Market Commentary: Wednesday 8th May

Asian stocks fell for the first time in a week, the Nikkei was down -1.48% as Nintendo tumbled on a weak outlook. Shares in Hong Kong (-0.73%) and mainland China (-0.7%) also retreated and Toyota flagged a weak profit outlook after safety scandals forced the Japanese automaker to trim production. USDJPY opens at 155.30, weakening again despite warnings from the Bank of Japan Governor Kazuo Ueda and Finance Minister Shunichi Suzuki saying the government stands ready to take all possible measures as needed.

In the base metal complex copper had a good day rising above the psychological 10k level and as high as 10,118/mt. The market chatter is that Asian demand has been re-assessed. In other markets the yield on 10-year Treasuries advanced one basis point to 4.47%, West Texas Intermediate crude fell 0.5% to $77.97 a barrel, Spot gold rose 0.3% to $2,321.02 an ounce, Bitcoin fell 0.4% to $62,698.94 and the proud pound fell 0.2% to $1.2488.

The data front is relatively light Germany industrial production fell -0.4% mom and next up we have Italian Retail Sales and US Wholesale inventories, on the speaking front we hear from Fed Governor Lisa Cook. We wish you a good day.

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.