Tuesday 24th October: European Open Briefing

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Tuesday 24th October: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 0.35 %, Shanghai Composite rose 0.05 %, Hang Seng gained 0.98 %, ASX 200 up 0.20%
  • Commodities: Gold at $1283.28 (0.18 %), Silver at $17.14 (0.38 %), WTI Oil at $52.02 (0.23 %), Brent Oil at $57.51 (0.21 %)
  • Rates: US 10-year yield at 2.37, UK 10-year yield at 1.31, German 10-year yield at 0.43

News & Data:

  • (JPY) Flash Manufacturing PMI 52.5 vs 53.1 expected
  • (GBP) CBI Industrial Order Expectation -2 vs 9 expected
  • (CAD) Wholesale Sales m/m 0.5 % vs 1.1 % expected
  • (EUR) Consumer Confidence -1 vs -1 expected
  • (AUD) CB Leading Index m/m 0.1 % vs 0.2 % previous
  • Southeast Asian oil demand to keep growing until at least 2040: IEA
  • China's economy seen growing 6.8 percent in 2017 and 6.4 percent in 2018: Reuters poll

Markets Update:

Asia-Pacific equity markets were little changed but held within striking distance of recent decade highs on Tuesday. However, U.S. stocks lost steam overnight and saw their first declines in more than a week as the dollar edged down from three-month highs.

USDJPY had a rather quiet session early on Tuesday trading within a small range around current levels of 113.35 after the Yen rebounded against the US dollar overnight dropping down from highs of over 114.0. Japan’s benchmark Nikkei 225 Index NIKKEI was pushing Tuesday toward a 16th consecutive rise, having posted a 0.35% gain to the 21,790.0 level.

EURUSD is currently seen trading around 1.1760 after the Euro fell down 0.3 percent to lows of 1.1725, the weakest for Euro in two weeks as the political tensions weighed on. The dollar index, which tracks the dollar against a basket of currencies fell 0.2 percent and is currently valued at 93.75

AUDUSD ticked steadily higher reaching highs of 0.7825 earlier in the session, currently the Aussie dollar is seen trading at 0.7810 against the US dollar. The kiwi dropped sharply as the New Zealand dollar created fresh lows below 0.6930 against the USD after the country’s incoming Labour government laid out its left-leaning priorities.

Upcoming Events:

  • 07:00 GMT – (EUR) French Flash Manufacturing PMI
  • 07:00 GMT – (EUR) French Flash Services PMI
  • 07:30 GMT – (EUR) German Flash Manufacturing PMI
  • 07:30 GMT – (EUR) German Flash Services PMI
  • 08:00 GMT – (EUR) Flash Manufacturing PMI
  • 08:00 GMT – (EUR) Flash Services PMI

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