Thursday 18th November: Red lower across the board

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Global Markets:

  • Asian Stock Markets : Nikkei down 0.30%, Shanghai Composite down 0.47%, Hang Seng down 1.03%, ASX down 0.51%
  • Commodities : Gold at $7379.20 (+0.13%), Silver at $1868.30 (-0.10%), Brent Oil at $25.16 (-0.03%), WTI Oil at $76.61 (-1.21%)
  • Rates : US 10-year yield at 1.586, UK 10-year yield at 0.972, Germany 10-year yield at -0.268

News & Data:

  • (NZD) Inflation Expectations q/q 2.96% vs 2.27% previous
  • (USD) Crude Oil Inventories -2.1M vs 1.0M expected
  • (CAD) Trimmed CPI y/y 3.30% vs 3.40% expected
  • (CAD) Median CPI y/y 2.90% vs 2.90% expected
  • (CAD) Common CPI y/y 1.80% vs 1.90% expected
  • (CAD) CPI m/m 0.70% vs 0.70% expected

Markets Update:

Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues overnight from Wall Street, on a drop in crude oil prices and as traders are concerned about the near-term outlook for the markets and economy following recent volatility amid concerns about inflation and reports showing a rise in coronavirus cases in several countries in the region and Europe.

The Japanese stock market is significantly lower on Thursday, extending the losses in the previous five sessions, with the benchmark Nikkei 225 falling below the 29,500 level, with weakness across most sectors. Australian shares bucked the generally downward trend even as the energy sector fell amid a sell-off in crude futures. China’s Shanghai Composite was down 0.5% and the Shenzhen Component fell 1%, with China Evergrande Group saying that it would sell its stake in HengTen Networks Group for $273 million.

Crude oil prices declined sharply on Wednesday as data showing a larger than expected drop in gasoline stocks last week led to speculation the Biden administration might consider releasing more oil from emergency reserves.

Upcoming Events:

  • 01:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 01:30 PM GMT – (USD) Unemployment Claims
  • 02:30 PM GMT – (USD) FOMC Member Williams Speaks
  • 07:00 PM GMT – (USD) FOMC Member Evans Speaks