Thursday 17th November 2022: Markets lose steam and trade lower

IC Markets No Comments

Global Markets:

  • Asian Stock Markets : Nikkei down 0.35%, Shanghai Composite down 0.15%, Hang Seng down 0.97%, ASX up 0.19%
  • Commodities : Gold at $1771.40 (-0.25%), Silver at $21.32 (-0.97%), Brent Oil at $92.79 (-0.08%), WTI Oil at $85.31 (-0.33%)
  • Rates : US 10-year yield at 3.692, UK 10-year yield at 3.137, Germany 10-year yield at 1.956

News & Data:

  • (AUD) Unemployment Rate 3.40% vs 3.50% expected
  • (AUD) Employment Change 32.2K vs 15.0K expected
  • (USD) Retail Sales m/m 1.30% vs 1.00% expected
  • (USD) Core Retail Sales m/m 1.30% vs 0.50% expected
  • (CAD) Common CPI y/y 6.20% vs 5.90% expected
  • (CAD) Trimmed CPI y/y 5.30% vs 5.30% expected
  • (CAD) Median CPI y/y 4.80% vs 4.80% expected
  • (CAD) CPI m/m 0.70% vs 0.80% expected

Markets Update:

Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues from global markets overnight, as traders closely followed the developments on the geopolitical front following a missile blast in Poland. Traders were also digesting a mixed batch of U.S. economic data, which added to recent uncertainty about the outlook for interest rates. Asian Markets closed mostly lower on Wednesday. 

Waning optimism over a potential reopening in China weighed heavily on regional markets, especially as the country logged its highest daily rise in COVID-19 cases since mid-April. In Japan, the Nikkei 225 shed 0.35% to end the session 27,930.57 at while the Topix gained 0.15% to close at 1,966.28 as the country reported a trade deficit of $15.5 billion, bigger than forecasted in a Reuters poll. The Australian stock market is slightly higher in choppy trading on Thursday, recouping some of the losses in the previous three sessions, with the benchmark S&P/ASX 200 staying above the 7,100 level, as some gains in technology and financial stocks were partially offset by losses in energy and mining stocks amid weaker commodity prices.

Crude oil prices slipped Wednesday amid concerns about the outlook for demand and the resumption of Russian oil shipments to Hungary. Oil prices fell despite data showing a larger-than-expected drop in crude inventories in the U.S. West Texas Intermediate

Upcoming Events:

  • 01:00 PM GMT – (USD) FOMC Member Bullard Speaks
  • 01:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 01:30 PM GMT – (USD) Unemployment Claims
  • 02:40 PM GMT – (USD) FOMC Member Mester Speaks
  • 05:30 PM GMT – (CHF) Gov Board Member Maechler Speaks