Friday 13th October: European Open Briefing

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Friday 13th October: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 1.10 %, Shanghai Composite rose 0.15 %, Hang Seng gained 0.01 %, ASX 200 climbed 0.40 %
  • Commodities: Gold at $1298.32 (0.14 %), Silver at $17.28 (0.09 %), WTI Oil at $50.95 (0.67 %), Brent Oil at $56.59 (0.60 %)
  • Rates: US 10-year yield at 2.32, UK 10-year yield at 1.37, German 10-year yield at 0.44

News & Data:

  • (CNY) Trade Balance 193 B vs 266 B expected
  • (USD) PPI m/m 0.4 % vs 0.2 % expected
  • (USD) Unemployment Claims 243 K vs 251 K expected
  • (USD) Core PPI m/m 0.4 % vs 0.2 % expected
  • (USD) Crude Oil Inventories -2.7 M vs -1.9 M expected
  • (CAD) NHPI m/m 0.1 % vs 0.3 % expected
  • (NZD) Business NZ Manufacturing Index 57.5 vs 57.9 previous
  • (EUR) Industrial Production m/m 1.4 % vs 0.6 % expected
  • Oil rises on tighter U.S. market, strong China imports- RTRS

Markets Update:

Asia-Pacific equity markets edged higher on Friday despite Wall Street’s lower close yesterday and as investors digested the release of China trade data. China’s trade data showed both growth in exports and imports accelerated in September, with imports beating expectations. The dollar and U.S. Treasury yields were poised to end four weeks of gains as confidence in American tax-cut plans waned somewhat and the Federal Reserve signalled that several policy makers are cautious about another 2017 interest-rate hike.

USDJPY is currently seen Trading near today’s opening level at 112.159 as the Yen rose 0/2 percent against the US Dollar, Japan's Nikkei 225 climbed over 1.0% percent, extending gains a day after touching a 21-year high, more new highs could be in store with Japan topping 21,000 for the first time since 1996.The market’s strength came despite overnight appreciation in the yen, which usually weighs on export-related stocks.

EURUSD slipped down from yesterday’ highs of 1.8880 down to lows of 1.1825 earlier in Friday’s session. Currently the EUR has regained some of its losses and is seen trading close to 1.1850. Overall the EUR has managed to keep weekly gain of almost 1 percent against the US Dollar in spite of the crisis around the Catalonian independence movement’s campaign to split from Spain. The dollar index, which tracks the dollar against a basket of currencies lost 0.1 % and is currently valued at 93.00

The Australian dollar did not see much movement but continued to rise slowly on back of the dollar weakness. AUDUSD is currently seen trading at 0.7835. Australia’s S&P/ASX 200 Index advanced 0.4 percent while the yield on Australia’s 10-year government bonds was steady at 2.80 percent.

Upcoming Events:

  • 07:15 GMT – (CHF) PPI m/m
  • 12:30 GMT – (USD) CPI m/m
  • 12:30 GMT – (USD) Core CPI m/m
  • 12:30 GMT – (USD) Core Retail Sales m/m
  • 12:30 GMT – (USD) Retail Sales m/m
  • 14:00 GMT – (USD) Prelim UoM Consumer Sentiment
  • 14:25 GMT – (USD) FOMC Member Evans Speaks
  • 15:30 GMT – (USD) FOMC Member Kaplan Speaks

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