Global Markets:
- Asian Stock Markets : Nikkei down 0.26%, Shanghai Composite down 0.24%, Hang Seng down 0.61%, ASX up 0.59%
- Commodities : Gold at $1310.10 (+0.25%), Silver at $16.34 (+1.32%), WTI Oil at $73.21 (+0.11%), Brent Oil at $67.55 (+0.45%)
- Rates : US 10-year yield at 2.979, UK 10-year yield at 1.411, Germany 10-year yield at 0.561
News & Data:
- (CNY) Caixin Manufacturing PMI 51.1 vs 50.9 expected
- (NZD) Unemployment Rate 4.40% vs 4.40% expected
- (NZD) Employment Change q/q 0.60% vs 0.50% expected
- (NZD) GDT Price Index -1.10% vs 2.70% previous
- (USD) ISM Manufacturing PMI 57.3 vs 58.4 expected
- (CAD) GDP m/m 0.40% vs 0.30% expected
- (GBP) Net Lending to Individuals m/m 4.2B vs 4.9B expected
- (GBP) Manufacturing PMI 53.9 vs 54.8 expected
- (AUD) Cash Rate 1.50% vs 1.50% expected
- Donald Trump sends his economic team to China for talks amid trade war stand-off
- US eager to form trade deal with Japan 'at some point': USTR
- French president Macron lands in Sydney for talks on China influence, trade
Markets Update:
Asian markets are trading mostly lower today, as investors exercise caution ahead of today’s Fed meeting – the key attention being the language around inflation in today’s statement.
Liquidity slowly coming back to normal, as markets reopened after holidays in the region. Upbeat earnings from Apple boosted tech stocks in the region. Hang Seng gained from this upmove, as smartphone manufacturers were boosted by as Apple’s observations alleviated concerns of falling smartphone demand pointed out by Samsung.
The Australian market is rising for a fourth straight day despite the mixed cues from Wall Street and a fall in commodity prices. The Japanese market dipped into negative territory after opening higher, with the mixed cues from Wall Street and the fall in crude oil prices weighing on investor sentiment.
While the dollar is off 4 – month highs set yesterday, the 10 year Treasury yield is hovering just below 3%. The dollar was underpinned by the outlook for a strong U.S. economy amid signs of slowdown elsewhere, especially in Europe.
Oil prices were stable on Wednesday, supported by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.
Upcoming Events:
- 01:45 AM GMT – (CNY) Caixin Manufacturing PMI
- 08:30 AM GMT – (GBP) Construction PMI
- 09:00 AM GMT – (EUR) Prelim Flash GDP q/q
- 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 03:30 PM GMT – (EUR) German Buba President Weidmann Speaks
- 06:00 PM GMT – (USD) FOMC Statement
- 06:00 PM GMT – (USD) Federal Funds Rate
