Global Markets:
- Asian Stock Markets : Shanghai Composite down 0.55%, Hang Seng up 0.05%, ASX up 0.23%
- Commodities : Gold at $1313.70 (+0.14%), Silver at $16.23 (+0.28%), WTI Oil at $67.56 (+0.21%), Brent Oil at $63.66 (+0.19%)
- Rates : US 10-year yield at 2.898, UK 10-year yield at 1.485, Germany 10-year yield at 0.581
News & Data:
- (NZD) GDT Price Index -1.20% vs -0.60% previous
- (EUR) German ZEW Economic Sentiment 5.1 vs 13.1 expected
- (GBP) PPI Input m/m -1.10% vs -0.90% expected
- (GBP) CPI y/y 2.70% vs 2.80% expected
- (AUD) HPI q/q 1.00% vs 0.10% expected
- Australian bonds slump following weakness in U.S. Treasuries; hopes of FOMC rate hike reign
- Fitch Affirms China at 'A+'; Outlook Stable
Markets Update:
Asian equities traded slightly higher today, with the markets watching out for the FOMC meeting decisions and commentary. A 25 bps rate hike is expected today. The markets are looking forward to the commentary, on whether there will be an additional rate hike this year, and what the outlook for 2019 would be.
Hang Seng traded in the green, with Tencent leading the tech recovery. Real estate companies on Hang Seng also gained after posting better than expected earnings.
Recovery in iron ores futures boosted miners, pulling up the ASX. Trading volumes were lower owing to the holiday in Japan. The Vernal equinox holiday, and investors being wary of Fed outcomes has led to a very thinly traded session today
The dollar continues to trade mixed against major crosses. The Kiwi dollar was trading lower in anticipation of Thursday’s RBNZ meeting. Gold traded in the green, but gains were thin.
Tensions in the Middle East helped lift oil prices, which were already supported by healthy demand numbers.
Upcoming Events:
- 09:30 AM GMT – (GBP) Average Earnings Index 3m/y
- 09:30 AM GMT – (GBP) Claimant Count Change
- 09:30 AM GMT – (GBP) Public Sector Net Borrowing
- 09:30 AM GMT – (GBP) Unemployment Rate
- 12:30 PM GMT – (USD) Current Account
- 02:00 PM GMT – (USD) Existing Home Sales
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 06:00 PM GMT – (USD) FOMC Economic Projections
- 06:00 PM GMT – (USD) FOMC Statement
- 06:00 PM GMT – (USD) Federal Funds Rate
- 06:30 PM GMT – (USD) FOMC Press Conference
- 08:00 PM GMT – (NZD) RBNZ Rate Statement
- 08:00 PM GMT – (NZD) Official Cash Rate
