Wednesday 8th November: European Open Briefing

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Wednesday 8th November: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei down 0.11 %, Shanghai Composite lost 0.04%, Hang Seng down 0.05 %, ASX 200 gained 0.03 %
  • Commodities: Gold at $1277.22 (0.10 %), Silver at $16.99 (0.33 %), WTI Oil at $56.84 (-0.63 %), Brent Oil at $63.34 (-0.55 %)
  • Rates: US 10-year yield at 2.31, UK 10-year yield at 1.23, German 10-year yield at 0.31

News & Data:

  • (CNY) Trade Balance 254 B vs 275 B expected
  • (NZD) GDT Price Index -3.5 % vs -1.0 % previous
  • (EUR) Halifax HPI m/m 0.3 % vs 0.2 % expected
  • (GBP) German Industrial Production m/m -1.6 % vs -0.7 % expected
  • (EUR) Retail PMI 51.1 vs 52.3 previous
  • (EUR) Retail Sales m/m 0.7 % vs 0.6 % expected
  • (USD) JOLTS Job Openings 6.09 M vs 5.98 M expected
  • Oil dips on falling Chinese crude imports; overall market still well supported- RTRS

Markets Update:

Asia pacific equity markets were mixed early on Wednesday, following Wall Street's narrowly mixed close in the last session. Investors in the region digested data showing China’s demand for imports remained buoyant and kept an eye on President Donald Trump's tour of Asia. The dollar strengthened and Treasuries nudged higher as investors turned their attention to fiscal policy

USDJPY is currently seen trading around 113.90 up from session lows of under 113.65. Overall the Yen gained 0.2 percent against the US Dollar on Wednesday. Japan's Nikkei 225 is currently down 0.10 percent as the Yen rebounded against the U.S Dollar, a day after the benchmark index hit a 26-year high.

EURUSD had touched a nearly four-month low of 1.1552 yesterday in the wake of disappointing German industrial data. Currently the EUR is seen valued at 1.1586 against the US Dollar down from session highs of 1.6050. Overall the EUR is down 0.2 percent against the USD.  The dollar index, which tracks the dollar against a basket of currencies was flat and is currently valued at 94.92.  The yield on 10-year Treasuries slid less than one basis point to 2.313 percent.

AUDUSD reached as high as 0.7659 earlier in the session on back of a weaker dollar but have since given back and is currently seen trading around 0.7645 as the China October trade data was below expectations. Similar to the Aussie, the kiwi rose as high as 0.6919 against the US Dollar but has since given up its profits and the NZDUSD is currently seen trading around 0.6922.

Upcoming Events:

  • 13:30 GMT – (CAD) Building Permits m/m
  • 15:30 GMT – (USD) Crude Oil Inventories
  • 20:00 GMT – (NZD) RBNZ Rate Statement
  • 20:00 GMT – (NZD) Official Cash Rate
  • 20:00 GMT – (NZD) RBNZ Monetary Policy Statement
  • 20:00 GMT – (NZD) RBNZ Press Conference

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