• Add
    Company

CMS Daily Market Report

CMS Prime

ASIAN EQUITY MARKET CLOSED MIXED

Asian benchmark indices were closed lower on Friday as market participants are awaiting responses from U.S. President Donald Trump against the China’s national securities law on Hong Kong territory and social unrest in U.S. due to riots. At close, the Shanghai Composite eased 3.5 points or 0.12% to 2,852.35, the Hang Seng Index lost 114.80 points or 0.51% to 22,961.47, the Nikkei 225 dropped 45 points or 0.18% to 21,877.89, and the KOSPI lost 4.66 points or 0.23% to 2,029.6.

CHINA’S MANUFACTURING DATA RESTORATED TO GROWTH

According to the National Bureau of Statistics, Manufacturing PMI data rose to 50.7 in May, a little down from 49.4 in April and market expectations of 49.6 and managed to report above the psychological figure of 50. There is no denying the fact that momentum in the construction sector has quickened despite the firms continued to lay-off their employees. This is the highest reading since the spread of Covid-19.

EUROPEAN EQUITY MARKET CLOSED WITH GAINS

European equities market were closed on a weak note and snapped the four consecutive winning streak on Friday as rising tensions between U.S. and China over Hong Kong special treatment has weakened the trade truce and political unrest in U.S. has sent back the general public into their bunkers. At close, the DAX 30 eased 1.65% or 194 points to 11,586.85, the IBEX 35 plunged 128 points, or 1.77% to 7,096.5, the FTSE MIB dropped 153.6 points, or 0.84% to 18,197.56, the CAC 40 slipped 76 points, or 1.6% to 4,695 and the FTSE 100 lost 2.3% or 142 points to close at 6,076.

DEATH TOLL CONTINUES TO CLIMB IN UK AFTER EASING LOCKDOWN MEASURES

Flattening of curve demonstrating the Coronavirus infected cases was observed in the British economy earlier. However, things are losing their track again as death toll jumped by 113 just a day before the easing of lockdown restrictions. The secretary of Foreign Affairs Dominic Raab has clearly mentioned that “ Restrictions could return back if the administration found any ‘Uptick’ in Coronavirus cases as lockdown has been eased further.

U.S EQUITY MARKET CLOSED LOWER

U.S equity market were closed mixed on Friday, snapped their winning streak after the U.S. President Donald Trump said that “The U.S. administration will work on ending the special treatment to Hong Kong’ that has escalated the trade tensions between the world’s largest economies. At close, the final numbers were: the Dow Jones lost 17 points or 0.07% to 25,383.11, the S&P 500 added 14.58 points or 0.48% to 3,044.31 and the NASDAQ surged 120.88 points or 1.29% to 9,489.77.

PROTEST EXTENDED FROM THE LOS ANGELES TO NEW YORK

The ongoing clash between civilians and law enforcement bodies has made the efforts of administration worthless that were made to curb the Covid-19 from which the world economy is going through. The violent protest that has taken place over the death of George Floyd, a black man, while in the custody of police in Minneapolis has deep-seeded the cncerns of discrimination in United States.

CMS Prime Review

Source: https://cmsprime.com/cms-daily-market-report-01st-june-2020/
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}