Tuesday 30th June: European Open Briefing

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Tuesday 30th June: European Open Briefing 1

 

Global Markets:

  • Asian stock markets: Nikkei up 0.10 %, Shanghai Composite fell 3.60 %, Hang Seng gained 0.80 %, ASX declined 0.20 %
  • Commodities: Gold at $1177 (-0.20 %), Silver at $15.61 (-0.50 %), WTI Oil at $58.03 (-0.50 %), Brent Oil at $61.80 (-0.35 %)
  • Rates: US 10 year yield at 2.32, UK 10 year yield at 2.05, German 10 year yield at 0.78

News & Data:

  • Australia HIA New Home Sales -2.3 %, Previous: 0.6 %
  • Australia Housing Credit 0.5 %, Previous: 0.5 %
  • Australia Private Sector Credit 0.5 %, Expected: 0.5 %, Previous: 0.3 %
  • New Zealand ANZ Business Confidence -2.3 %, Previous: 15.7 %
  • Japan Average Cash Earnings 0.6 %, Expected: 0.7 %, Previous: 0.7 %
  • UK Consumer Confidence 7.0, Expected: 2.0, Previous: 1.0
  • WSJ’s Hilsenrath: For Fed To Delay Rate Hikes, Global Tumult Would Need To Infect US
  • China’s PBOC Seen Cutting Interest Rates Again, Just Not Yet — BBG Survey
  • Japan EcoMin Amari: Need To Watch Greece Situation Calmly, Hope EU & Greece Reach Soft Landing
  • S&P 500 erases 2015 gains; closes down 2 % on the day

Markets Update:

The price action in Euro caught many by surprise yesterday. After it gapped lower at the Sunday open, EUR/USD did not only fill the gap within the next 12 hours, it even extended gains to 1.1273, 100 pips higher from Friday’s close. Some explain this move by the fact that many funds were short EUR and long EU equities and since they cut back on equities position, they also reduced their short EUR exposure. Greece has to repay €1.3 billion to the IMF today and it seems likely that the country will default. Whatever the impact on the Euro, intraday volatility will definitely remain high.

Upcoming Events:

•          07:00 BST – German Retail Sales

•          08:55 BST – German Unemployment Rate

•          08:55 BST – German Unemployment Change

•          09:30 BST – UK GDP

•          09:40 BST – RBA Governor Stevens speaks

•          10:00 BST – Euro Zone CPI

•          10:00 BST – Euro Zone Unemployment Rate

•          13:30 BST – Canadian GDP

•          15:00 BST – US CB Consumer Confidence

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