05032016Tue
Last update: Tue, 03 May 2016 03pm

Stocks and Bonds

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The yen's surge to multi-month highs pummelled Tokyo stocks Monday as the benchmark index dropped more than three percent in holiday-thinned trade. The sell-off came after the Bank of Japan (BoJ) last week shocked markets by holding off fresh stimulus - sending the yen soaring - despite signs that growth in the world's number three economy was faltering.

Stocks, financial and commodity markets in London, Sri Lanka and some South East Asian markets were closed due to in lieu of May Day. Markets in China, Hong Kong, Malaysia, Singapore, Taiwan, Thailand are closed on Monday for public holidays. Markets will resume trading on Tuesday.
European shares edged up on Monday after sharp declines in the previous session, with German shares outperforming the broader market after a positive manufacturing survey. However, Italian banks fell after the latest government measures aimed at tackling the sector's pile of bad loans fell short of expectations. Trading volumes were thin as the UK market and other bourses in Europe were closed for a public holiday.
The Securities and Exchange Commission of Pakistan (SECP) has approved a new microinsurance product under the SECP (Microinsurance) Rules, 2014 with the name "First Sehat Tahafuz Plan" under which micro health (hospitalization) coverage can be provided to low-income clients of a microfinance institution. The initiative is in line with the objectives of National Financial Inclusion Strategy (NFIS) recently adopted by the federal government, and aimed at promoting and developing the microinsurance market in Pakistan.
Indian shares ended lower on Monday following a spate of disappointing corporate results, including from InterGlobe Aviation, and after a business survey showed manufacturing growth fell its lowest in four months. The Nikkei/Markit Manufacturing Purchasing Managers' Index fell to a four-month low of 50.5 in April from 52.4 in March. The broader NSE index fell 0.56 percent to 7,805.90 points. The index hit its lowest since April 13 earlier in the session.
The Philippine stock index posted its biggest single-day decline in two months ahead of elections in the country, while disappointing corporate earnings continued to hurt sentiment in Indonesia. The Philippine index fell 1.47 percent to close at its lowest since March 10. The index posted its biggest one-day loss since February 29, ahead of the May 9 election, as a lack of clarity about presidential front-runner Rodrigo Duterte's economic policy caused market jitters.
Australian and New Zealand shares fell on Monday, hurt by the big banks after a rise in bad debts marred no.3 lender Westpac Banking Corp's half-year results, but gains in Telstra and miners helped trim the market's losses. Australia's S&P/ASX 200 index closed down 9.22 points, or 0.2 percent, at 5,243.00, after being more than 1 percent lower around midday.