Markets Wrap: US Market Gains, Asia Market Set for Muted Start

The US stocks lifted after positive earnings results overnight. The Dow Jones index rose by 0.9% or 318 points to a record closing high, while the Nasdaq and S&P 500 lifted by 0.4% and 0.8% respectively. The Asia stock market is set for a muted start amid warnings from the Federal Reserve on stretched valuations in the US share market on positive economic data. 

US longer-term yields were steady on Thursday. US 10-year yields fell by 1 point to near 1.57% as investors largely shrugged off better-than-expected initial jobless claims data. Meanwhile, US 2-year yields were flat near 0.16%. 

According to ZERO Markets’ MetaTrader 5 platform, the US dollar edged lower on Thursday against major currencies. EUR/USD rose from lows near 1.2 to highs around $1.2067. AUD/USD rose from lows near $0.7734 to highs around $0.778. 

Commodity trading on Thursday saw global oil prices fell by 0.1%. Brent crude fell 1.3% to $US 68.09 a barrel.

Precious metals, gold rose by $31.4 to near $US1815.7 an ounce upon solid economic data and rising tensions between China and Australia. Iron ore prices jumped by 5.2% or $9.95 to an all-time high of $202.65 a tonne upon fresh demand from Chinese investors.

Key events this week:
  • US April Employment Data (Friday)

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