Global Markets:
- Asian Stock Markets : Nikkei up 0.29%, Shanghai Composite down 0.73%, Hang Seng down 0.28%, ASX down 0.22%
- Commodities : Gold at $1971.85 (-0.22%), Silver at $23.54 (-0.74%), Brent Oil at $86.08 (-0.14%), WTI Oil at $82.69 (-0.17%)
- Rates : US 10-year yield at 4.075, UK 10-year yield at 4.437, Germany 10-year yield at 2.5235
News & Data:
- (CAD) Employment Change -6.4K vs 24.6K expected
- (CAD) Unemployment Rate 5.5% vs 5.5% expected
- (USD) Non-Farm Employment Change 187K vs 205K expected
- (USD) Unemployment Rate 3.5% vs 3.6% expected
Markets Update:
Investor attention in Asia-Pacific markets was drawn to China’s forthcoming inflation figures and trade balance for the week ahead, leading to a broad decline across the region.China’s economic trajectory is set to gain clarity with the release of its trade balance data on Tuesday and inflation statistics on Wednesday. These indicators are expected to provide valuable insights into the ongoing recovery of the country’s economy.
Market movements were mixed across various Asian indices. Hong Kong’s Hang Seng index saw a slight dip, while mainland Chinese markets exhibited a general negative trend. The Shanghai Composite slipped by 0.73%, and the Shenzhen Component faced a more pronounced decrease of 0.97%.
On a different note, Japan’s Nikkei 225 managed to turn the tide by recovering from earlier losses, posting a modest gain of 0.29% and closing at 32,254.56. The Topix index also showed resilience, rising by 0.41% to end at 2,283.93. In its post-meeting summary from July 28, the Bank of Japan reiterated its distance from revising the negative interest rate policy.
Shifting focus to the southern hemisphere, Australia’s S&P/ASX 200 experienced a decline of 0.22%, closing at 7,309.2. South Korea’s Kospi index also faced a reduction of 0.85%, closing at 2,580.7, marking its fourth consecutive day of losses. The Kosdaq index fared even worse, plummeting by 2.2% to conclude at 898.22. Transitioning to the U.S., Friday witnessed a continuation of the downturn as the S&P 500 and Nasdaq Composite extended their declines for the fourth straight session, marking their most challenging weeks since March. Traders seemed to be capitalizing on profits following the release of the latest corporate earnings reports and U.S. job data. The S&P 500 saw a decline of 0.53%, the Nasdaq Composite dipped by 0.36%, and the Dow Jones Industrial Average experienced a loss of 0.43%.
Upcoming Events:
- 7:00 PM GMT – USD Consumer Credit m/m
- 11:01 PM GMT – GBP BRC Retail Sales Monitor y/y
- 11:30 PM GMT – JPY Average Cash Earnings y/y
- 11:30 PM GMT – JPY Household Spending y/y
- 11:50 PM GMT – JPY Bank Lending y/y
- 11:50 PM GMT – JPY Current Account
