Global Markets:
- Asian Stock Markets : Nikkei up 0.05%, Shanghai Composite down 0.76%, ASX down 0.01%
- Commodities : Gold at $1203.00 (-0.12%), Silver at $14.28 (-0.46%), Brent Oil at $80.72 (+0.24%), WTI Oil at $72.22 (+0.19%)
- Rates : US 10-year yield at 3.098, UK 10-year yield at 1.616, Germany 10-year yield at 0.511
News & Data:
- (EUR) Belgian NBB Business Climate 1.2 vs -0.5 expected
- (CAD) Wholesale Sales m/m 1.50% vs 0.40% expected
- (GBP) CBI Industrial Order Expectations -1 vs 5 expected
- (EUR) German Ifo Business Climate 103.7 vs 103.2 expected
- Draghi Says Italy's Populist Push Propelled Consumer Loan Rates
- European Union to set up legal entity to preserve oil and other business with Iran, in bid to evade US sanctions
Markets Update:
Asian stock markets are mostly lower on Tuesday following the mostly negative lead overnight from Wall Street amid rising U.S.-China trade tensions and as investors looked ahead to the Federal Reserve's monetary policy decision due on Wednesday. The Fed is widely expected to raise interest rates by another quarter point. Political uncertainty also weighed on stocks after reports that U.S. Deputy Attorney General Rod Rosenstein was on the verge of resigning or being fired. Meanwhile, the overnight surge in crude oil prices lifted oil stocks.
Mainland China markets fell following Monday's public holiday. The Shanghai composite was down by 0.76 percent in the morning while the Shenzhen composite also slipped by around 0.85 percent. The Japanese market is slightly higher after falling in early trade following the mostly negative cues from Wall Street.
Investors are cautious after the market's six straight days of gains previously and as they awaited the outcome of Japan's trade talks with the U.S. In Australia, the ASX 200 recover early losses to trade up by 0.05 percent as its major banks slid.
Ahead of the Fed’s expected rate hike, the greenback climbed to a two-month peak of 113.00 yen before easing to 112.825. The dollar index against a basket of six major currencies edged up 0.15 percent to 94.320. The Australian dollar, a proxy of China-related trades and a gauge of broad risk appetite, was little changed at $0.7247 after shedding 0.5 percent on Monday.
Oil prices had rallied after OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.
Upcoming Events:
- 06:35 AM GMT – (JPY) BOJ Gov Kuroda Speaks
- 09:40 AM GMT – (GBP) MPC Member Vlieghe Speaks
- 03:00 PM GMT – (USD) CB Consumer Confidence
- 11:45 PM GMT – (NZD) Trade Balance
- &more…
