Monday 13th September 2021: Asian stocks in the red as negative cues from Wall Street abound

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 0.20%, Shanghai Composite up 0.27%, Hang Seng down 2.17%, ASX up 0.25%
  • Commodities : Gold at $1792.15 (0.00%), Silver at $23.73 (-0.71%), Brent Oil at $73.61 (+0.95%), WTI Oil at $70.41 (+0.99%)
  • Rates : US 10-year yield at 1.336, UK 10-year yield at 0.758, Germany 10-year yield at -0.335

News & Data:

  • (USD) Core PPI m/m 0.60% vs 0.50% expected
  • (USD) PPI m/m 0.70% vs 0.60% expected
  • (CAD) Unemployment Rate 7.10% vs 7.30% expected
  • (CAD) Employment Change 90.2K vs 67.2K expected
  • Japan’s vaccines minister Kono favoured as next PM in opinion polls
  • UK abandons vaccine passports as Boris Johnson set to reveal winter COVID plans

Markets Update:

Asian stock markets are trading mostly lower on Monday, following the firmly negative cues from Wall Street on Friday, as traders continue to express concerns that the surge coronavirus cases in the region and other countries, particularly in the U.S., could dent the pace of global economic recovery from the pandemic.

The Japanese stock market is slightly lower on Monday, extending the gains in the previous session, following the firmly negative cues from Wall Street on Friday, even as traders pin hopes on a new government to implement new economic measures to alleviate the prolonged impact of the pandemic. Hong Kong’s broader Hang Seng index dropped 2.2%. The Australian stock market is slightly higher on Monday with energy stocks gaining as crude oil prices stormed higher.

U.S. Treasury yields continued their climb as investors assess inflationary pressures and their impact on the U.S. Federal Reserve’s likely timeline to begin asset tapering. Oil prices firmed on Monday supported by growing signs of supply tightness in the United States as a result of Hurricane Ida. About three-quarters of the U.S. Gulf’s offshore oil production has remained halted since late August.

Upcoming Events:

Tuesday, September 14, 2021

  • 02:45 AM GMT – (AUD) RBA Gov Lowe Speaks
  • 12:30 PM GMT – (USD) CPI m/m
  • 12:30 PM GMT – (USD) Core CPI m/m

Wednesday, September 15, 2021

  • 02:00 AM GMT – (CNY) Retail Sales y/y
  • 06:00 AM GMT – (GBP) CPI y/y
  • 12:30 PM GMT – (CAD) CPI m/m
  • 12:30 PM GMT – (CAD) Common CPI y/y
  • 12:30 PM GMT – (CAD) Median CPI y/y
  • 12:30 PM GMT – (CAD) Trimmed CPI y/y
  • 12:30 PM GMT – (USD) Empire State Manufacturing Index
  • 01:15 PM GMT – (USD) Industrial Production m/m
  • 02:30 PM GMT – (USD) Crude Oil Inventories
  • 10:45 PM GMT – (NZD) GDP q/q

Thursday, September 16, 2021

  • 01:30 AM GMT – (AUD) Employment Change
  • 01:30 AM GMT – (AUD) Unemployment Rate
  • 12:00 PM GMT – (EUR) ECB President Lagarde Speaks
  • 12:30 PM GMT – (USD) Core Retail Sales m/m
  • 12:30 PM GMT – (USD) Retail Sales m/m
  • 12:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 12:30 PM GMT – (USD) Unemployment Claims

Friday, September 17, 2021

  • 06:00 AM GMT – (GBP) Retail Sales m/m
  • 02:00 PM GMT – (USD) Prelim UoM Consumer Sentiment