Global Markets:
- Asian stock markets: Nikkei down 0.67%, Shanghai Composite up 0.04%, Hang Seng down 1.34%, ASX down 0.57%
- Commodities: Gold at $1326.70 (+0.25%), Silver at $16.560 (+0.57%), WTI Oil at $61.41 (+0.26%), Brent Oil at $64.58 (+0.31%)
- Rates: US 10-year yield at 2.828, UK 10-year yield at 1.474, German 10-year yield at 0.646
News & Data:
- (CNY) Caixin Services PMI 54.2 vs 54.3 expected
- (AUD) Company Operating Profits q/q 2.20% vs 1.60% expected
- (AUD) Building Approvals m/m 17.10% vs 5.10% expected
- (AUD) MI Inflation Gauge m/m -0.10% vs 0.30% previous
- (USD) Revised UoM Consumer Sentiment 99.7 vs 99.4 expected
- (CAD) GDP m/m 0.10% vs 0.10% expected
- (GBP) Construction PMI 51.4 vs 50.5 expected
- (EUR) Spanish Unemployment Change -6.3K vs -7.2K expected
- (EUR) German Retail Sales m/m -0.70% vs 0.80% expected
- China sets 2018 GDP growth target at around 6.5%
- Australian building approvals rebound sharply after an ugly plunge in December
CFTC Positioning Data (Week Ending February 27th, 2018)
- EUR long 138K vs 126K long last week. Longs increased by 12K.
- GBP long 13K vs 8K long last week. Longs trimmed by 5K.
- JPY short 97K vs 108K short last week. Shorts trimmed by 11K.
- CHF short 16K vs 16K short last week. No change.
- CAD long 22K vs 23K long last week. Longs trimmed by 1K.
- AUD long 10k vs 12k long last week. Longs trimmed by 2K.
- NZD long 1K vs 1K short last week. No change
Markets Update:
Asian markets traded near 3 week lows, triggered by fears of a global trade war, and political uncertainty in Italy. Chinese markets have been on the decline, Hang Seng has been following through.
Miners continue to weigh in on ASX, as prospects of a tariff war continue to concern.
The US dollar index has been mixed against majors. The yen continues to gain given its standing as a safe haven currency. At the same time, Euro is volatile, following exit polls showing a hung parliament in Italy, and the populists making significant inroads.
AUD has also been lower, after a weaker than forecast increase in business inventories. Commodities have been mostly mixed.
Concerns over tariff wars continue to dictate markets. The White House clarified that there will be no exemptions for any countries; leading to Canada, Mexico and EU threatening to retaliate, and President Trump threatening to broaden tariffs in response.
Upcoming Events:
Monday, 5th March 2018
- 09:30 AM GMT – (GBP) Services PMI
- 03:00 PM GMT – (USD) ISM Non-Manufacturing PMI
- 06:15 PM GMT – (USD) FOMC Member Quarles Speaks
- &more…
Tuesday, 6th March 2018
- 12:30 AM GMT – (AUD) Current Account
- 12:30 AM GMT – (AUD) Retail Sales m/m
- 03:30 AM GMT – (AUD) Cash Rate
- 03:30 AM GMT – (AUD) RBA Rate Statement
- 12:30 PM GMT – (USD) FOMC Member Dudley Speaks
- Tentative – (NZD) GDT Price Index
- 03:00 PM GMT – (CAD) Ivey PMI
- 06:15 PM GMT – (GBP) MPC Member Haldane Speaks
- 09:35 PM GMT – (AUD) RBA Gov Lowe Speaks
- 10:30 PM GMT – (USD) FOMC Member Brainard Speaks
Wednesday, 7th March 2018
- 12:30 AM GMT – (AUD) GDP q/q
- 05:00 AM GMT – (JPY) Leading Indicators
- 08:30 AM GMT – (GBP) Halifax HPI m/m
- 01:00 PM GMT – (USD) FOMC Member Bostic Speaks
- 01:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 01:20 PM GMT – (USD) FOMC Member Dudley Speaks
- 01:30 PM GMT – (CAD) Trade Balance
- 01:30 PM GMT – (CAD) Labor Productivity q/q
- 03:00 PM GMT – (CAD) BOC Rate Statement
- 03:00 PM GMT – (CAD) Overnight Rate
- 03:30 PM GMT – (USD) Crude Oil Inventories
Thursday, 8th March 2018
- 12:30 AM GMT – (AUD) Trade Balance
- Tentative – (CNY) Trade Balance
- 12:45 PM GMT – (EUR) Minimum Bid Rate
- 01:30 PM GMT – (CAD) Building Permits m/m
- 01:30 PM GMT – (CAD) NHPI m/m
- 01:30 PM GMT – (EUR) ECB Press Conference
- 01:30 PM GMT – (USD) Unemployment Claims
- 04:00 PM GMT – (CAD) BOC Gov Poloz Speaks
- 08:35 PM GMT – (CAD) Gov Council Member Lane Speaks
Friday, 9th March 2018
- 01:30 AM GMT – (CNY) CPI y/y
- 01:30 AM GMT – (CNY) PPI y/y
- Tentative – (JPY) BOJ Policy Rate
- Tentative – (JPY) Monetary Policy Statement
- Tentative – (JPY) BOJ Press Conference
- 09:30 AM GMT – (GBP) Manufacturing Production m/m
- 09:30 AM GMT – (GBP) Goods Trade Balance
- 01:30 PM GMT – (CAD) Employment Change
- 01:30 PM GMT – (CAD) Unemployment Rate
- 01:30 PM GMT – (USD) Average Hourly Earnings m/m
- 01:30 PM GMT – (USD) Non-Farm Employment Change
- 01:30 PM GMT – (USD) Unemployment Rate
