Global Markets:
- Asian Stock Markets : Nikkei up 0.36%, Shanghai Composite up 1.53%, Hang Seng up 1.85%, ASX up 0.03%
- Commodities : Gold at $1206.60 (+0.12%), Silver at $14.53 (+0.26%), Brent Oil at $81.17 (-0.11%), WTI Oil at $72.14 (-0.19%)
- Rates : US 10-year yield at 3.096, UK 10-year yield at 1.631, Germany 10-year yield at 0.543
News & Data:
- (NZD) ANZ Business Confidence -38.3 vs -50.3 previous
- (NZD) Trade Balance -1484M vs -930M expected
- (USD) CB Consumer Confidence 138.4 vs 132.2 expected
- 5 Star threatens to block Italy's budget plan if no income plan: Sky
- Japan's Shinzo Abe defends free trade before U.N. General Assembly
- NZ Business confidence bounce suggests 'the wheels are not falling off'
Markets Update:
Asian stock markets are mostly higher on Wednesday despite the mixed cues overnight from Wall Street and ahead of the U.S. Federal Reserve's monetary policy decision due later in the day. Crude oil prices slipped in Asian trades after a renewed call from U.S. President Donald Trump on OPEC to boost crude output and stop raising prices.
The Fed is widely expected to raise interest rates by 25 basis points, although investors are likely to pay close attention to the accompanying statement for clues about the outlook for rates.
The Japanese market is declining following the mixed lead from Wall Street and on a stronger yen. The Nikkei 225 recovered from its losses in the morning to trade higher by 0.36 percent. In Greater China markets, Hong Kong's Hang Seng index extended its earlier gains to rise by 1.85 percent.
The Shanghai composite was also higher by 1.5 percent while the Shenzhen composite advanced by 0.9 percent. the ASX 200 pared some of its gains but was largely flat. South Korean markets are closed for a public holiday.
The benchmark 10-year Treasury yield rose to as high as 3.113 percent, near its seven-year peak of 3.128 percent touched on May 18. Fed funds rates futures implied traders are fully pricing in a rate hike on Wednesday, and another 85 percent chance the Fed would raise rates again in December.
The dollar’s index against a basket of major currencies stood at 94.169, near Friday’s 93.808, a 2-1/2-month low. Many emerging market currencies, such as the Turkish lira and the South African rand, also kept some distances from lows hit last month.
Upcoming Events:
- 03:30 PM GMT – (USD) Crude Oil Inventories
- 07:00 PM GMT – (USD) FOMC Economic Projections
- 07:00 PM GMT – (USD) FOMC Statement
- 07:00 PM GMT – (USD) Federal Funds Rate
- 07:30 PM GMT – (USD) FOMC Press Conference
- 10:00 PM GMT – (NZD) Official Cash Rate
- 10:00 PM GMT – (NZD) RBNZ Monetary Policy Statement
- 10:00 PM GMT – (NZD) RBNZ Rate Statement
- 11:00 PM GMT – (NZD) RBNZ Press Conference
- &more…
