following the 0.7% rise seen in the previous month and missing analysts’ forecasts of a 1.9% fall in April.

China

Hong Kong’s Hang Seng index rose 0.16% higher to 23,046 points at the time of writing, while the Chinese benchmark Shanghai Composite edged 0.2% higher, trading at 2,044.61 points.

China overseas Land Investment added 2.01%, while Belle International lost 2.28%.

Australia’s S&P/ASX 200 index fell 0.30% lower at 5,503.10 points, while in New Zealand, the benchmark NZX 50 index slid 0.09% lower, to close at 5,178.43 points.

The Australian gold miner Resolute Mining rose 4.78% higher, while Lynas lost 17.65%.

US GDP Report

The gross domestic product (GDP) for the world’s largest economy weakened in the first quarter, falling 1%, compared to the 0.5% decline estimates made by analysts’, according to a report released on Thursday.

Meanwhile, weekly jobless claims in the US dropped 27,000 to 300,000 in the week ending May 24.

Stocks  – Europe

European stocks were mainly in the red territory on the last day of the trading week as the European Central Bank upcoming meeting still remain in focus.

The European Euro Stoxx 50 slid 0.18% lower to 3,233.21, while the German DAX gained 0.04% to 9,942.39 at the time of writing. At the same time, the French CAC 40 fell 0.5% lower to 4,507.55, while UK’s benchmark dropped 0.15% to 6,861.26.

Economic Reports

In Italy, the consumer price index climbed 0.6% in May on an annual basis. While retail sales in Germany fell 0.9% lower in April on a monthly basis, following the 0.7% drop in the previous month, reports from the Federal Statistical Office showed.

ECB Meeting in Focus

The European Central Bank (ECB) remains in focus as the central bank is due to hold its next policy meeting on June 5, as analysts are expecting the bank to tackle lower credit growth and the eurozone low inflation levels.

 

 

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