Key Points

Bias: Risk neutral

Commentary

US stocks opened weaker on Friday before rallying into the close on a Trump speech that was not as bad as expected, seeing equities finish largely firmer and booking gains on the week and the month. U.S. President Trump announced that the U.S. would be ending its relationship with the World Health Organization, will revote Hong Kong’s “special treatment” status and make it more difficult for Chinese nationals to enter the U.S.

The Big Dollar traded tight ranges against most of the majors overnight, with many sidelined ahead of month-end. Currency players largely ignored Trump’s announcements as they were largely as expected and not as bad as some had feared.

Oil and gold were both firmer on the day.

Bias

Expect a quiet start to the month in Asia today, with the market awaiting fresh offshore cues and with most of Europe on holiday. Data today sees Chinese Caixin Manufacturing PMI, German, Italian, Spanish, Canadian and U.S. Manufacturing PMI numbers and U.S. Construction Spending.

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