(28 MAY 2020)DAILY MARKET BRIEF 1:S&P500 consolidates past 3000 ahead of US GDP data

<p>US equities remained resilient to escalating US-China tensions, but trading was mixed in Asia.
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<p>The Nikkei (+1.00%) and ASX (+1.40%) extended gains, while Shanghai’s Composite (-0.35%) and Hang Seng (-1.82%) slid for the second day as Hong Kong’s special status came under scrutiny amid passing a new national security law that restricts rights and freedoms of its citizens. Further reviving worries was the US House vote to allow sanctions on Chinese leaders for human right abuses. Now there is a rising risk for a tit-for-tat reaction from Beijing, which could further hinder the trade relationship between the two countries.
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<p>Meanwhile, coronavirus death toll hit 100’000 in the US. Officials and investors keep their expectations high for the discovery of a magic vaccine before the end of the year, but the only thing they can rely on for now is the stable decline of new cases and the absence of signs of a second wave of contagion.
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