Monday 12th August: Asian markets recover early losses; Thin volumes as holidays in regions

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Monday 12th August: Asian markets recover early losses; Thin volumes as holidays in regions 1

Global Markets:

  • Asian Stock Markets : Shanghai Composite up 1.45%, Hang Seng up 0.11%, ASX up 0.09%
  • Commodities : Gold at $1501.85 (-0.44%), Silver at $16.82 (-0.64%), Brent Oil at $58.39 (-0.24%), WTI Oil at $54.36 (-0.26%)
  • Rates : US 10-year yield at 1.719, UK 10-year yield at 0.498, Germany 10-year yield at -0.577

News & Data:

  • (USD) PPI m/m 0.20% vs 0.20% expected
  • (USD) Core PPI m/m -0.10% vs 0.20% expected
  • (CAD) Unemployment Rate 5.70% vs 5.50% expected
  • (CAD) Employment Change -24.2K vs 15.2K expected
  • (GBP) Prelim GDP q/q -0.20% vs 0.00% expected
  • (GBP) Manufacturing Production m/m -0.20% vs -0.10% expected
  • (GBP) GDP m/m 0.00% vs 0.10% expected
  • (CNY) CPI y/y 2.80% vs 2.70% expected

CFTC Positioning Data:

  • EUR short 44K vs 53K short last week. Shorts decreased by 9K
  • GBP short 102K vs 90K short last week. Shorts increased by 11K
  • JPY long 11K vs 4K short last week. Longs increased by by 15K
  • CHF short 16k vs 14k short last week. Shorts increased by 2K
  • AUD short 55k vs 53k short last week. Shorts increased by 2K
  • NZD short 12K vs 12K short last week. Positioning unchanged
  • CAD long 24K vs 21K long last week. Longs increased by 3K

Markets Update:

Asian stock markets are all shades of green on Monday following the weak cues from Wall Street Friday amid growing worries about rising U.S.-China trade tensions and its impact on global economic growth after U.S. President Donald Trump warned that planned trade talks with China in September could be called off. Trump also said the U.S. is not going to do business with Chinese tech giant Huawei. Some of the markets in the region, including Japan, are closed for holidays.

The Shanghai composite traded up 1.5% while the Shenzhen composite added 1.9% in the afternoon. Hong Kong’s Hang Seng index was fractionally higher. Australia’s benchmark S&P/ASX 200 retraced some of its early losses to climb marginally higher by 0.1%. In South Korea, the Kospi clawed back losses to rise 0.2%.

The dollar index, which tracks the greenback against a basket of six major rivals, was barely changed at 97.513. However, individually, the dollar dropped 0.25% against the yen to 105.40, while the euro edged higher to $1.1203. Oil prices dipped, having risen sharply on Friday on a drop in European inventories and production cuts by the Organization of the Petroleum Exporting Countries. A flight to perceived safe-haven assets helped to lift the price of gold above $1,500 last week for the first time since April 2013.

Upcoming Events:

Tuesday, August 13, 2019

  • 01:30 AM GMT – (AUD) NAB Business Confidence
  • 02:00 AM GMT – (CNY) New Loans
  • 08:30 AM GMT – (GBP) Average Earnings Index 3m/y
  • 09:00 AM GMT – (EUR) German ZEW Economic Sentiment
  • 12:30 PM GMT – (USD) CPI m/m
  • 12:30 PM GMT – (USD) Core CPI m/m

Wednesday, August 14, 2019

  • 12:30 AM GMT – (AUD) Westpac Consumer Sentiment
  • 01:30 AM GMT – (AUD) Wage Price Index q/q
  • 02:00 AM GMT – (CNY) Fixed Asset Investment ytd/y
  • 02:00 AM GMT – (CNY) Industrial Production y/y
  • 06:00 AM GMT – (EUR) German Prelim GDP q/q
  • 07:30 AM GMT – (AUD) RBA Assist Gov Debelle Speaks
  • 08:30 AM GMT – (GBP) CPI y/y
  • 08:30 AM GMT – (GBP) PPI Input m/m
  • 11:00 PM GMT – (AUD) RBA Assist Gov Debelle Speaks

Thursday, August 15, 2019

  • 01:30 AM GMT – (AUD) Employment Change
  • 01:30 AM GMT – (AUD) Unemployment Rate
  • 08:30 AM GMT – (GBP) Retail Sales m/m
  • 12:30 PM GMT – (USD) Core Retail Sales m/m
  • 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 12:30 PM GMT – (USD) Retail Sales m/m

Friday, August 16, 2019

  • 12:30 PM GMT – (USD) Building Permits
  • 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment
  • &more…

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