Monday 10th June: Asian markets gain on better than expected Chinese trade numbers

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Global Markets:

  • Asian Stock Markets : Nikkei up 1.22%, Shanghai Composite up 0.77%, Hang Seng up 2.04%
  • Commodities : Gold at $1331.75 (-1.07%), Silver at $14.78 (-1.69%), Brent Oil at $63.63 (+0.54%), WTI Oil at $54.31 (+0.59%)
  • Rates : US 10-year yield at 2.126, UK 10-year yield at 0.813, Germany 10-year yield at -0.245

News & Data:

  • (CNY) Trade Balance 279B vs 136B expected
  • (USD) Unemployment Rate 3.60% vs 3.60% expected
  • (USD) Non-Farm Employment Change 75K vs 177K expected
  • (USD) Average Hourly Earnings m/m 0.20% vs 0.30% expected
  • (CAD) Unemployment Rate 5.40% vs 5.70% expected
  • (CAD) Employment Change 27.7K vs 5.0K expected
  • Trump is ‘perfectly happy’ to slap new tariffs on China, Steven Mnuchin says

CFTC Positioning Data:

  • EUR short 88K vs 100K short last week. Shorts trimmed by 12K
  • GBP short 48K vs 32K short last week. Shorts increased by 16K
  • JPY short 44K vs 55K short last week. Short trimmed by 11K
  • CHF short 36k vs 35k short last week. Shorts increased by 1K
  • AUD short 63k vs 66k short last week. Shorts trimmed by 3K
  • NZD short 20K vs 16K short last week. Shorts increased by 4K
  • CAD short 42K vs 39K short last week. Shorts increased by 3K

Markets Update:

Asian stock markets are higher on Monday following the gains on Wall Street Friday after disappointing U.S. jobs data for May raised hopes that the Federal Reserve will cut interest rates in the near future. In addition, news that the U.S. and Mexico have reached a migration deal to avert the implementation of President Donald Trump’s threatened tariffs set to begin on Monday, boosted sentiment.

The Japanese market is rising, with stocks higher across the board. Japan’s Nikkei 225 jumped 1.2% in afternoon trade, while the Topix index gained 1.5%. Mainland Chinese stocks were higher by the afternoon, with the Shenzhen component jumping 0.8% and the Shenzhen composite rising 1.3%.

Over in Hong Kong, the Hang Seng index surged 2% as shares of Chinese tech giant Tencent soared 2.9%. South Korea’s Kospi also rose 0.9%, with shares of chipmaker SK Hynix gaining more than 1.5%.

The Mexican peso jumped about 2.0% in early Monday trade to 19.2285 on the dollar on news of the deal, while the Chinese yuan slipped to its lowest levels this year on weak Chinese imports data and as talks to end the Sino-U.S. dispute remained deadlocked.

Upcoming Events:

Monday, June 10, 2019

  • 04:30 AM GMT – (GBP) GDP m/m
  • 04:30 AM GMT – (GBP) Manufacturing Production m/m
  • 05:00 AM GMT – (GBP) MPC Member Tenreyro Speaks
  • 01:00 PM GMT – (GBP) MPC Member Saunders Speaks
  • 09:30 PM GMT – (AUD) NAB Business Confidence

Tuesday, June 11, 2019

  • 04:30 AM GMT – (GBP) Average Earnings Index 3m/y
  • 08:30 AM GMT – (USD) Core PPI m/m
  • 08:30 AM GMT – (USD) PPI m/m
  • 07:25 PM GMT – (AUD) RBA Assist Gov Kent Speaks
  • 08:30 PM GMT – (AUD) Westpac Consumer Sentiment
  • 09:30 PM GMT – (CNY) CPI y/y

Wednesday, June 12, 2019

  • 04:15 AM GMT – (EUR) ECB President Draghi Speaks
  • 05:00 AM GMT – (AUD) RBA Assist Gov Ellis Speaks
  • 08:30 AM GMT – (USD) CPI m/m
  • 08:30 AM GMT – (USD) Core CPI m/m
  • 09:30 PM GMT – (AUD) Employment Change
  • 09:30 PM GMT – (AUD) Unemployment Rate

Thursday, June 13, 2019

  • 03:30 AM GMT – (CHF) SNB Monetary Policy Assessment
  • 03:30 AM GMT – (CHF) Libor Rate
  • 04:00 AM GMT – (CHF) SNB Press Conference
  • Tentative – (All) OPEC-JMMC Meetings
  • 10:00 PM GMT – (CNY) Fixed Asset Investment ytd/y
  • 10:00 PM GMT – (CNY) Industrial Production y/y

Friday, June 14, 2019

  • 08:30 AM GMT – (USD) Core Retail Sales m/m
  • 08:30 AM GMT – (USD) Retail Sales m/m
  • 08:55 AM GMT – (GBP) BOE Gov Carney Speaks
  • 10:00 AM GMT – (USD) Prelim UoM Consumer Sentiment
  • &more…

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