Global Markets:
- Asian Stock Markets : Nikkei down 0.49%, Shanghai Composite down 0.92%, Hang Seng down 0.34%, ASX down 1.53%
- Commodities : Gold at $1482.05 (-0.47%), Silver at $17.28 (-0.12%), Brent Oil at $59.36 (+0.80%), WTI Oil at $54.27 (+1.21%)
- Rates : US 10-year yield at 1.659, UK 10-year yield at 0.504, Germany 10-year yield at -0.540
News & Data:
- (USD) ISM Manufacturing PMI 47.8 vs 50.4 expected
- (CAD) GDP m/m 0.00% vs 0.10% expected
- (EUR) CPI Flash Estimate y/y 0.90% vs 1.00% expected
- (GBP) Manufacturing PMI 48.3 vs 47 expected
- UK’s Javid expected to delay budget until after October 31: Financial Times
- JPMorgan cuts probability of Oct. 31 Brexit to 15% from 40%
Markets Update:
Asian stock markets are in negative territory on Wednesday following the weak cues overnight from Wall Street after data showed U.S. manufacturing activity contracted in the September to its lowest in more than a decade. The U.S. data followed the release of weak manufacturing data earlier from Europe and added to concerns about slowing global economic growth.
Japan’s Nikkei 225 shed 0.5% as shares of index heavyweights Softbank Group and Fanuc dropped 3.3% and 1.8%, respectively. The S&P/ASX 200 in Australia fell 1.5% as most of the sectors declined. Hong Kong’s Hang Seng index fell 0.4% after a market holiday. On Tuesday, Hong Kong police shot a teenage protester, the first to be hit by live ammunition in almost four months of unrest in the Chinese-ruled city.
The U.S. 10-year Treasuries yield fell to 1.637%, reversing earlier gains sparked by a jump in Japanese government bond yields and hitting the lowest level since early September. In the currency market, the U.S. dollar slipped from Tuesday’s two-year high against a basket of currencies as the ISM survey shook the notion that the U.S. economy will withstand the trade war.
The weak U.S. data pushed oil prices to near one-month lows, although a surprise drop in U.S. crude inventories helped them to recoil in Asia.
Upcoming Events:
- 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 02:50 PM GMT – (USD) FOMC Member Williams Speaks
- &more…
