Global Markets:
- Asian Stock Markets : Nikkei down 0.71%, Shanghai Composite up 0.18%, Hang Seng down 0.74%, ASX up 0.29%
- Commodities : Gold at $1284.95 (-0.21%), Silver at $15.07 (-0.11%), Brent Oil at $66.16 (+0.26%), WTI Oil at $56.27 (+0.09%)
- Rates : US 10-year yield at 2.692, UK 10-year yield at 1.221, Germany 10-year yield at 0.126
News & Data:
- (AUD) Trade Balance 4.55B vs 2.85B expected
- (AUD) Retail Sales m/m 0.10% vs 0.30% expected
- (CAD) Ivey PMI 50.6 vs 55.1 expected
- (CAD) Overnight Rate 1.75% vs 1.75% expected
- (CAD) Trade Balance -4.6B vs -2.4B expected
- (USD) ADP Non-Farm Employment Change 183K vs 190K expected
- Russia: CPI risks moderate, key rate easing still far away
- Chinese Finance Minister Liu Kun: Tax cuts is top fiscal priority in 2019
Markets Update:
Asian stock markets continued to trade in the red on Thursday afternoon without directional movers. The uncertainty whether the U.S. and China can strike a deal also weighed on market sentiment amid worries about global economic growth after data showed that the U.S. trade deficit widened to a ten-year high in December 2018 and U.S. private sector job growth slowed in February.
Mainland China shares shed their earlier gains to end the morning session mostly lower. The Shenzhen component slipped 0.9 percent. The Shanghai composite was largely flat. Hong Kong’s Hang Seng index, on the other hand, declined 0.7 percent. Elsewhere in the region, Japan’s Nikkei 225 slipped 0.7 percent in afternoon trade as shares of index heavyweight Fanuc dropped 3.46 percent, while the Topix declined 0.8 percent. In South Korea, the Kospi declined 0.4 percent. Meanwhile, Australia’s ASX 200 gained more than 0.3 percent as almost all the sectors advanced.
Investors are now looking ahead to the ECB’s board meeting later on Thursday. The central bank is expected to slash growth forecasts and give its strongest signal yet that fresh stimulus is coming in the form of more cheap loans. In the currency market, the euro traded at $1.1304, hovering near a two-week low on expectations that the ECB could suggest offering cheap long-term loans for banks.
The Canadian and Australian dollar sank to two-month lows on Wednesday as traders scaled back holdings on expectations policy-makers would leave interest rates alone in the foreseeable future or even lower them to counter their softening economies.
Oil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, although prices were prevented from rising further by record U.S. crude output and rising commercial fuel inventories.
Upcoming Events:
- 10:30 AM GMT – (GBP) MPC Member Tenreyro Speaks
- 01:45 PM GMT – (EUR) Main Refinancing Rate
- 02:30 PM GMT – (EUR) ECB Press Conference
- 06:15 PM GMT – (USD) FOMC Member Brainard Speaks
- &more…
