Global Markets:
- Asian Stock Markets : Nikkei down 0.24%, Shanghai Composite up 0.75%, Hang Seng up 0.73%, ASX down 0.45%
- Commodities : Gold at $1345.20 (-0.05%), Silver at $16.57 (-0.19%), WTI Oil at $70.77 (-0.38%), Brent Oil at $65.36 (-0.23%)
- Rates : US 10-year yield at 2.795, UK 10-year yield at 1.406, Germany 10-year yield at 0.518
News & Data:
- (CNY) PPI y/y 3.10% vs 3.20% expected
- (CNY) CPI y/y 2.10% vs 2.60% expected
- (USD) Core PPI m/m 0.30% vs 0.20% expected
- (USD) PPI m/m 0.30% vs 0.10% expected
- (CAD) Building Permits m/m -2.60% vs -1.50% expected
- (AUD) NAB Business Confidence 7 vs 9 previous
- White House Homeland Security Adviser Bossert Becomes Latest to Step Down
- PBOC's Yi Pledges More Steps to Further Open China's Economy
Markets Update:
Asian equities traded mixed today, after making gains yesterday. Trade war concerns continue to dictate the markets, and the lack of new developments led to no follow-through momentum. All eyes are on how the US chooses to respond to China’s opening of its economy,
Japanese markets were weaker – partially due to a firmer yen. Australian markets also underperformed, with most sectors except materials and energy trading lower. Machinery orders were unexpectedly higher, and the reports of rare earth minerals discovery drove up some stocks.
Chinese markets were trading higher today, boosted especially by an announcement that the HK Stock Connect program for mainland stocks would quadruple its limits to 52 billion yuan soon. Chinese inflation data was softer than expected.
The dollar index was little changed in today’s trade, but the yen firmed against the greenback, as investors seesawed back to a lesser risk appetite mood.
Oil prices remain elevated as the commodities markets eyed tensions in Syria. It is also reported that Saudi Arabia would want to maintain oil at 80 USD a barrel.
Upcoming Events:
- 08:30 AM GMT – (GBP) Manufacturing Production m/m
- 08:30 AM GMT – (GBP) Goods Trade Balance
- 11:00 AM GMT – (EUR) ECB President Draghi Speaks
- 12:30 PM GMT – (USD) CPI m/m
- 12:30 PM GMT – (USD) Core CPI m/m
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 06:00 PM GMT – (USD) FOMC Meeting Minutes
