Global Markets:
- Asian Stock Markets : Nikkei up
0.17%, Shanghai Composite down 0.34%, Hang Seng up 0.11%, ASX down 0.55% - Commodities : Gold at $1486.75
(+0.21%), Silver at $17.54 (-0.17%), Brent Oil at $62.70 (-0.41%), WTI Oil at
$57.02 (-0.37%) - Rates : US 10-year yield at
1.855, UK 10-year yield at 0.773, Germany 10-year yield at -0.312
News & Data:
- (NZD) Unemployment Rate 4.20%
vs 4.10% expected - (NZD) Employment Change q/q
0.20% vs 0.20% expected - (USD) ISM Non-Manufacturing PMI
54.7 vs 53.5 expected - (CAD) Trade Balance -1.0B vs
-0.6B expected - (GBP) Services PMI 50 vs 49.6
expected - BOJ’s Kuroda Clarifies Downward
Rates Bias - China CB: Any Stable Coins
accepted in China will need to observe Foreign Exchange rules
Markets Update:
Asian stock markets are mixed on Wednesday
amid cautious trades following the lackluster cues overnight from Wall Street
as investors awaited new developments on the U.S.-China trade front. China is
reportedly continuing to press the U.S. to remove tariffs on about $125 billion
worth of Chinese goods imposed in September. Meanwhile, concerns about the
outlook for interest rates also weighed on investor sentiment following the
release of upbeat U.S. economic data.
Mainland Chinese stocks declined by the
afternoon, with the Shanghai composite down 0.3% while the Shenzhen composite
slipped 0.8%. The Nikkei 225 in Japan was higher by 0.2%, with shares of index
heavyweight and robot maker Fanuc advancing 0.9%. Meanwhile, South Korea’s
Kospi was largely flat while the S&P/ASX 200 in Australia declined 0.6%.
Treasury yields fell slightly in Asia and
crude oil futures also dipped as investors took a breather as U.S. and Chinese
negotiators continued their efforts to seal a preliminary trade deal. The
world’s two biggest economies have signaled they are pushing hard for a ‘phase
one’ trade agreement, possibly some time this month. The drop in yields was
supported by data from the Institute for Supply Management (ISM) showed the
U.S. services sector expanded more than expected in October.
The dollar held onto overnight gains
against the yen and the euro after better-than-expected data on the U.S.
services sector, but some analysts warn it will be difficult to shake lingering
concern about the global economic outlook. Elsewhere in the currency market,
the dollar continued to benefit from the positive ISM data.
Upcoming Events:
- 01:00 PM GMT – (USD) FOMC Member Evans Speaks
- 03:30 PM GMT – (USD) Crude Oil Inventories
- 06:01 PM GMT – (USD) 10-y Bond Auction
- &more…
