09th August 2022 Tuesday: Asian markets continue to trade mix

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Global Markets:

  • Asian Stock Markets : Nikkei down 0.94%, Shanghai Composite up 0.11%, Hang Seng up 0.17%, ASX up 0.06%
  • Commodities : Gold at $1802.85 (-0.13%), Silver at $20.69 (+0.34%), Brent Oil at $96.73 (+0.08%), WTI Oil at $90.87 (+0.12%)
  • Rates : US 10-year yield at 2.759, UK 10-year yield at 1.954, Germany 10-year yield at 0.890

News & Data:

  • (AUD) NAB Business Confidence 7 vs 2 previous
  • (AUD) Westpac Consumer Sentiment -3.00% vs -3.00% previous
  • (JPY) M2 Money Stock y/y 3.40% vs 3.30% expected
  • (GBP) BRC Retail Sales Monitor y/y 1.60% vs -1.50% expected
  • (EUR) Sentix Investor Confidence -25.2 vs -29.1 expected

Markets Update:

Asian stock markets are trading mixed on Tuesday, following the mixed or mildly negative cues from global markets overnight, amid easing concerns about a potential recession following last week’s much stronger than expected US jobs data. Traders may also be reluctant to make significant bets ahead of the release of closely watched U.S. inflation data on Wednesday.

The Australian stock market is slightly higher on Tuesday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,000 mark. Hong Kong’s Hang Seng index was rose nearly 1%, with heavyweight Alibaba climbing 2.53%. The Japanese stock market is significantly lower on Tuesday, giving up some of the gains in the previous four sessions, with the Nikkei 225 staying a tad above the 28,000 mark, following the mildly negative cues from global markets overnight, with weakness across most sectors, primarily in technology and financial stocks.

Crude oil prices recovered after early losses and settled sharply higher on Monday as data showed a significant increase in oil purchases by China so far this month. The U.S. dollar index, which measures the currency against a basket of six foreign currencies, was at 106.345, slightly lower after its recent jump to nearly 107.

Upcoming Events:

  • 06:00 AM GMT – (JPY) Prelim Machine Tool Orders y/y
  • 10:00 AM GMT – (USD) NFIB Small Business Index
  • Tentative – (GBP) 30-y Bond Auction
  • 12:30 PM GMT – (USD) Prelim Nonfarm Productivity q/q
  • 12:30 PM GMT – (USD) Prelim Unit Labor Costs q/q
  • Tentative – (USD) IBD/TIPP Economic Optimism
  • 11:50 PM GMT – (JPY) PPI y/y