Monday 27th November: European Open Briefing

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Monday 27th November: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei down 0.28 %, Shanghai Composite lost 0.93 %, Hang Seng fell 0.66 %, ASX 200 rose 0.10 %
  • Commodities: Gold at $1290.34 (0.24 %), Silver at $17.02 (0.16 %), WTI Oil at $58.72 (-0.39 %), Brent Oil at $63.85(0.60 %)
  • Rates: US 10-year yield at 2.34, UK 10-year yield at 1.25, German 10-year yield at 0.36

News & Data:

  • (USD) Flash Manufacturing PMI 53.8 vs 55.1 expected
  • (USD) Flash Services PMI 54.7 vs 55.5 expected
  • (CAD) Corporate Profits q/q 8.5 % vs 0.1 % previous
  • (EUR) German Ifo Business Climate 117.5 vs 116.6 expected
  • (GBP) High Street Lending 40.5 K vs 40.9 K expected
  • Bitcoin hits fresh highs of over $9700 jumping more than $1000
  • Japan plans extra budget of $24-26 billion for fiscal 2017
  • Black Friday, Thanksgiving online sales climb to record high: RTRS

Markets Update:

Asian markets fell early on Monday in spite of the positive close from Wall street last week. The Dollar edged up as investors turned their attention to U.S. tax reform ahead of a busy week with data on the health of the world’s biggest economies. Chinese shares were lower following Thursday’s slump and the Korean market weighed by heavy losses for Samsung Electronics.

EURUSD hit a two-month high against the US dollar thanks to strong German business confidence and reduced anxiety about political instability in Europe’s biggest economy. Currently the Euro is net unchanged for the session and is currently trading at 1.1933 after falling to lows of around 1.1910.  The dollar index, which tracks the dollar against a basket of currencies was flat and is currently valued at 92.77. The yield on 10-year Treasuries was steady at 2.34 percent.

AUDUSD is currently down 0.2 percent partially recovering from session lows of 0.7593, Currently the Aussie is seen trading around 0.7607 against the US dollar. Australia’s 10-year yield rose two basis points to 2.52 percent.  The New Zealand dollar followed a similar price action on Monday and is currently trading around 0.6966 as the kiwi lost 0.2 percent against the USD.

USDJPY is currently seen trading around 111.35 down from session highs of 111.70 as the Yen strengthened against the US Dollar after Chinese shares opened lower. The Nikkei Stock average Nikkei 225 erased gains to slip 0.30 percent after rising as much as 0.5 % early in the session.  The Yen rebounding against the USD weighed on equities….

Upcoming Events:

  • 14:30 GMT – (GBP) MPC Member Haldane Speaks
  • 15:00 GMT – (USD) New Home Sales
  • 22:30 GMT – (USD) FOMC Member Kashkari Speaks

The Week Ahead:

Tuesday, November 28th

  • 07:00 GMT – (GBP) Bank Stress Test Results
  • 07:30 GMT – (GBP) BOE Gov Carney Speaks
  • 09:00 GMT – (EUR) M3 Money Supply y/y
  • 15:00 GMT – (USD) CB Consumer Confidence
  • 16:30 GMT – (CAD) BOC Gov Poloz Speaks
  • 20:00 GMT – (NZD) RBNZ Financial Stability Report
  • 20:45 GMT – (USD) Treasury Sec Mnuchin Speaks
  • & More…

Wednesday, November 29th

  • ALL Day — OPEC Meetings
  • 00:00 GMT – (AUD) RBNZ Gov Spencer Speaks
  • 13:30 GMT – (USD) Prelim GDP q/q
  • 14:00 GMT – (GBP) BOE Gov Carney Speaks
  • 15:00 GMT – (USD) Fed Chair Yellen Testifies
  • 15:00 GMT – (USD) Pending Home Sales m/m
  • 15:30 GMT – (USD) Crude Oil Inventories
  • & More…

Thursday, November 30th

  • 00:00 GMT – (NZD) ANZ Business Confidence
  • 00:30 GMT – (AUD) Private Capital Expenditure q/q
  • 00:30 GMT – (AUD) Building Approvals m/m
  • 00:00 GMT – (CNY) Manufacturing PMI
  • 00:00 GMT – (CNY) Non-Manufacturing PMI
  • 13:30 GMT – (USD) Unemployment Claims
  • 16:45 GMT – (USD) Chicago PMI
  • & More…

Friday, December 1st  

  • 01:45 GMT – (CNY) Caixin Manufacturing PMI
  • 09:30 GMT – (GBP) Manufacturing PMI
  • 13:30 GMT – (CAD) Employment Change
  • 13:30 GMT – (CAD) GDP m/m
  • 13:30 GMT – (CAD) Unemployment Rate
  • 15:00 GMT – (USD) ISM Manufacturing PMI
  • 15:15 GMT – (USD) FOMC Member Harker Speaks
  • & More…

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