Global Markets:
- Asian Stock Markets : Nikkei up 0.67%, Shanghai Composite down 0.35%, Hang Seng down 0.77%, ASX up 0.25%
- Commodities : Gold at $1193.70 (-0.03%), Silver at $14.52 (-0.15%), Brent Oil at $75.08 (+0.47%), WTI Oil at $68.23 (+0.59%)
- Rates : US 10-year yield at 2.833, UK 10-year yield at 1.273, Germany 10-year yield at 0.340
News & Data:
- (NZD) Trade Balance -143M vs -400M expected
- (EUR) Flash Services PMI 54.4 vs 54.4 expected
- (EUR) Flash Manufacturing PMI 54.6 vs 55.1 expected
- (EUR) German Flash Services PMI 55.2 vs 54.3 expected
- (EUR) German Flash Manufacturing PMI 56.1 vs 56.5 expected
- (EUR) French Flash Services PMI 55.7 vs 55.1 expected
- (EUR) French Flash Manufacturing PMI 53.7 vs 53.5 expected
Markets Update:
Asian stocks were trading mixed on Friday after U.S. and Chinese officials ended two days of meetings without reaching a breakthrough in a trade dispute. The oil markets held steady while the dollar was buoyant ahead of U.S. Federal Reserve Chairman Jerome Powell's big Jackson Hole speech that could bring a dovish surprise. The Fed has penciled in two more interest rate hikes this year despite risks from trade conflicts and emerging market turmoil.
Japan's Nikkei index was moving up 0.4 percent, with underlying sentiment helped by a cheaper yen after fresh exchanges of tariffs between the U.S. and China. Government data released before the market open showed Japan's core consumer prices in July rose 0.8 percent from a year ago, but was unchanged from the previous month's gain. That number fell slightly short of market expectations but it remains notably far off from the Bank of Japan's 2 percent inflation target.
In Australia, the ASX 200 was up 0.25 percent as politics in the country took center stage in Friday's trading session. Besieged Prime Minister Malcolm Turnbull was ousted after this week's leadership troubles and Australian Treasurer Scott Morrison was tapped by the Liberal Party to become the country's next prime minister. Greater China markets declined in mid morning trade. The Hang Seng Index tumbled 0.77 percent, with most sectors seeing losses. The Shanghai Composite fell 0.35 percent, while the Shenzhen Composite lost 0.38 percent.
The dollar index against a basket of six major currencies stood at 95.618 , holding most of its gains after rising 0.55 percent overnight to snap a six-day losing run. Oil prices edged higher. While the trade conflict between Washington and Beijing darkens the economic outlook, the supply versus demand position in oil markets remains relatively tight -especially because of the looming U.S. sanctions against Iran.
Upcoming Events:
- 01:30 PM GMT – (USD) Core Durable Goods Orders m/m
- 01:30 PM GMT – (USD) Durable Goods Orders m/m
- 03:00 PM GMT – (USD) Fed Chair Powell Speaks
- Day 2 GMT – (All) Jackson Hole Symposium
- &more…
