Global Markets:
- Asian Stock Markets : Nikkei down 1.23%, Shanghai Composite up 0.14%, Hang Seng down 0.19%, ASX down 0.71%
- Commodities : Gold at $1280.75 (+0.29%), Silver at $14.36 (+0.26%), Brent Oil at $68.06 (-0.89%), WTI Oil at $58.48 (-1.12%)
- Rates : US 10-year yield at 2.241, UK 10-year yield at 0.927, Germany 10-year yield at -0.161
News & Data:
- (NZD) ANZ Business Confidence -32 vs -37.5 previous
- (USD) CB Consumer Confidence 134.1 vs 130.1 expected
- NZ Government concedes some of National’s Budget 2019 details correct
- Ex-ECB head Trichet denounces rigid inflation targeting
Markets Update:
Asian stock markets are mostly lower on Wednesday, tracking the negative cues overnight from Wall Street and a slump in U.S. Treasury yields amid worries about global economic growth due to the U.S.-China trade war. Media reports indicated that China could be considering restricting the export of rare earth minerals, which are crucial for the technology industry, to the U.S.
In Japan, the Nikkei 225 dropped 1.2% in afternoon trade as shares of convenience store chain FamilyMart dropped more than 5%. The Topix also declined 1%. The ASX 200 in Australia also shed 0.7% as almost all the sectors traded lower. Mainland Chinese stocks were mixed by the morning session’s end, with the Shanghai composite slipping 0.1% and the Shenzhen component falling 0.2%.
U.S. rates futures are pricing in two cuts by the Federal Reserve by the middle of next year to help prop up the country’s economy.
In commodity markets, oil prices were subdued on Wednesday as worries the Sino-U.S. trade war could trigger a global economic downturn dominated, despite the risk of supply shortfall from U.S. floods and political tensions in the Middle East.
Upcoming Events:
- 08:00 AM GMT – (EUR) German Buba President Weidmann Speaks
- 03:00 PM GMT – (CAD) BOC Rate Statement
- 03:00 PM GMT – (CAD) Overnight Rate
- &more…
