Global Markets:
- Asian stock markets: Nikkei up 1.77%, Shanghai Composite up 0.59%, Hang Seng up 1.66%, ASX up 0.55%
- Commodities: Gold at $1323.30 (-0.06%), Silver at $16.565 (-0.26%), WTI Oil at $62.01 (-0.05%), Brent Oil at $65.47 (-0.03%)
- Rates: US 10-year yield at 2.907, UK 10-year yield at 1.497, German 10-year yield at 0.647
News & Data:
- (USD) Unemployment Rate 4.10% vs 4.00% expected
- (USD) Non-Farm Employment Change 313K vs 205K expected
- (USD) Average Hourly Earnings m/m 0.10% vs 0.20% expected
- (CAD) Unemployment Rate 5.80% vs 5.90% expected
- (CAD) Employment Change 15.4K vs 21.3K expected
- (GBP) Goods Trade Balance -12.3B vs -12.0B expected
- (GBP) Manufacturing Production m/m 0.10% vs 0.20% expected
- Japan FinMin Aso: Alterations In Land Sale Documents Extremely Regrettable
- China says no to US trade war, but vows to defend interests
Markets Update:
Asian markets traded higher today, after Friday’s US payrolls report shored up risk appetite, after pushing back speculation of a faster Fed tightening cycle. Hang Seng leads Chinese markets, with banks adding most. The formal removal of presidential term limits had a muted reaction, as the Communist Party had already announced it last week. In Japan, Abe has been under fire over allegations of cronyism; however, the markets hardly reacted to it. Nikkei is off highs, as the yen pares its losses against the dollar.
The yen recouped some of the losses made on Friday, when investors flocked to riskier currencies like the kiwi, Aussie and Canadian dollar. US Treasuries have been trading weaker, following the improvement in risk appetite. Most commodities reacted positively to the news of steady US economic growth and restrained inflation.
The markets now seem to believe that the proposed tariffs will not affect markets as much as it was expected to, and that the concessions and exemptions should prevent a trade war. Many analysts have suggested that the tariffs are posturing to put the US in a stronger position during NAFTA re-negotiations. At the same time, markets have been reacting positively to a proposed meeting between Trump and Kim Jong Un, although the chances for failure remain high.
Upcoming Events:
Monday, 12th March 2018
- 05:01 PM GMT – (USD) 10-y Bond Auction
- 06:00 PM GMT – (USD) Federal Budget Balance
- 09:45 PM GMT – (NZD) FPI m/m
- 11:45 PM GMT – (NZD) RBNZ Gov Spencer Speaks
- 11:50 PM GMT – (JPY) PPI y/y
Tuesday, 13th March 2018
- 12:10 AM GMT – (AUD) RBA Assist Gov Bullock Speaks
- 12:30 AM GMT – (AUD) NAB Business Confidence
- 11:30 AM GMT – (GBP) Annual Budget Release
- 12:30 PM GMT – (USD) CPI m/m
- 12:30 PM GMT – (USD) Core CPI m/m
- 02:15 PM GMT – (CAD) BOC Gov Poloz Speaks
- 09:45 PM GMT – (NZD) Current Account
- 10:10 PM GMT – (AUD) RBA Assist Gov Kent Speaks
Wednesday, 14th March 2018
- 02:00 AM GMT – (CNY) Industrial Production y/y
- 02:00 AM GMT – (CNY) Fixed Asset Investment ytd/y
- 08:00 AM GMT – (EUR) ECB President Draghi Speaks
- 12:30 PM GMT – (USD) Core Retail Sales m/m
- 12:30 PM GMT – (USD) PPI m/m
- 12:30 PM GMT – (USD) Retail Sales m/m
- 12:30 PM GMT – (USD) Core PPI m/m
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 09:45 PM GMT – (NZD) GDP q/q
Thursday, 15th March 2018
- 08:15 AM GMT – (CHF) PPI m/m
- 08:30 AM GMT – (CHF) Libor Rate
- 08:30 AM GMT – (CHF) SNB Monetary Policy Assessment
- 12:30 PM GMT – (USD) Empire State Manufacturing Index
- 12:30 PM GMT – (USD) Import Prices m/m
- 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
- 12:30 PM GMT – (USD) Unemployment Claims
- 09:30 PM GMT – (NZD) Business NZ Manufacturing Index
- 10:45 PM GMT – (AUD) RBA Assist Gov Debelle Speaks
Friday, 16th March 2018
- 10:00 AM GMT – (EUR) Final CPI y/y
- 12:30 PM GMT – (CAD) Foreign Securities Purchases
- 12:30 PM GMT – (CAD) Manufacturing Sales m/m
- 12:30 PM GMT – (USD) Building Permits
- 12:30 PM GMT – (USD) Housing Starts
- 01:15 PM GMT – (USD) Capacity Utilization Rate
- 01:15 PM GMT – (USD) Industrial Production m/m
- 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment
