Tuesday 12th March: Asian markets higher on British vote optimism

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Tuesday 12th March: Asian markets higher on British vote optimism 1

Global Markets:

  • Asian Stock Markets : Nikkei up 1.79%, Shanghai Composite up 1.02%, Hang Seng up 1.38%, ASX down 0.09%
  • Commodities : Gold at $1296.55 (+0.42%), Silver at $15.41 (+0.90%), Brent Oil at $66.69 (+0.17%), WTI Oil at $56.94 (+0.26%)
  • Rates : US 10-year yield at 2.657, UK 10-year yield at 1.178, Germany 10-year yield at 0.080

News & Data:

  • (USD) Retail Sales m/m 0.20% vs 0.00% expected
  • (USD) Core Retail Sales m/m 0.90% vs 0.40% expected
  • BOJ’s Amamiya: Should exclude temporary factors when gauging inflation trend
  • Australian unemployment has been falling but it may not remain that way for long
  • May Secures Last Minute Concessions, Juncker Says No 3rd Chances, Pound Rallies

Markets Update:

Asian stock markets are in positive territory on Tuesday following the overnight gains on Wall Street after a report from the Commerce Department showed an unexpected uptick in U.S. retail sales in January.

Investor sentiment was also boosted by news that British Prime Minister Theresa May has managed to win legally binding assurances from the European Union in an updated Brexit deal just ahead of a vote in the British parliament later today.

The Shanghai composite jumped 1 percent, while the Shenzhen composite bounced 1.20 percent. Hong Kong’s Hang Seng index traded up 1.4 percent. South Korea’s Kospi was also higher by 0. 9 percent. In Australia, the ASX 200 was up 0.4 percent.

The market’s turn toward riskier assets lifted yields on U.S. Treasury bonds, with benchmark 10-year Treasury notes at 2.665 percent compared with its U.S. close of 2.641 percent on Monday. The dollar index, which measures the greenback against a basket of rivals, shed 0.2 percent to 97.036. But rising risk appetite weighed on the safe-haven yen, pushing the dollar up 0.16 percent to 111.37. In commodity markets, oil prices rose on a combination of strong demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC).

Upcoming Events:

  • 10:30 AM GMT – (GBP) GDP m/m
  • 10:30 AM GMT – (GBP) Manufacturing Production m/m
  • 01:30 PM GMT – (USD) CPI m/m
  • 01:30 PM GMT – (USD) Core CPI m/m
  • 02:45 PM GMT – (USD) FOMC Member Brainard Speaks
  • Tentative – (GBP) Parliament Brexit Vote
  • &more…

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