Monday 24th June: Markets flat as investors look forward to G20 outcomes

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Monday 24th June: Markets flat as investors look forward to G20 outcomes 1

Global Markets:

  • Asian Stock Markets : Nikkei up 0.16%, Shanghai Composite down 0.02%, Hang Seng up 0.04%, ASX up 0.09%
  • Commodities : Gold at $1407.25 (+0.51%), Silver at $15.33 (+0.27%), Brent Oil at $64.72 (+0.42%), WTI Oil at $57.85 (+0.73%)
  • Rates : US 10-year yield at 2.049, UK 10-year yield at 0.850, Germany 10-year yield at -0.286

News & Data:

  • (USD) Flash Manufacturing PMI 50.1 vs 50.5 expected
  • (CAD) Retail Sales m/m 0.10% vs 0.30% expected
  • (CAD) Core Retail Sales m/m 0.10% vs 0.60% expected
  • (GBP) Public Sector Net Borrowing 4.5B vs 3.3B expected
  • (EUR) Flash Services PMI 53.4 vs 53 expected
  • (EUR) Flash Manufacturing PMI 47.8 vs 48 expected
  • (EUR) German Flash Services PMI 55.6 vs 55.3 expected
  • (EUR) German Flash Manufacturing PMI 45.4 vs 44.6 expected
  • (EUR) French Flash Manufacturing PMI 52 vs 51 expected
  • (EUR) French Flash Services PMI 53.1 vs 51.6 expected

CFTC Positioning Data:

  • EUR short 52K vs 87K short last week. Shorts trimmed by 35K
  • GBP short 53K vs 45K short last week. Shorts increased by 8K
  • JPY short 17K vs 45K short last week. Short trimmed by 28K
  • CHF short 15k vs 25k short last week. Shorts trimmed by 10K
  • AUD short 65k vs 63k short last week. Shorts increased by 2K
  • NZD short 24K vs 16K short last week. Shorts increased by 8K
  • CAD short 38K vs 33K short last week. Shorts increased by 5K

Markets Update:

Asian stock markets are mostly flat on Monday following the modest losses on Wall Street Friday amid worries about tensions in the Middle East and on caution ahead of the G-20 summit in Japan later this week. U.S. President Donald Trump is due to meet with Chinese President Xi Jinping at the G-20 summit in an effort to revive U.S.-China trade talks.

Mainland Chinese stocks slipped by the afternoon, with the Shanghai composite down slightly, while the Shenzhen composite declined 0.1%. Over in Hong Kong, the Hang Seng index was 0.23% higher. Japan’s Nikkei 225 was 0.2% higher in afternoon trade, while the Topix index gained 0.1%. Over in South Korea, the Kospi traded fractionally higher. Australia’s S&P/ASX 200 gained 0.1% as most sectors traded mixed.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.140 after slipping from levels above 97.5 last week. The euro rose to a three-month high of $1.1386 against the dollar on Monday as bearish bets on the greenback remained solid on prospects of a near-term interest rate cut by the Federal Reserve.

Oil prices climbed as tensions remain high between Tehran and Washington following Iran’s shooting down of an unmanned American surveillance drone, with U.S. Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced.

Upcoming Events:

Monday, June 24, 2019

  • 09:00 AM GMT – (EUR) German Ifo Business Climate
  • 11:45 PM GMT – (NZD) Trade Balance

Tuesday, June 25, 2019

  • 08:05 AM GMT – (AUD) RBA Assist Gov Bullock Speaks
  • All Day – (All) OPEC Meetings
  • 01:45 PM GMT – (USD) FOMC Member Williams Speaks
  • 03:00 PM GMT – (USD) CB Consumer Confidence
  • 03:00 PM GMT – (USD) Richmond Manufacturing Index
  • 06:00 PM GMT – (USD) Fed Chair Powell Speaks
  • 11:30 PM GMT – (USD) FOMC Member Bullard Speaks

Wednesday, June 26, 2019

  • 03:00 AM GMT – (NZD) Official Cash Rate
  • 03:00 AM GMT – (NZD) RBNZ Rate Statement
  • 10:15 AM GMT – (GBP) Inflation Report Hearings
  • 01:30 PM GMT – (USD) Core Durable Goods Orders m/m
  • 01:30 PM GMT – (USD) Durable Goods Orders m/m

Thursday, June 27, 2019

  • 02:00 AM GMT – (NZD) ANZ Business Confidence
  • All Day – (EUR) German Prelim CPI m/m
  • 01:30 PM GMT – (USD) Final GDP q/q

Friday, June 28, 2019

  • Day 1 – (All) G20 Meetings
  • 09:30 AM GMT – (GBP) Current Account
  • 09:30 AM GMT – (GBP) Final GDP q/q
  • 10:00 AM GMT – (EUR) CPI Flash Estimate y/y
  • 10:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
  • 01:30 PM GMT – (CAD) GDP m/m
  • 01:30 PM GMT – (CAD) RMPI m/m
  • 01:30 PM GMT – (USD) Core PCE Price Index m/m
  • 01:30 PM GMT – (USD) Personal Spending m/m
  • 02:45 PM GMT – (USD) Chicago PMI
  • 03:00 PM GMT – (USD) Revised UoM Consumer Sentiment
  • 03:30 PM GMT – (CAD) BOC Business Outlook Survey

Saturday, June 29, 2019

  • Day 2 – (All) G20 Meetings

Sunday, June 30, 2019

  • 02:00 AM GMT – (CNY) Manufacturing PMI
  • 02:00 AM GMT – (CNY) Non-Manufacturing PMI
  • &more…

 

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