Open May 20

​In Asian Equity Markets indices were mostly higher on Monday amid rising tensions between the U.S. and China. The Nikkei 225 in Japan added 0.51% in morning trade, as shares of index heavyweights such as Fast Retailing and Softbank Group advanced. In South Korea, the Kospi added 0.71%. The ASX 200 in Australia rose 1.23%, with the country’s incumbent government headed for a surprise win at the polls, and is widely expected to hold on to power. The financial sub-index jumped more than 4.5%. Hong Kong’s Hang Seng index was largely flat.



In Currency Markets the Australian dollar got a boost against the greenback on Monday following a surprise election victory by the country’s conservative government, while the yen dipped slightly on a recovery in market sentiment. The Aussie was the big mover early in Asia and was last up half a percent at $0.6904, having bounced from a four-month trough of $0.6865. It was briefly quoted as high as $0.6990 but dealers said that was a miss-hit and the true dealt peak was $0.6938. The dollar index against a basket of six currencies was largely steady at 97.970.



In Commodities Markets oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East. Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel, having earlier touched $73.40, the highest since April 26. U.S. WTI crude was 82 cents, 1.3%, higher at $63.58 a barrel. The U.S. benchmark reached $63.81 earlier, the highest since May 1. The rig count, an early indicator of future output, fell by 3 to 802, GE's Baker Hughes energy services unit said on Friday.



In US Equity Markets stocks struggled for direction after three days of gains on Friday, as investors weighed mixed headlines on trade, with China’s aggressive stance in its trade war with the United States remaining an overhang. After opening down 0.75%, the S&P 500 erased some losses after media reports that the United States was close to a deal to remove tariffs on steel and aluminum imports from Canada and Mexico. The S&P 500 was up 1.99 points, or 0.07%, at 2,878.31 and the Nasdaq Composite was down 15.06 points, or 0.19%, at 7,882.99.



In Bond Markets trade tension between the United States and China ratcheted up again on Friday, pushing Treasury yields lower as traders sought safety in high-quality assets. Yields across maturities were lower, with the biggest moves at the long end of the yield curve. The 10-year yield was last down 1.1 basis points to 2.394%, with the 30-year yield last down 1.5 basis points at 2.825%.