Global Markets:
- Asian Stock Markets : Nikkei up 0.33%, Shanghai Composite up 0.52%, Hang Seng up 0.42%, ASX up 0.01%
- Commodities: Gold at $1511.75 (-0.07%), Silver at $17.79 (-0.12%), Brent Oil at $58.31 (-0.02%), WTI Oil at $52.56 (-0.06%)
- Rates : US 10-year yield at 1.579, UK 10-year yield at 0.462, Germany 10-year yield at -0.547
News & Data:
- (AUD) Home Loans m/m 1.80% vs 3.60% expected
- (JPY) PPI y/y -1.10% vs -1.10% expected
- (JPY) Core Machinery Orders m/m -2.40% vs 0.00% expected
- (JPY) Bank Lending y/y 2.00% vs 2.10% expected
- (GBP) RICS House Price Balance -2.00% vs -7.00% expected
- (NZD) FPI m/m 0.00% vs 0.70% previous
- (USD) 10-y Bond Auction 1.59|2.4 vs 1.74|2.5 previous
- (USD) Crude Oil Inventories 2.9M vs 1.8M expected
- (USD) JOLTS Job Openings 7.05M vs 7.35M expected
- (USD) Final Wholesale Inventories m/m 0.20% vs 0.40% expected
- (JPY) Prelim Machine Tool Orders y/y -35.50% vs -37.00% previous
- (AUD) MI Inflation Expectations 3.60% vs 3.10% previous
- (JPY) 30-y Bond Auction 0.38|3.9 vs 0.14|3.5 previous
Markets Update:
Asian markets rallied from early losses into positive territory in early trading Thursday, following conflicting reports of progress in the U.S.-China trade war. Markets opened lower following a report by the South China Morning Post that “no progress” had been made in low-level meetings to lay the groundwork for a high-level meeting starting Thursday in Washington.
Global stocks also recouped early losses as news reports raised hopes that the United States and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short.
Japan’s Nikkei rose 0.33% and Hong Kong’s Hang Seng Index gained 0.42% after early losses. The Shanghai Composite is in positive territory and advanced 0.52%. Australia’s S&P/ASX 200 was about flat at 0.01%.
U.S. Treasuries yield slipped back after having risen to 1.594% on Wednesday, pressured partly by this week’s heavy bond supply. The 10-year Treasuries yield dipped to one basis point to 1.579%. The safe haven yen and Swiss franc gave up most of their early gains. The yen last stood almost flat at 107.56, about 0.1% higher than late U.S. levels.
Oil prices also slid on wariness over U.S.-China talks. Brent crude futures fell 0.02% to $58.31 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.06% to $52.56 per barrel. Gold prices inched up on Thursday in Asia, but gains were limited as traders awaited more clarity on the Sino-U.S. trade talks progress.
Upcoming Events:
- 8:00 am GMT – (EUR) Italian Industrial Production m/m
- 8:30 am GMT – (GBP) GDP m/m
- 8:30 am GMT – (GBP) Manufacturing Production m/m
- 8:30 am GMT – (GBP) Construction Output m/m
- 8:30 am GMT – (GBP) Goods Trade Balance
- 8:30 am GMT – (GBP) Index of Services 3m/3m
- 8:30 am GMT – (GBP) Industrial Production m/m
- 10th-14th GMT – (CNY) New Loans
- 10th-14th GMT – (CNY) M2 Money Supply y/y
- 9:20 am GMT – (GBP) BOE Gov Carney Speaks
- 11:30 am GMT – (EUR) ECB Monetary Policy Meeting Accounts
- 12:30 pm GMT – (CAD) NHPI m/m
- 12:30 pm GMT – (USD) CPI m/m
- 12:30 pm GMT – (USD) Core CPI m/m
- 12:30 pm GMT – (USD) Unemployment Claims
- Tentative – (GBP) NIESR GDP Estimate
- 2:30 pm GMT – (USD) Natural Gas Storage
- 5:01 pm GMT – (USD) 30-y Bond Auction
- 9:30 pm GMT – (NZD) Business NZ Manufacturing Index
- 11:50 pm GMT – (JPY) M2 Money Stock y/y
- &more…
