Global Markets:
- Asian Stock Markets : Nikkei up 1.80%, Shanghai Composite up 0.15%, Hang Seng up 0.65%, ASX up 0.23%
- Commodities : Gold at $1975.70 (+0.30%), Silver at $24.25 (+0.81%), Brent Oil at $72.30 (+0.64%), WTI Oil at $67.34 (+0.33%)
- Rates : US 10-year yield at 3.733, UK 10-year yield at 4.421, Germany 10-year yield at 2.373
News & Data:
- (GBP) Average Earnings Index 3m/y 6.50% vs 6.10% expected
- (GBP) Claimant Count Change -13.6K vs 21.4K expected
- (AUD) NAB Business Confidence -4 vs 0 previous
- (USD) 10-y Bond Auction 3.79|2.4 vs 3.45|2.4 previous
Markets Update:
Asian stock markets are trading mixed on Tuesday, following the broadly positive cues from global markets overnight, as traders remained cautious as they look ahead to a slew of central bank policy meetings in of the U.S., China, Europe and Japan this week. The US Fed is expected to pause raising interest rates amid signs of cooling inflation and slowing economic growth.
Japan’s benchmark Nikkei index surged to a fresh three-decade peak, led higher by technology shares on expectations of a flood of investment in chip-related companies. The Nikkei climbed for a third-straight session, up 1.89% in afternoon trade and set for the highest close since July 1990. Chinese markets continued to lag their peers, with an interest rate cut by the People’s Bank of China – its first in 10 months – spurring little gains in local markets. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved in a flat-to-low range, while Hong Kong’s Hang Seng added 0.5%.
Crude oil prices fell sharply Monday on concerns about the outlook for energy demand following a downward revision in the crude oil price forecast by Goldman Sachs. The dollar weakened in Asian trade, coming further off recent two-month highs as markets awaited more cues from consumer price index inflation data on Tuesday and a Fed meeting on Wednesday.
Upcoming Events:
- 09:00 AM GMT – (EUR) German ZEW Economic Sentiment
- 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
- 02:00 PM GMT – (GBP) BOE Gov Bailey Speaks
