Monday 28th September: Asian markets mostly higher; Investors look to US presidential debate.

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei up 1.32%, Shanghai Composite down 0.06%, Hang Seng up 0.97%, ASX down 0.21%
  • Commodities : Gold at $1861.55 (-0.25%), Silver at $22.83 (-1.13%), Brent Oil at $42.10 (-0.73%), WTI Oil at $39.91 (-0.84%)
  • Rates : US 10-year yield at 0.663, UK 10-year yield at 0.196, Germany 10-year yield at -0.522

News & Data:

  • (USD) Durable Goods Orders m/m 0.40% vs 1.10% expected
  • (USD) Core Durable Goods Orders m/m 0.40% vs 1.00% expected
  • Westpac Economist Bill Evans Revises RBA Rate Cut Call To Nov From Oct

CFTC Positioning Data:

  • EUR long 191K vs 179K long last week. Longs increased by 12K
  • GBP long 3K vs 2k long last week. Longs increased by 1K
  • JPY long 30K vs 23K long last week. Longs increased by 7K
  • CHF long 16K vs 12K long last week. Longs increased by 4K
  • AUD long 16K vs 16K long last week. No change
  • NZD long 5K vs 3K long last week. Longs increased by 2K
  • CAD short 19k vs 17K short last week. Shorts increased by 2K.

Markets Update:

Asian stock markets are mostly higher on Monday following the tech-led rebound on Wall Street Friday. Nevertheless, investors remained cautious ahead of Tuesday’s U.S. presidential debate, the rising number of coronavirus cases in Europe, and U.S.-China tensions after the U.S. imposed restrictions on exports to Chinese chipmaker Semiconductor Manufacturing International Corp. or SMIC.

Mainland Chinese stocks lagged on the day, with the Shanghai composite fractionally lower while the Shenzhen component shed 0.4%. The Hang Seng index rose 1.0%, with shares of Xiaomi rising more than 2%.Over in Australia, the S&P/ASX 200 slipped 0.2%. In Japan, the Nikkei 225 added 1.3% while the Topix index gained 1.7%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.539 after rising from levels below 93.0 last week. In commodities, oil prices came under pressure as renewed mobility curbs in various countries to contain a resurgence of coronavirus cases cloud the outlook on fuel demand recovery.

Upcoming Events:

Monday, September 28, 2020

  • 01:45 PM GMT – (EUR) ECB President Lagarde Speaks

Tuesday, September 29, 2020

  • 02:00 PM GMT – (USD) CB Consumer Confidence

Wednesday, September 30, 2020

  • 01:00 AM GMT – (CNY) Manufacturing PMI
  • 07:00 AM GMT – (CHF) KOF Economic Barometer
  • 07:20 AM GMT – (EUR) ECB President Lagarde Speaks
  • 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
  • 12:30 PM GMT – (CAD) GDP m/m
  • 12:30 PM GMT – (USD) Final GDP q/q
  • 01:45 PM GMT – (USD) Chicago PMI
  • 02:00 PM GMT – (USD) Pending Home Sales m/m

Thursday, October 01, 2020

  • 08:30 AM GMT – (GBP) Final Manufacturing PMI
  • 12:30 PM GMT – (USD) Core PCE Price Index m/m
  • 12:30 PM GMT – (USD) Personal Spending m/m
  • 12:30 PM GMT – (USD) Unemployment Claims
  • 01:30 PM GMT – (CAD) Manufacturing PMI
  • 02:00 PM GMT – (USD) ISM Manufacturing PMI

Friday, October 02, 2020

  • 07:00 AM GMT – (EUR) Spanish Unemployment Change
  • 12:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 12:30 PM GMT – (USD) Non-Farm Employment Change
  • 12:30 PM GMT – (USD) Unemployment Rate
  • 02:00 PM GMT – (USD) Revised UoM Consumer Sentiment