Global Markets:
- Asian Stock Markets : Nikkei down 0.44%, Shanghai Composite up 0.10%, Hang Seng down 0.55%, ASX down 0.36%
- Commodities: Gold at $1415.15 (+0.03%), Silver at $16.40 (-0.05%), Brent Oil at $63.55 (+0.25%), WTI Oil at $56.27 (+0.45%)
- Rates : US 10-year yield at 2.070, UK 10-year yield at 0.698, Germany 10-year yield at -0.375
News & Data:
- (EUR) German Import Prices m/m -1.40% vs -0.80% expected
- (JPY) Tokyo Core CPI y/y 0.90% vs 0.80% expected
- (USD) Natural Gas Storage 36B vs 40B expected
- (USD) Unemployment Claims 206K vs 220K expected
- (USD) Prelim Wholesale Inventories m/m 0.20% vs 0.50% expected
- (USD) Goods Trade Balance -74.2B vs -72.4B expected
- (USD) Durable Goods Orders m/m 2.00% vs 0.80% expected
- (USD) Core Durable Goods Orders m/m 1.20% vs 0.20% expected
- (EUR) Main Refinancing Rate 0.00% vs 0.00% expected
- (GBP) CBI Realized Sales -16 vs 0 expected
- (EUR) German Ifo Business Climate 95.7 vs 97.1 expected
- (EUR) Spanish Unemployment Rate 14.00% vs 13.70% expected
Markets Update:
Asian markets dropped on Friday following mixed U.S. earnings reports and after the European Central Bank disappointed those investors who had expected an immediate easing while the euro held above two-year lows struck overnight. Wall Street shares fell from record highs on Thursday, with the S&P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies. Asian markets also pull back as Japan-South Korea trade tensions escalate.
Asian shares were lower Friday as investors continued to watch the brewing trade conflict between China and the U.S., and any signs of what’s in store from central banks. Japan’s Nikkei lost 0.44% while China’s Shanghai Composite slipped 0.1% in early trade. Hong Kong’s Hang Seng Index fell 0.5% after the city reported that it saw its biggest annual drop in exports in almost three and a half years in June. ASX tricked down 0.36%, end its winning streak on Friday after its U.S. counterparts fell from record highs amid a torrent of corporate results
A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly on policy easing, even though he all but pledged to loosen monetary settings further as the growth outlook deteriorates. The U.S. 10-year Treasuries yield also rose 3 basis points to 2.07 percent on Friday. Also helping to stem falls in bond yields, new orders for key U.S.-made capital goods surged in June, suggesting some improvement in business investment.
Oil prices held firm on rising tensions between the West and Iran and a big decline in U.S. crude stockpiles, though gains were held in check by worries about slowing growth in major economies. Gold prices inched up on Friday in Asia, but gains were limited as traders remained cautious ahead of the release of the U.S. second-quarter GDP data
Upcoming Events:
- 12:30 pm GMT – (USD) Advance GDP q/q
- 12:30 pm GMT – (USD) Advance GDP Price Index q/q
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