· S&P 500 Price Analysis: US stocks move higher and challenge 2900 resistance
The S&P 500 is attempting to break the 2900 resistance on an intraday basis. A daily close above the level can be open the door to more gains towards the 3000 and 3130 levels in the medium-term. Support can be seen near the 2850 and 2800 price levels.
· Asia shares hit seven-week high, oil rallies as economies slowly re-open
Asian shares climbed to a near two-month peak on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world, better-than-expected corporate earnings and a welcome rebound in oil prices.
Risk assets including equities have rallied for most of this month thanks to heavy doses of fiscal and monetary policy stimulus around the globe aimed at softening the economic blow from the COVID-19 pandemic.
Positive news around potential treatments for the infection as well as progress in developing a vaccine have also boosted sentiment recently.
Moreover, investors are growing confident the infection may be peaking as parts of the United States, Europe and Australia gradually ease restrictions while New Zealand this week allowed some businesses to re-open.
In equities, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lifted 0.7%, having rallied 3.3% already this week. It hit a high of 471.86 earlier in the day, a level not seen since March 12.
Japan’s markets were closed for a public holiday.
· China shares rise as banks post higher earnings
China shares settled higher on Wednesday after the country’s biggest listed banks posted solid first-quarter profits, and as investors saw signs of lockdown easing, but lingering worries over the coronavirus pandemic capped gains..
At the close, the Shanghai Composite index was up 0.44% at 2,822.44. The blue-chip CSI300 index ended 0.46% higher.
· European markets edge higher ahead of Fed’s decision
European markets opened slightly higher Wednesday ahead of the latest monetary policy decision from the U.S. Federal Reserve.
The pan-European Stoxx 600 edged 0.2% higher in early trade, with autos and banks each adding 1.5% to lead gains while health care stocks slid by 1%.
Reference: CNBC, Reuters
Thai
Eng