Friday 2nd November: Asian Markets Mostly Higher On Trade Optimism

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Global Markets:

  • Asian Stock Markets : Nikkei up 2.56%, Shanghai Composite up 2.51%, Hang Seng up 3.57%, ASX up 0.14%
  • Commodities : Gold at $1233.90 (-0.38%), Silver at $14.72 (-0.42%), Brent Oil at $73.30 (+0.56%), WTI Oil at $63.74 (+0.08%)
  • Rates : US 10-year yield at 3.170, UK 10-year yield at 1.455, Germany 10-year yield at 0.401

News & Data:

  • (AUD) Retail Sales m/m 0.20% vs 0.30% expected
  • (USD) ISM Manufacturing PMI 57.7 vs 59 expected
  • (GBP) Official Bank Rate 0.75% vs 0.75% expected
  • (GBP) MPC Official Bank Rate Votes 0-0-9 vs 0-0-9 expected
  • (GBP) Manufacturing PMI 51.1 vs 53 expected
  • (AUD) Trade Balance 3.02B vs 1.71B expected
  • Trump Asks Cabinet to Draft Possible Trade Deal With Xi
  • Housing won't be coming to the rescue to solve the RBA's inflation problem

Markets Update:

Asian stock markets are mostly higher on Friday after Wall Street extended gains overnight amid optimism over improvement in U.S.-China trade relations after President Donald Trump said he had a "very good" conversation with Chinese President Xi Jinping about trade. Tech stocks are mixed after Apple reported upbeat corporate earnings results, but warned of slower holiday sales. Investors now look ahead to the U.S. Labor Department's closely-watched employment report for the month of October to be released later today.

Hong Kong's Hang Seng index surged 3.57 percent, the Shanghai composite gained 2.37 percent and the Shenzhen composite advanced 3.017 percent. The Australian stock market is declining on Friday, reflecting weakness in banks and oil stocks. Investors also digested mixed corporate earnings results. Meanwhile, Japan's Nikkei 225 rose 2.56 percent to close at 22,243.66 while the Topix index recovered to finish 1.64 percent higher at 1,658.76.

The dollar had fallen across the board on Thursday as the pound rallied on reports that London is close to sealing a financial services deal with Brussels, and after the Bank of England hinted at slightly rate rises in future. U.S. crude was flat at $63.68 a barrel. Brent crude was 0.2 percent higher at $73.04.

Upcoming Events:

  • 10:30 AM GMT – (GBP) Construction PMI
  • 01:30 PM GMT – (CAD) Employment Change
  • 01:30 PM GMT – (CAD) Unemployment Rate
  • 01:30 PM GMT – (CAD) Trade Balance
  • 01:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 01:30 PM GMT – (USD) Non-Farm Employment Change
  • 01:30 PM GMT – (USD) Unemployment Rate
  • &more…


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