Global Markets:
- Asian Stock Markets : Nikkei up 2.06%, Shanghai Composite up 1.21%, Hang Seng up 1.01%, ASX up 0.43%
- Commodities : Gold at $1218.30 (-0.57%), Silver at $14.37 (-0.67%), Brent Oil at $76.42 (+0.62%), WTI Oil at $66.45 (+0.41%)
- Rates : US 10-year yield at 3.138, UK 10-year yield at 1.403, Germany 10-year yield at 0.376
News & Data:
- (JPY) BOJ Policy Rate -0.10% vs -0.10% expected
- (CNY) Non-Manufacturing PMI 53.9 vs 54.7 expected
- (CNY) Manufacturing PMI 50.2 vs 50.6 expected
- (AUD) Trimmed Mean CPI q/q 0.40% vs 0.40% expected
- (AUD) CPI q/q 0.40% vs 0.50% expected
- (NZD) ANZ Business Confidence -37.1 vs -38.3 previous
- (USD) CB Consumer Confidence 137.9 vs 136.3 expected
- (EUR) Prelim Flash GDP q/q 0.20% vs 0.40% expected
- (CHF) KOF Economic Barometer 100.1 vs 100.8 expected
- (EUR) German Prelim CPI m/m 0.20% vs 0.10% expected
- Bank of Japan stays pat on rates, warns of risks from global ‘protectionist moves’
- Indian government invokes powers to direct RBI governor: Economic Times
- China Manufacturing PMI Worsens in October as Trade War Bites
Markets Update:
Asian stock markets are higher on Wednesday, the last trading day of a brutal October, following the overnight gains on Wall Street in a late-stage rally. However, gains are modest in most markets as investors digested a raft of economic data and corporate earnings results. The Chinese market is higher despite the release of weaker than expected China manufacturing PMI data for the month of October.
The Greater China markets, which have been hard hit, saw gains by the morning session's end: The Shanghai composite rose 1.21 percent and the Shenzhen composite advanced by 1.3 percent. Hong Kong's Hang Seng index also increased by 0.6 percent. Japan’s Nikkei 225 gained 2.0% even after the trade ministry revealed the country’s industrial output fell more than expected in September.
The Bank of Japan maintained a steady monetary policy on Wednesday, but cut its inflation forecasts slightly and warned on financial vulnerabilities. Shares of Sony jumped 4.04 percent after the company lifted its annual profit forecast by 30 percent after a strong second-quarter. Down under, Australia’s ASX 200 also gained 0.4%.
In currencies, the dollar index against a basket of six major currencies extended overnight gains and was near a 16-month peak of 97.054 after data on Tuesday showed U.S. consumer confidence rose to an 18-year high in October, suggesting strong economic growth could persist in the near term. Oil prices recovered slightly after dropping to multi-month lows the previous day on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Upcoming Events:
- 09:00 AM GMT – (EUR) Spanish Flash GDP q/q
- 11:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 11:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- 01:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 01:30 PM GMT – (CAD) GDP m/m
- 01:30 PM GMT – (CAD) RMPI m/m
- 01:30 PM GMT – (USD) Employment Cost Index q/q
- 03:30 PM GMT – (USD) Crude Oil Inventories
- 06:15 PM GMT – (CHF) SNB Chairman Jordan Speaks
- 09:15 PM GMT – (CAD) BOC Gov Poloz Speaks
- &more…
