Opening May 8

​In Asian Equity Markets indices declined on Wednesday morning trade as investors digested U.S.-China trade developments that sent stateside shares falling overnight. Japan’s Nikkei 225 fell 1.51% in early trade, with shares of index heavyweights such as Fast Retailing, SoftBank Group and Fanuc all seeing declines. The Topix index also fell 1.43%. In South Korea, the Kospi declined 0.86%, with Samsung Electronics and SK Hynix shares falling by at least 1% each. Australia’s ASX 200 also shed 0.84%, as most sectors declined.



In Currency Markets the U.S. dollar weakened against the Japanese yen on Tuesday as foreign exchange traders sought out safe-haven assets and placed bets on increasing currency volatility after President Donald Trump threatened to impose additional tariffs on Chinese goods. The yen was trading at its strongest since March 28, last at half a percent better on the day at 110.18 per dollar. The Swiss franc and longer-dated Treasury bond prices were also buoyed as investors moved into high-quality assets.



In Commodities Markets oil prices closed at their lowest in over a month on Tuesday as renewed doubts over a U.S.-China trade deal stoked concerns over global growth and on expectations that U.S. crude stockpiles could hit fresh 19-month highs. Brent futures fell $1.36, or 1.9 percent, to settle at $69.88 a barrel, while U.S. West Texas Intermediate slipped 85 cents, or 1.4 percent, to end at $61.40. Those were the lowest settles for Brent since April 4 and WTI since March 29.



In US Equity Markets stocks fell on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and drove investors away from riskier assets. The S&P 500 lost 1.65%, to 2,884.05 and the Nasdaq Composite fell 1.96%, to 7,963.76. Shares of Boeing Co, the largest U.S. exporter to China, fell 3.9%, and shares of Caterpillar Inc, another industrial stalwart sensitive to China, declined 2.3%. Among technology stocks, Microsoft Inc shares fell 2.1%, while Apple Inc shares dropped 2.7%. Apple and Microsoft were the top two drags on the S&P 500.



In Bond Markets U.S. Treasury yields fell on Tuesday with longer-dated yields hitting five-week lows as worries about renewed trade tension between China and the United States and its impact on global economic growth spurred safe-haven demand for bonds. The yields on benchmark 10-year Treasury notes touched a five-week low at 2.444% before retracing to 2.4495%, which was down 5 basis points from late on Monday. Thirty-year yields were last at 4.4 basis points lower at 2.8635% after hitting a five-week low at 2.857%.