In Asian Equity Markets indices were mixed in Tuesday morning trade. The Kospi in South Korea fell 1.06% in morning trade. Shares of industry heavyweight Samsung Electronics declined more than 1% after the company posted a 60% decline on-year in its first quarter profit. The company’s key rival, chipmaker SK Hynix, also saw its shares fell more than 1%. Over in Australia, the ASX 200 declined 0.53% as most of the sectors fell. Japan markets are closed for a 10-day holiday from April 27 to May 6 to celebrate the enthronement of the country’s Crown Prince Naruhito.


In Currency Markets the Australian dollar led risk assets lower in Asia on Tuesday after a survey on Chinese manufacturing missed forecasts in a blow to hopes for a rebound in global growth. The Aussie is often used as a liquid proxy for China plays given Australia is a major exporter of resources to the Asian giant. The currency quickly eased to $0.7040 after the PMI release, from $0.7064. The safe-haven yen got a lift, with the Aussie losing 0.4 percent to 78.59, while holding steady on the U.S. dollar at 111.59 yen.


In Commodities Markets oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight. A stutter in China’s factory and servicing industries in April also weighed on crude prices. Brent crude futures were at $71.75 per barrel at 0131 GMT, down 29 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $63.35 per barrel, down 15 cents, or 0.2 percent from their previous settlement.


In US Equity Markets the S&P 500 set an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and inflation data was benign. The S&P 500 gained 0.11%, to 2,943.03 and the Nasdaq Composite added 0.19%, to 8,161.85. Another busy week of earnings is expected. After the bell, shares of Google parent Alphabet Inc were down 7.2% after it reported revenue below Wall Street targets. Alphabet shares ended the regular session up 1.5% at $1,296.20.


In Bond Markets U.S. Treasury yields rose on Monday after data showed that U.S. consumer spending increased by the most in more than 9-1/2 years in March though price pressures remained muted. The next major focus for the market will be the conclusion of the Federal Reserve’s two day meeting on Wednesday. Fed Chairman Jerome Powell will give a press conference after the Fed statement and investors will be looking for indications on how the U.S. central bank views market pricing of further rate moves.

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