Asian equities recover on reduced EU political tensions and fresh US index highs

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Asian equities recover on reduced EU political tensions and fresh US index highs. After a risk-off day yesterday, Asian markets took comfort today in EU markets settling down somewhat from worries related to France's political turmoil that engulfed trading last week. US broad-based gains in Nasdaq and S&P500 overnight also provided a boost. The Reserve Bank of Australia (RBA) kept rates on hold, reiterating not to rule anything 'in or out'. Australian weekly consumer confidence rebounded as tax cuts and wage hikes come into view for consumers. However, New Zealand's Q2 Consumer Confidence fell back to its lowest level since Q3 2023. US equity futures were flat during Asian trading, following large rises in Nasdaq and S&P500 overnight. Looking ahead, the focus will be on US May advanced Retail Sales and May Industrial Production. Holidays in Asia this week include India, Indonesia, Malaysia, Philippines, and Singapore on Monday, and Indonesia on Tuesday. The Nikkei 225 opened +0.9%, ASX 200 +0.9%, Hang Seng -0.3%, Shanghai Composite +0.3%, and Kospi +1.0%. The EUR/USD is trading between 1.0719-1.0741, USD/JPY between 157.51-157.74, AUD/USD between 0.6585-0.6622, and NZD/USD between 0.6114-0.6140. Gold is up 0.2% at $2,334/oz, and crude oil is down 0.2% at $79.57/barrel.

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