Wednesday 1st November: European Open Briefing

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Wednesday 1st November: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 1.69 %, Shanghai Composite rose 0.14 %, Hang Seng climbed 0.58 %, ASX 200 rose 0.49 %
  • Commodities: Gold at $1270.54 (0.01 %), Silver at $16.73 (0.25 %), WTI Oil at $54.63 (0.46 %), Brent Oil at $61.15 (0.34 %)
  • Rates: US 10-year yield at 2.39, UK 10-year yield at 1.33, German 10-year yield at 0.36

News & Data:

  • (CNY) Caixin Manufacturing PMI 51.0 vs 51.0 expected
  • (NZD) Employment Change q/q 2.2 % vs 0.8 % expected
  • (NZD) Unemployment Rate 4.6 % vs 4.7 % expected
  • (USD) CB Consumer Confidence 125.9 vs 121.1 expected
  • (USD) Chicago PMI 66.2 vs 60.2 expected
  • (CAD) GDP m/m -0.1 % vs 0.1 % expected
  • (CAD) RMPI m/m -0.1 % vs 0.4 % expected
  • (USD) Employment Cost Index q/q 0.7 % vs 0.7 % expected
  • (EUR) CPI Flash Estimate y/y 1.4 % vs 1.5 % expected
  • (EUR) Core CPI Flash Estimate y/y 0.9 % vs 1.1 % expected
  • (EUR) Prelim Flash GDP q/q 0.6 % vs 0.5 % expected
  • China October factory output rises at weakest pace in four months: Caixin PMI
  • Asia shares hit 10-year high on strong economy, oil gains- RTRS

Markets Update:

Asia pacific equity markets rallied on Wednesday beginning November on a strong note. Most Asian stocks were trading near all-time highs as investors digested regional earnings reports. Markets also digested the release of China's Caixin manufacturing Purchasing Managers' Index, which met expectations.

USDJPY continued to gain on Wednesday reaching highs of over 113.90, overall the Yen lost 0.2 percent against the USD, this is in continuation to the 0.4 percent drop on Tuesday. Currently USDJPY is seen trading around 113.85. Following a softer yen, The Nikkei Stock Average NIKKEI 225 jumped over 1.5%, reaching fresh 21-year highs, after it logged its best month in two years in October. 

EURUSD had a rather quiet session early on Wednesday, currently the Euro is seen valued at 1.1630 against the US Dollar down from the session highs of around 1.1655. The dollar index, which tracks the dollar against a basket of currencies rose 0.1% and is currently valued at 94.69. The yield on 10-year Treasuries added one basis point to 2.39 percent.

NZDUSD jumped higher today lifted by news third-quarter unemployment fell to its lowest level since the global financial crisis. The kiwi rose 0.9 percent against the US Dollar and is currently seen trading above 0.6900. Meanwhile the AUDUSD traded in a small range but is slightly higher on the session currently seen trading around 0.7660 down from the session lows of 0.7648

Upcoming Events:

  • 09:30 GMT – (GBP) Manufacturing PMI
  • 12:15 GMT – (USD) ADP Non-Farm Employment Change
  • 14:00 GMT – (GBP) ISM Manufacturing PMI
  • 14:30 GMT – (USD) Crude Oil Inventories
  • 17:15 GMT – (CHF) Gov Board Member Zurbrugg Speaks
  • 18:00 GMT – (USD) FOMC Statement
  • 18:00 GMT – (USD) Federal Funds Rate
  • 20:15 GMT – (CAD) BOC Gov Poloz Speaks

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