{"id":40706,"date":"2020-05-14T18:29:48","date_gmt":"2020-05-14T08:29:48","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=40706"},"modified":"2020-05-14T18:29:48","modified_gmt":"2020-05-14T08:29:48","slug":"thursday-14th-may-asian-markets-fall-as-powell-warns-of-prolonged-recession","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/thursday-14th-may-asian-markets-fall-as-powell-warns-of-prolonged-recession\/","title":{"rendered":"Thursday 14th May: Asian markets fall as Powell warns of prolonged recession"},"content":{"rendered":"<h3>Global Markets:<\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei down 1.74%, Shanghai Composite down 0.96%, Hang Seng down 1.54%, ASX down 1.72%<\/li>\n<li>Commodities : Gold at $1721.70 (+0.31%), Silver at $15.77 (+0.62%), Brent Oil at $29.71 (+1.78%), WTI Oil at $25.84 (+2.17%)<\/li>\n<li>Rates : US 10-year yield at 0.617, UK 10-year yield at 0.199, Germany 10-year yield at -0.547<\/li>\n<\/ul>\n<h3>News &amp; Data:<\/h3>\n<ul>\n<li>(AUD) Unemployment Rate 6.20% vs 8.30% expected<\/li>\n<li>(AUD) Employment Change -594.3K vs -575.0K expected<\/li>\n<li>(USD) PPI m\/m -1.30% vs -0.50% expected<\/li>\n<li>(USD) Core PPI m\/m -0.30% vs -0.10% expected<\/li>\n<li>(GBP) Manufacturing Production m\/m -4.60% vs -6.00% expected<\/li>\n<li>(GBP) GDP m\/m -5.80% vs -7.90% expected<\/li>\n<li>(GBP) Prelim GDP q\/q -2.00% vs -2.60% expected<\/li>\n<\/ul>\n<h3>Markets Update:<\/h3>\n<p>Asian stock markets are in negative territory on Thursday amid rising concerns about the economic impact of the coronavirus pandemic after the U.S. Federal Reserve Chairman Jerome Powell warned of a prolonged recession.<\/p>\n<p>Powell said that the coronavirus crisis raises longer-term concerns that could result in an extended period of low productivity growth and stagnant incomes. He added the Federal Reserve is not considering adopting negative interest rates.<\/p>\n<p>Mainland Chinese stocks closed lower, with the Shanghai composite down 1%. Hong Kong\u2019s Hang Seng index fell 1.5%. Elsewhere, the S&amp;P\/ASX 200 in Australia closed 1.7% lower. In Japan, the Nikkei 225 also fell 1.7%.<\/p>\n<p>Crude oil prices drifted lower on Wednesday despite data showing a drop in U.S. stockpiles as well as a decline in output last week. Elsewhere a strong greenback pushed the kiwi to a three-week low of $0.5968 and had the euro and pound under pressure.<\/p>\n<h3>Upcoming Events:<\/h3>\n<ul>\n<li>10:30 AM GMT &#8211; (GBP) BOE Gov Bailey Speaks<\/li>\n<li>12:30 PM GMT &#8211; (USD) Unemployment Claims<\/li>\n<li>02:00 PM GMT &#8211; (CAD) BOC Financial System Review<\/li>\n<li>02:30 PM GMT &#8211; (CAD) BOC Gov Poloz Speaks<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei down 1.74%, Shanghai Composite down 0.96%, Hang Seng down 1.54%, ASX down 1.72% Commodities : Gold at $1721.70 (+0.31%), Silver at $15.77 (+0.62%), Brent Oil at $29.71 (+1.78%), WTI Oil at $25.84 (+2.17%) Rates : US 10-year yield at 0.617, UK 10-year yield at 0.199, Germany 10-year yield &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/thursday-14th-may-asian-markets-fall-as-powell-warns-of-prolonged-recession\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 14th May: Asian markets fall as Powell warns of prolonged recession<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":40707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-40706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=40706"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40706\/revisions"}],"predecessor-version":[{"id":40708,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40706\/revisions\/40708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/40707"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=40706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=40706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=40706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}