Global Markets:
- Asian Stock Markets : Nikkei up 1.57%, ASX up 0.47%
- Commodities : Gold at $1934.15 (+0.29%), Silver at $23.64 (+0.37%), Brent Oil at $88.16 (-0.03%), WTI Oil at $81.70 (+0.10%)
- Rates : US 10-year yield at 3.521, UK 10-year yield at 3.379, Germany 10-year yield at 2.209
News & Data:
- (AUD) Flash Services PMI 48.3 vs 47.3 previous
- (AUD) Flash Manufacturing PMI 49.8 vs 50.2 previous
- (NZD) BusinessNZ Services Index 52.1 vs 53.8 previous
- (USD) CB Leading Index m/m -1.00% vs -0.70% expected
- (EUR) Consumer Confidence -21 vs -20 expected
- (CAD) NHPI m/m 0.00% vs -0.20% expected
Markets Update:
Asian stock markets are mostly higher in thin holiday trading on Tuesday, following the broadly positive cues from global markets overnight, boosted by strong gains in technology stocks, which mirrored their peers on the tech-heavy Nasdaq. Traders are also optimistic the US Fed will slow the pace of interest rate hikes after data showed a drop in US consumer prices.
Markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Singapore are closed for a holiday. The Nikkei 225 rose 1.6% and the Topix gained 1.1%. The Japanese yen continued to trade above 130 against the US dollar for the second consecutive day and last stood at 130.53. The Australian stock market slightly higher on Tuesday, extending the gains in the previous four sessions, following the broadly positive cues from global markets overnight, with gains in technology and mining stocks partially offset by weakness in financial stocks.
Crude oil prices failed to hold early gains and settled roughly flat on Monday amid concerns about the outlook for oil demand due to a potential U.S. recession. The dollar fell to a nine-month low on market expectations that the Federal Reserve will only raise interest rates by 0.25 percent when it meets next week.
Upcoming Events:
- 08:15 AM GMT – (EUR) French Flash Manufacturing PMI
- 08:15 AM GMT – (EUR) French Flash Services PMI
- 08:30 AM GMT – (EUR) German Flash Manufacturing PMI
- 08:30 AM GMT – (EUR) German Flash Services PMI
- 09:30 AM GMT – (GBP) Flash Manufacturing PMI
- 09:30 AM GMT – (GBP) Flash Services PMI
- 02:45 PM GMT – (USD) Flash Services PMI
- 02:45 PM GMT – (USD) Flash Manufacturing PMI
- 03:00 PM GMT – (USD) Richmond Manufacturing Index
- 09:45 PM GMT – (NZD) CPI q/q
