In Asian Equity Markets Japanese stocks were flat in choppy trade on Thursday morning as optimism from the weakening yen offset mixed performances in U.S. shares overnight, while Toyota Motor declined after its forecast undershot analyst expectations. The Nikkei index rose 0.1 percent to 19,922.78 points in midmorning trade, while the broader Topix fell 0.1 percent to 1,583.78 points. MSCI’s broadest index of Asia-Pacific shares outside Japan and Japan’s Nikkei both rose 0.3 percent on Thursday. Chinese stocks slid 0.35 percent weighed down by lingering concerns over lending curbs. Hong Kong’s Hang Seng climbed 0.25 percent. South Korea’s KOSPI added 0.9 percent.

In Currency Markets the dollar edged lower after notching an eight week high against the yen on Thursday in Asian trade, while the New Zealand dollar tumbled after its central bank suggested a tightening was further out than markets had priced in. The dollar was slightly down on the day at 114.14 yen after earlier rising as high as 114.37, its highest since March 15. The euro was up 0.1 percent at $1.0874. The New Zealand dollar skidded 1.5 percent to $0.6832, after the Reserve Bank of New Zealand held its benchmark interest rate steady at 1.75 percent and retained its neutral bias, defying the expectations of many economists that it would lean toward a tightening of monetary policy in early 2019.

In Commodities Markets oil prices rose by around 1 percent on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. fuel inventories and a bigger than expected cut in Saudi supplies to Asia tightened the market. International Brent crude futures were at $50.68 per barrel on Thursday, up 0.9 percent, from their last close. U.S. West Texas Intermediate crude futures were at $47.82 per barrel, up 1 percent from the last settlement. Spot gold was up 0.2 percent at $1,220.56 per ounce. Spot silver gained 0.6 percent to $16.23 an ounce. Platinum was up 0.2 percent at $910.24, while palladium fell 0.3 percent to $796 an ounce.

In US Equity Markets stocks were mixed on Wednesday as investors digested President Donald Trump’s abrupt dismissal of his FBI chief as well as corporate earnings from Walt Disney and Nvidia. The Dow Jones Industrial Average fell 0.16 percent to end at 20,943.11 while the S&P 500 gained 0.11 percent to 2,399.63. The Nasdaq Composite added 0.14 percent to reach a record high close 6,129.14. After the bell, Snap lost 18 percent as the Snapchat-owner’s first quarterly report disappointed investors. Fueling the Nasdaq’s record high, Nvidia rose 17.83 percent after the chipmaker reported a better-than-expected jump in quarterly revenue. Shares of rival AMD rose 5.99 percent.

In Bond Markets the benchmark Japanese government bond yield rose to its highest level in a month on Thursday as increasing investor appetite for riskier assets curbed demand for safe-haven debt. The 10-year JGB yield was up 1.5 basis points at 0.050 percent, its highest since April 10. The rise in yields of the super long JGBs was less pronounced thanks to the solid auction. The 30-year yield was half a basis point higher at 0.825 percent.

Economic Calendar

• 12:00 GMT+1 UK BOE Inflation Report
• 12:00 GMT+1 UK MPC Official Bank Rate Votes
• 12:00 GMT+1 UK Monetary Policy Summary
• 12:00 GMT+1 UK Official Bank Rate
• 13:30 GMT+1 US PPI m/m
• 13:30 GMT+1 US Unemployment Claims