Global Markets:
- Asian Stock Markets : Nikkei down 0.76%, Shanghai Composite up 0.16%, Hang Seng down 1.41%, ASX up 0.55%
- Commodities : Gold at $1467.75 (+0.30%), Silver at $16.97 (+0.35%), Brent Oil at $62.67 (+0.48%), WTI Oil at $57.44 (+0.56%)
- Rates : US 10-year yield at 1.855, UK 10-year yield at 0.762, Germany 10-year yield at -0.317
News & Data:
- (EUR) German Prelim GDP q/q 0.10% vs -0.10% expected
- (CNY) Industrial Production y/y 4.70% vs 5.50% expected
- (CNY) Fixed Asset Investment ytd/y 5.20% vs 5.40% expected
- (AUD) Unemployment Rate 5.30% vs 5.20% expected
- (AUD) Employment Change -19.0K vs 16.2K expected
- (USD) Core CPI m/m 0.20% vs 0.20% expected
- (USD) CPI m/m 0.40% vs 0.30% expected
- (GBP) CPI y/y 1.50% vs 1.60% expected
- Draghi one of ‘the great monetary fools in history’: Former Federal Reserve Bank of Dallas CEO
Markets Update:
Asian stock markets are mostly lower on Thursday amid doubts about a U.S.-China trade deal after the Wall Street Journal reported that trade talks have hit a snag over Chinese purchases of U.S. agricultural products.
Data that showed China’s industrial production for October missed estimates and Japan’s economic growth touched a one-year low in the third quarter also dampened investor sentiment. In addition, Australia’s unemployment rate increased in October.
Mainland Chinese shares gained by the afternoon, with the Shenzhen component adding 0.2% and the Shenzhen composite also advancing 0.6%. Hong Kong’s Hang Seng index slipped 1.5%. Shares of Chinese tech juggernaut Tencent dropped 3% after the heavyweight announced on Wednesday a 13% year-on-year drop in profit. Elsewhere, Japan’s Nikkei 225 slipped 0.8% as shares of Familymart dropped about 3%.
In currency markets, safe havens such as the Japanese yen and Swiss franc held on to gains. The Australian dollar skidded to a one-month low on Thursday after a worryingly weak reading on employment re-ignited speculation about another cut in interest rates. The yield on benchmark 10-year Treasury notes rose to 1.8652% compared with its U.S. close of 1.869% on Wednesday.
Oil prices rose in the afternoon of Asian trading hours. The international benchmark Brent crude futures contract added 0.5% to $62.67 per barrel.
Upcoming Events:
- 09:30 AM GMT – (GBP) Retail Sales m/m
- 01:30 PM GMT – (USD) PPI m/m
- 01:30 PM GMT – (USD) Core PPI m/m
- 03:00 PM GMT – (USD) Fed Chair Powell Testifies
- 04:00 PM GMT – (USD) Crude Oil Inventories
- 05:00 PM GMT – (CHF) Gov Board Member Maechler Speaks
- 09:30 PM GMT – (NZD) Business NZ Manufacturing Index
- &more…