Tuesday 13th November: Asian Markets lower on Wall Street sell-off – China gains

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Tuesday 13th November: Asian Markets lower on Wall Street sell-off - China gains 1

Global Markets:

  • Asian Stock Markets : Nikkei down 2.20%, Shanghai Composite up 0.85%, Hang Seng down 0.09%, ASX down 1.80%
  • Commodities : Gold at $1204.70 (+0.10%), Silver at $14.06 (+0.35%), Brent Oil at $69.36 (-1.08%), WTI Oil at $59.09 (-1.40%)
  • Rates : US 10-year yield at 3.186, UK 10-year yield at 1.452, Germany 10-year yield at 0.398

News & Data:

  • (JPY) 30-y Bond Auction 0.87|4.0 vs 0.90|3.9 previous
  • (AUD) NAB Business Confidence 4 vs 6 previous
  • (NZD) FPI m/m -0.60% vs -0.10% previous
  • (EUR) Italian Industrial Production m/m -0.20% vs -0.50% expected
  • (JPY) Prelim Machine Tool Orders y/y -1.10% vs 2.90% previous
  • (JPY) PPI y/y 2.90% vs 2.80% expected
  • China’s top trade war negotiator Liu He prepares to head to the US to pave way for Xi-Trump meeting
  • Major State-Owned Chinese Banks Seen Selling Usd In Onshore Spot Forex Market At Around 6.97 Yuan/Dlr

Markets Update:

Asian stock markets, led by Japan, are falling on Tuesday after a tech-led sell off overnight on Wall Street amid indications of weak demand for Apple's iPhones. In addition, lower commodity prices, including the continued fall in crude oil prices, dragged down resources stocks. Worries about global economic growth and trade wars also dampened sentiment.

Markets in Greater China remained mixed by the conclusion of the morning session with Hong Kong's Hang Seng Index slipped 0.1 percent despite index heavyweight Tencent recovering from its earlier losses to see gains of 0.37 percent. Over on the mainland, however, stocks saw a broad recovery as the Shanghai composite gained 0.8 percent while Shenzhen was up 1.8 percent.

The ASX 200 fell 1.8 percent, with almost all sectors in negative territory. In other major Asian markets, Japan's Nikkei 225 fell 2.2 percent in afternoon trade while the Topix index saw losses of 1.91 percent.

In Europe, fears that Britain could crash out of the European Union without a Brexit deal and a growing rift over Italy's budget hit the euro and the pound, pushing the dollar's index to 97.693 against a basket of currencies, a level not seen since mid 2017. It was last flat at 97.5.

Oil prices hovered near multi-month lows after declining for a record 11th consecutive session amid softening demand and as Trump said he hoped there would be no oil output reductions.

Upcoming Events:

  • 10:30 AM GMT – (GBP) Average Earnings Index 3m/y
  • 10:30 AM GMT – (GBP) Unemployment Rate
  • 11:00 AM GMT – (EUR) German ZEW Economic Sentiment
  • 04:00 PM GMT – (USD) FOMC Member Brainard Speaks
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