2 May 2017

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Currency Markets the dollar hit a one-month high against the yen on Tuesday, lifted by Treasury yields which rose after U.S. Treasury Secretary Steven Mnuchin commented on the possibility of ultra long-term bond issuance. The greenback last traded at 111.900 yen after touching 111.985, its strongest since March 31. The euro, meanwhile, held its ground against the dollar. The common currency was up 0.15 percent at $1.0914. The Australian dollar gained about 0.3 percent higher at $0.7548 thanks to a bounce in iron ore prices, and showed little reaction to the Reserve Bank of Australia keeping its policy rate unchanged at a record low 1.5 percent. The U.S. dollar index was effectively flat at 99.050 after posting a small gain overnight.

Commodities Markets oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.  London Brent crude for July delivery was down 0.1 percent, at $51.46, after settling down 53 cents on Monday. NYMEX crude for June delivery was down 0.2 percent, at $48.75. Spot gold was mostly unchanged at $1,256.77 per ounce. Spot silver gained 0.3 percent to $16.89 an ounce. Silver fell over 2 percent to $16.78 an ounce on Monday, levels last seen on March 10. Platinum was 0.7 percent higher at $932.10, after falling to a four-month low at $923 in the previous session. Palladium fell about 0.3 percent at $812.

US Equity Markets stocks climbed on Monday, boosted by gains in Apple and other big tech stocks that more than offset weak economic data and pushed the Nasdaq Composite to another record high. The Dow Jones Industrial Average fell 0.13 percent, to 20,913.46. The S&P 500 gained 0.17 percent, to 2,388.33 and the Nasdaq Composite added 0.73 percent, to 6,091.60. Apple shares  jumped 2 percent and set a record high, supporting the three major Wall Street indexes. The iPhone maker is due to report its results on Tuesday. The S&P 500 technology index gained 0.9 percent, with big tech names including Microsoft, Alphabet and Facebookhitting records.

Bond Markets Japanese government bond prices followed a slide by U.S. Treasuries and fell on Tuesday, with caution ahead of the week's key events limiting overall movements. The 20-year JGB yield and the 30-year yield both rose half a basis point to 0.560 percent and 0.790 percent, respectively. The benchmark 10-year JGB was untraded, reflecting the prevailing wait-and-see mood.

Asian Equity Markets Japan's Nikkei share average rose to six-week highs on Tuesday in a holiday-shortened week, getting a lift from robust earnings and gains on Wall Street. The Nikkei was up 0.6 percent in morning trade at 19,434.01. The broader Topix added 0.7 percent to 1,549.85, while the JPX-Nikkei Index 400 was up 0.6 percent at 13,845.19. MSCI's broadest index of Asia-Pacific stocks outside Japan gained 0.5 percent to its highest level since June 2015, as many of the region's markets reopened after a long holiday weekend. The Hang Seng Index rose 0.37 percent, while the Shanghai Composite bucked the momentum and fell 0.14 percent.