Global Markets:
- Asian Stock Markets : Nikkei up 0.09%, Shanghai Composite down 0.81%, Hang Seng down 0.32%, ASX up 0.07%
- Commodities : Gold at $1348.90 (-0.13%), Silver at $16.69 (+0.08%), WTI Oil at $71.67 (+0.35%), Brent Oil at $66.53 (+0.47%)
- Rates : US 10-year yield at 2.834, UK 10-year yield at 1.459, Germany 10-year yield at 0.522
News & Data:
- (CNY) Industrial Production y/y 6.00% vs 6.40% expected
- (CNY) Fixed Asset Investment ytd/y 7.50% vs 7.70% expected
- (CNY) GDP q/y 6.80% vs 6.80% expected
- (USD) Empire State Manufacturing Index 15.8 vs 19.8 expected
- (USD) Retail Sales m/m 0.60% vs 0.40% expected
- (USD) Core Retail Sales m/m 0.20% vs 0.20% expected
- (CHF) PPI m/m -0.20% vs 0.40% expected
- US-based cryptocurrency exchange Kraken quits Japan
- China Commerce Ministry says will closely monitor situation on ZTE, be prepared to take action to protect Chinese firms' interests
Markets Update:
Asian equities remain optimistic today, as data coming out showed that the Chinese economy grew faster than expected in the first quarter of 2018. Meanwhile, risk sentiment continues to shore up, as more and more investors are convinced that the US airstrikes in Syria were more of a one-off intervention.
Fairly broad-based gains on ASX with miners higher despite latest iron ore weakness. Banks capping gains on Nikkei while yen is little changed following recent strength vs dollar. Muted AUD reaction to RBA minutes, which appeared to downplay impact on bank funding costs from higher short-term rates.
Banks and property developers extending declines in Hong Kong, with liquidity concerns a focus after HKMA intervened again on Monday to support HKD. Limited downside pressure from latest trade developments (US reportedly looking to retaliate against Chinese tech firms while Commerce has banned US firms from supplying Chinese phone maker ZTE).
The dollar was barely changed, with demand for safe-haven U.S. Treasuries ebbing. The dollar index against a basket of six major currencies was little changed at 89.441 after losing 0.4 percent overnight.
U.S. crude oil futures rose 0.4 percent to $66.49 a barrel after tumbling nearly 1.8 percent overnight as concerns over tensions in the Middle East waned.
Upcoming Events:
- 01:30 AM GMT – (AUD) Monetary Policy Meeting Minutes
- 02:00 AM GMT – (CNY) GDP q/y
- 02:00 AM GMT – (CNY) Fixed Asset Investment ytd/y
- 02:00 AM GMT – (CNY) Industrial Production y/y
- 02:00 AM GMT – (CNY) NBS Press Conference
- 08:30 AM GMT – (GBP) Average Earnings Index 3m/y
- 08:30 AM GMT – (GBP) Claimant Count Change
- 08:30 AM GMT – (GBP) Unemployment Rate
- 09:00 AM GMT – (EUR) German ZEW Economic Sentiment
- 12:30 PM GMT – (CAD) Foreign Securities Purchases
- 12:30 PM GMT – (CAD) Manufacturing Sales m/m
- 12:30 PM GMT – (USD) Building Permits
- 12:30 PM GMT – (USD) Housing Starts
- 01:15 PM GMT – (USD) Capacity Utilization Rate
- 01:15 PM GMT – (USD) FOMC Member Williams Speaks
- 01:15 PM GMT – (USD) Industrial Production m/m
- 02:00 PM GMT – (USD) FOMC Member Quarles Speaks
- Tentative – (NZD) GDT Price Index
- 09:40 PM GMT – (USD) FOMC Member Bostic Speaks
