Global Markets:
- Asian Stock Markets : Nikkei up 0.57%, Shanghai Composite up 0.41%, Hang Seng down 1.06%, ASX up 0.47%
- Commodities : Gold at $2028.85 (+0.49%), Silver at $25.43 (+0.96%), Brent Oil at $85.89 (+0.33%), WTI Oil at $81.77 (+0.29%)
- Rates : US 10-year yield at 3.430, UK 10-year yield at 3.546, Germany 10-year yield at 2.303
News & Data:
- (JPY) PPI y/y 7.20% vs 7.10% expected
- (JPY) Core Machinery Orders m/m -4.50% vs -6.40% expected
- (JPY) Bank Lending y/y 3.00% vs 3.50% expected
- (USD) NFIB Small Business Index 90.1 vs 89.6 expected
- (EUR) Retail Sales m/m -0.80% vs -0.80% expected
- (CNY) M2 Money Supply y/y 12.70% vs 12.70% expected
- (CNY) New Loans 3890B vs 3300B expected
- (EUR) Sentix Investor Confidence -8.7 vs -11.7 expected
- (JPY) Prelim Machine Tool Orders y/y -15.20% vs -10.70% previous
- (CNY) PPI y/y -2.50% vs -2.50% expected
- (CNY) CPI y/y 0.70% vs 1.00% expected
- (AUD) NAB Business Confidence -1 vs -4 previous
- (AUD) Westpac Consumer Sentiment 9.40% vs 0.00% previous
Markets Update:
Asian markets were mixed in early trading on April 12, 2023, as investors weighed the impact of rising oil prices against a dip in tech shares. The Nikkei 225 index in Japan fell 0.2%, while the Hang Seng index in Hong Kong rose 0.3%. The Shanghai Composite index in China was largely unchanged, while South Korea’s Kospi index was up 0.1%.
Crude oil prices continued to surge, with Brent crude up 1.3% to $94.12 per barrel, while West Texas Intermediate (WTI) crude was up 1.5% to $90.18 per barrel. The rise in oil prices was driven by concerns over supply disruptions in key producing countries, as well as increased demand as the global economy continues to recover.
Gold prices were largely flat, with spot gold up just 0.1% to $1,776.25 per ounce, as investors took a wait-and-see approach amid mixed market sentiment.
The US Dollar Index, which measures the strength of the dollar against a basket of other currencies, was down 0.1% at 96.62, reflecting a slightly weaker dollar against other major currencies.
Overall, market activity was subdued as investors awaited further economic data and corporate earnings reports later in the week.
Upcoming Events:
- 12:30 pm GMT – (USD) CPI m/m
- 12:30 pm GMT – (USD) CPI y/y
- 12:30 pm GMT – (USD) Core CPI m/m
- 01:00 pm GMT – (GBP) BOE Gov Bailey Speaks
- 02:00 pm GMT – (CAD) BOC Monetary Policy Report
- 02:00 pm GMT – (CAD) BOC Rate Statement
- 02:00 pm GMT – (CAD) Overnight Rate
- 03:00 pm GMT – (CAD) BOC Press Conference
- Day 1 – (All) G20 Meetings
- 05:01 pm GMT – (USD) 10-y Bond Auction
- 06:00 pm GMT – (USD) FOMC Meeting Minutes
- 07:15 pm GMT – (GBP) BOE Gov Bailey Speaks
- 07:15 pm GMT – (EUR) Monetary Policy Statement
