Global Markets:
- Asian Stock Markets : Nikkei down 0.06%, Shanghai Composite down 0.24%, Hang Seng down 0.50%, ASX up 0.47%
- Commodities : Gold at $1819.50 (-0.30%), Silver at $20.66 (-0.66%), Brent Oil at $82.12 (+0.10%), WTI Oil at $75.83 (+0.20%)
- Rates : US 10-year yield at 3.932, UK 10-year yield at 3.844, Germany 10-year yield at 2.578
News & Data:
- (USD) Pending Home Sales m/m 8.10% vs 0.90% expected
- (USD) Durable Goods Orders m/m -4.50% vs -3.70% expected
- (USD) Core Durable Goods Orders m/m 0.70% vs 0.10% expected
Markets Update:
Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from global markets overnight, as traders continued to pick up stocks at reduced levels following heavy selling last week. They are also concerned about the outlook for interest rates as recent economic data has led to worries the Federal Reserve will raise rates more than currently anticipated and hold rates at an elevated level for an extended period.
The Japanese stock market is notably higher on Tuesday, recouping the slight losses in the previous session, with the Nikkei 225 moving above the 27,500 level, following the broadly positive cues from global markets overnight, driven by gains in technology stocks. In mainland China, the Shenzhen Component inched up 0.2%, and the Shanghai Composite was fractionally higher.
Crude oil prices pulled back Monday, handing back recent gains on concerns that higher interest rates will tip the global economy into a recession. The dollar index, which measures U.S. currency against six other peers, rose 0.048% and was set to snap a four month losing streak.
Upcoming Events:
- 01:30 PM GMT – (CAD) GDP m/m
- 03:00 PM GMT – (USD) CB Consumer Confidence
- 03:00 PM GMT – (USD) Richmond Manufacturing Index
