Wednesday 9th January: Asian markets positive on US-China trade talks optimism

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Wednesday 9th January: Asian markets positive on US-China trade talks optimism 1

Global Markets:

  • Asian Stock Markets : Nikkei up 1.06%, Shanghai Composite up 0.74%, Hang Seng up 2.24%, ASX up 0.98%
  • Commodities : Gold at $1283.50 (-0.19%), Silver at $15.66 (-0.37%), Brent Oil at $59.37 (+1.11%), WTI Oil at $50.38 (+1.21%)
  • Rates : US 10-year yield at 2.719, UK 10-year yield at 1.271, Germany 10-year yield at 0.228

News & Data:

  • (AUD) Building Approvals m/m -9.10% vs -0.30% expected
  • (JPY) Average Cash Earnings y/y 2.00% vs 1.30% expected
  • (CAD) Trade Balance -2.1B vs -2.1B expected
  • (AUD) Trade Balance 1.93B vs 2.18B expected
  • Swiss National Bank expects annual loss of CHF 15 billion
  • Bank Of Japan: Japanese Households See 3% Inflation In 1 Year

Markets Update:

Asian stock markets are higher on Wednesday amid optimism that the U.S. and China will reach a trade deal after U.S. President Donald Trump said that talks were going very well. Negotiations between the world’s two largest economies will continue for an unscheduled third day today.

Japan’s Nikkei 225 advanced 1.06 percent in afternoon trade while the Topix gained more than 1.1 percent, with most sectors trading up. The Australian market is rising for the third straight. Oil and mining stocks are among the leading gainers, while bank stocks are subdued. The benchmark ASX 200 is up by almost a percent.

The mainland Chinese markets saw gains in the morning session. The Shanghai composite rose almost 0.7 percent and the Shenzhen composite advanced 0.85%. Meanwhile, Hong Kong’s Hang Seng index jumped 2.3 percent, as shares of Chinese tech juggernaut Tencent soared by as much as 2.5 percent.

U.S. bond yields also climbed, with the benchmark 10-year Treasuries yield rising to 2.733 percent, compared with its one-year low of 2.543 percent hit just before Friday’s strong payrolls data.

In another sign of subsiding worries about the U.S. economic outlook, Fed funds rate futures show traders are now pricing in only a small chance of a rate hike this year, a change from late last week when a rate cut was almost fully priced in. In currency markets, the dollar was little changed against major currencies.

Upcoming Events:

  • 03:00 PM GMT – (USD) FOMC Member Evans Speaks
  • 04:00 PM GMT – (CAD) BOC Monetary Policy Report
  • 04:00 PM GMT – (CAD) BOC Rate Statement
  • 04:00 PM GMT – (CAD) Overnight Rate
  • 04:15 PM GMT – (CAD) BOC Press Conference
  • 04:30 PM GMT – (GBP) BOE Gov Carney Speaks
  • 05:30 PM GMT – (USD) FOMC Member Rosengren Speaks
  • 08:00 PM GMT – (USD) FOMC Meeting Minutes
  • &more…

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