Global Markets:
- Asian Stock Markets : Nikkei down 0.46%, Shanghai Composite down 0.15%, Hang Seng down 1.22%, ASX down 1.24%
- Commodities : Gold at $1201.60 (+0.02%), Silver at $14.19 (-0.25%), Brent Oil at $77.11 (-0.21%), WTI Oil at $68.53 (-0.28%)
- Rates : US 10-year yield at 2.904, UK 10-year yield at 1.466, Germany 10-year yield at 0.384
News & Data:
- (AUD) Trade Balance 1.55B vs 1.46B expected
- (CAD) Overnight Rate 1.50% vs 1.50% expected
- (CAD) Labor Productivity q/q 0.70% vs 0.50% expected
- (CAD) Trade Balance -0.1B vs -1.1B expected
- (GBP) Services PMI 54.3 vs 53.9 expected
- ANZ follows Westpac and lifts it variable home loan rates by 16bp
- Iran's Currency Crashes. Shortages and Fears Rise
Markets Update:
Asian shares fell for a sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war. News that U.S. President Donald Trump intends to impose tariffs on another $200 billion worth of Chinese imports as soon as a public consultation period ends on Thursday have sent investors into severe risk aversion.
The Nikkei 225 saw a decline of 0.46%, as video game company Nintendo's stock recovered slightly from its earlier low but still traded down by around 3.5 percent. South Korea's KOSPI was largely flat, but major tech names such as Samsung Electronics and SK Hynix still saw losses. Over in the Greater China region, Hong Kong's Hang Seng index was down by as much as -1.25%. On the mainland, the Shanghai composite largely bucked the overall trend to trade flat while the Shenzhen composite was down 0.4%.The Australian market is notably lower following the mostly negative cues from Wall Street. Mining stocks are mostly higher, whereas gold and oil stocks are lower.
Emerging market (EM) currencies remained in focus with the carnage that has continued this week, hitting not just the Argentine peso and Turkish lira but also Asian currencies like the Indonesian rupiah and Indian rupee. Argentina’s peso had some respite on Wednesday as government officials in Washington sought emergency funding to stem an economic crisis. The cash-strapped nation is asking the International Monetary Fund for early disbursements from a $50 billion standby loan agreed in June, which had failed to clear concerns about the country’s ability to pay off its debt. Elsewhere, sterling gained for a second day as investors positioned for a favourable Brexit outcome. n commodities, oil prices fell as emerging market woes weighed on sentiment.
Upcoming Events:
- 01:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 03:00 PM GMT – (USD) ISM Non-Manufacturing PMI
- 03:00 PM GMT – (USD) FOMC Member Williams Speaks
- 04:00 PM GMT – (USD) Crude Oil Inventories
- 05:30 PM GMT – (CHF) Gov Board Member Zurbrugg Speaks
- 07:30 PM GMT – (CAD) Gov Council Member Wilkins Speaks
- &more…
