Global Markets:
- Asian Stock Markets : Nikkei down 0.57%, Shanghai Composite down 1.28%, Hang Seng down 1.22%, ASX down 0.54%
- Commodities : Gold at $1278.65 (-0.31%), Silver at $15.23 (-1.08%), Brent Oil at $62.12 (-0.99%), WTI Oil at $53.58 (-0.85%)
- Rates : US 10-year yield at 2.754, UK 10-year yield at 1.324, Germany 10-year yield at 0.254
News & Data:
- (CNY) Industrial Production y/y 5.70% vs 5.30% expected
- (CNY) Fixed Asset Investment ytd/y 5.90% vs 6.00% expected
- (CNY) GDP q/y 6.40% vs 6.40% expected
- Brexit: MPs put forward rival plans to May’s deal
- Yuan’s drop aligns it with China’s cooling economy, easier policy
Markets Update:
Asian stock markets are in negative territory on Tuesday amid worries about global economic growth after the International Monetary Fund or IMF cut its global growth forecasts. The IMF’s revised forecast comes after data released by China on Monday showed that the world’s second-largest economy expanded at the weakest pace in nearly three decades in 2018. Overnight, the U.S. markets were closed for a public holiday.
China got the week off to a shaky start on Monday after Beijing reported 2018 growth in the world’s second-largest economy slowed to its weakest pace in nearly 30 years. In the Greater China region, the Shanghai composite declined 1.3 percent, the Shenzhen component fell as much as 1.4 percent.
Hong Kong’s Hang Seng index slipped about 1.2 percent. In Japan, the Nikkei 225 and Topix index both fell 0.6%. Australia’s ASX 200 declined by 0.5 percent, with the sectors mixed. The heavily-weighted financial subindex Down Under declined almost 1.5 percent as shares of the country’s so-called Big Four banks saw losses.
Demand for the safe-haven yen kept the greenback under pressure with the Japanese currency last buying at 109.41 per dollar. The euro was near the floor of its recent trading range at $1.1358. Against a basket of currencies, the dollar was barely changed at 96.393.
Upcoming Events:
- 10:30 AM GMT – (GBP) Average Earnings Index 3m/y
- 10:30 AM GMT – (GBP) Public Sector Net Borrowing
- 10:30 AM GMT – (GBP) Unemployment Rate
- 11:00 AM GMT – (EUR) German ZEW Economic Sentiment
- 02:30 PM GMT – (CAD) Manufacturing Sales m/m
- 10:45 PM GMT – (NZD) CPI q/q
- &more…
