Global Markets:
- Asian Stock Markets : Nikkei up 0.28%, Shanghai Composite down 0.13%, Hang Seng up 0.27%, ASX up 0.93%
- Commodities : Gold at $1466.45 (-0.06%), Silver at $17.13 (-0.32%), Brent Oil at $63.19 (-0.03%), WTI Oil at $58.34 (-0.12%)
- Rates : US 10-year yield at 1.741, UK 10-year yield at 0.639, Germany 10-year yield at -0.376
News & Data:
- (AUD) Construction Work Done q/q -0.40% vs -1.00% expected
- (USD) CB Consumer Confidence 125.5 vs 126.9 expected
- (USD) Richmond Manufacturing Index -1 vs 6 expected
- IMF nudges Japan to raise consumption tax to 15% by 2030
- RBA to cut the cash rate to 0.25% by June 2020; QE to follow
Markets Update:
Asian stocks were mostly higher on Wednesday, although gains remained limited after the release of weak U.S. and Chinese data. U.S. President Donald Trump said negotiators were close to inking an initial trade deal, while expectations the Federal Reserve will keep rates low underpinned sentiment.
Mainland Chinese stocks recovered from an earlier slip to rise, but fell again by the afternoon, with the Shanghai composite fell 0.1% and the Shenzhen component fell 0.2%.Hong Kong’s Hang Seng index was higher by 0.3%. Hong Kong-listed shares of Chinese tech juggernaut Alibaba continued their upward trek as they gained 3.09% following a blockbuster debut on Tuesday. Elsewhere, the Nikkei 225 in Japan rose 0.3% in afternoon trade. South Korea’s Kospi also advanced 0.3%. Meanwhile, shares in Australia traded higher, with the S&P/ASX 200 up about 0.9%.
On Wednesday, the rally in U.S. Treasuries moderated across the curve, with benchmark 10-year notes yielding 1.741%, up from their U.S. close of 1.74% on Tuesday. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.313 after seeing an earlier low below 98.3.
Oil prices retreated after rising Tuesday on reassuring trade headlines. U.S. West Texas Intermediate crude was down 0.1% at $58.34 per barrel.
Upcoming Events:
- 01:30 PM GMT – (USD) Core Durable Goods Orders m/m
- 01:30 PM GMT – (USD) Durable Goods Orders m/m
- 01:30 PM GMT – (USD) Prelim GDP q/q
- 02:45 PM GMT – (USD) Chicago PMI
- 03:00 PM GMT – (USD) Core PCE Price Index m/m
- 03:00 PM GMT – (USD) Personal Spending m/m
- 03:30 PM GMT – (USD) Crude Oil Inventories
- &more…