Global Markets:
- Asian Stock Markets : Nikkei up 0.34%, Shanghai Composite down 0.59%, Hang Seng down 0.98%, ASX up 0.01%
- Commodities : Gold at $1493.45 (+0.40%), Silver at $17.56 (+0.35%), Brent Oil at $59.49 (-0.35%), WTI Oil at $54.16 (-0.59%)
- Rates : US 10-year yield at 1.752, UK 10-year yield at 0.694, Germany 10-year yield at -0.401
News & Data:
- (AUD) CB Leading Index m/m 0.20% vs -0.30% previous
- (USD) Richmond Manufacturing Index 8 vs -7 expected
- (USD) Existing Home Sales 5.38M vs 5.45M expected
- (CAD) Retail Sales m/m -0.10% vs 0.40% expected
- (CAD) Core Retail Sales m/m -0.20% vs 0.00% expected
- (GBP) CBI Industrial Order Expectations -37 vs -25 expected
- (GBP) Public Sector Net Borrowing 8.7B vs 8.9B expected
- China to adopt new policy to boost trade development: Caixin
- US Sec Ross: China was following through ‘in good faith’ on promises in Oct; To press ahead with purchases of US farm products
Markets Update:
Asian stock markets are mostly lower on
Wednesday amid renewed Brexit uncertainty after British lawmakers voted to
reject a shortened time frame for approving the legislation related to
Britain’s withdrawal from the European Union.
The vote suggests Britain’s departure from
the EU will not be finalized by the current deadline of October 31. The next
step, Johnson said, would be waiting for the EU to respond to a request to
delay the Oct. 31 Brexit date, which the prime minister reluctantly sent to
Brussels on Saturday after being forced to do so by lawmakers.
Among mainland Chinese stocks, the Shanghai
composite edged down 0.6%, while the Shenzhen composite lost 0.8%. Hong Kong’s
Hang Seng index tumbled 1%. Australia’s S&P/ASX 200 traded flat. Japan’s
markets reopened after a holiday on Tuesday, with the Nikkei 225 rising 0.3%.
Softbank shares tumbled 2.89%, as the Japanese tech giant struck a deal to take
over the embattled WeWork.
Overnight, the sterling was hit by Brexit developments. The British pound fell 0.1% versus the dollar. It fell further following the news— last at 1.2860, below the 1.29 level where it had been holding. The dollar was broadly weak, ahead of a Federal Reserve policy meeting next week at which policymakers are expected to cut interest rates by 0.25 percentage point.
Oil prices fell after
industry group data showed U.S. crude stocks rose more than expected last week.
Still, on the whole the market held firm after China signalled progress in
trade talks with the United States and OPEC and its allies pondered deeper
production cuts.
Upcoming Events:
- Tentative – (EUR) German 10-y Bond Auction
- 12:30 PM GMT – (CAD) Wholesale Sales m/m
- 01:00 PM GMT – (USD) HPI m/m
- 02:00 PM GMT – (EUR) Consumer Confidence
- 02:30 PM GMT – (USD) Crude Oil Inventories
- Tentative – (USD) Federal Budget Balance
- 10:00 PM GMT – (AUD) Flash Manufacturing PMI
- 10:00 PM GMT – (AUD) Flash Services PMI
- &more…
