Daily Market Update 23rd September 2016
ECONOMIC DATA OF THE DAY
| Time | CY | Indicator | Forecast | Actual | Previous |
|---|---|---|---|---|---|
| 08:30 | JN | Nikkei Japan PMI Mfg | -- | 50.3 | 49.5 |
| 13:00 | SI | CPI YoY | -0.40% | -- | -0.70% |
| 14:45 | FR | GDP QoQ | 0.00% | -- | 0.00% |
| 15:00 | FR | Market France Manufacturing PMI | 48.5 | -- | 48.3 |
| 15:30 | GE | Markit/BME Germany Manufacturing PMI | 53.1 | -- | 53.6 |
| 16:00 | EC | Markit Eurozone Manufacturing PMI | 51.5 | -- | 51.7 |
| 20:30 | CA | CPI YoY | 1.40% | -- | 1.30% |
| 21:45 | US | Market US Manufacturing PMI | 52 | -- | 52 |
SPEECHES
- 14:10 – SEK – Riksbank’s Ingves speaks at ESRB Conference in Frankfurt
- 22:00 – EUR – ECB’s Weidmann speaks at ESRB Conference in Frankfurt
OVERNIGHT NEWS
- US:
- US initial jobless claims falls to 252k and continuing claims fell to 2113k. Existing home sales declined by -0.9% versus an expected +1.1%. Kansas City Fed manufacturing rose unexpectedly to 6 versus -3 expected. Overall a missed set of B grade US data overnight.
FOREIGN EXCHANGE (INDICATIVE RATES)
| Currency | Last | % Change | Overnight Range |
|---|---|---|---|
| DXY | 95.45 | -0.22% | 95.05 - 95.53 |
| EURUSD | 1.1208 | 0.17% | 1.1185 - 1.1257 |
| USDJPY | 100.76 | 0.44% | 100.10 - 100.93 |
| AUDUSD | 0.7643 | 0.25% | 0.7608 - 0.7675 |
| GBPUSD | 1.3078 | -0.35 | 1.2947 - 1.3065 |
COMMODITIES (INDICATIVE RATES)
| Currency | Price USD | % Change | Overnight Range |
|---|---|---|---|
| Gold | 1337.07 | 0.14% | 1331.33-1343.72 |
| Silver | 19.87 | 0.17% | 19.71-20.07 |
| Oil (BRENT) | 47.65 | 1.75% | 46.99-47.83 |
| Oil (WTI) | 46.32 | 2.16% | 42.55-44.05 |
COMMODITIES
Precious Metals: Gold was still able to find support from ‘no rate hike’ from FED and ever expansionary monetary policy in Japan, and climbed to a two-week high above 1340. With ‘risk on’ mood on set, silver is running faster and drove the gold/silver ratio down to 67, which is the lowest level since mid-August. 1350 maintains as a good resistance.
Oil: Oil made further gains, still boosted by governmental inventory data show a significant fall in US crude oil stocks. However, the supply of oil remains ample. US has resumed its oil production to 8.5 million barrels per day, as high as it was at beginning of the summer. Russia is producing highest level since the collapse of Soviet Union, at above 11 million barrels per day.
FOREX NEWS
- Red Hat Inc (RHT:xnys) was up $2.98 to $80.02. The cloud computing and open source software company reported sales that beat analysts' forecasts and forward guidance that indicates better earnings. However, profit taking could be seen as Red Hat opened higher before a weaker close.
- Amazon (AMZN:xnas) trades above 800 dollars for the first time in history as it announced that they will be launching an artisanal market place which would be launched in Europe. Amazon stocks has risen more than 19% this year and closed 15 dollars higher to $804.70.
Asian Stocks Decline as Japanese Exporters Drop on Yen Strength
Asian stocks fell, with the regional benchmark index retreating from the highest close in more than a year, as Japanese exporters declined with the yen trading near a one-month high.
The MSCI Asia Pacific Index dropped 0.3 percent to 141.82 as of 9:07 a.m. in Tokyo, snapping five days of gains. The Topix index lost 0.7 percent as Japanese markets resumed trading following a holiday on Thursday and the yen firmed against the dollar after the Bank of Japan didn’t move deeper into negative interest-rate territory. Moves by the Fed to scale back its tightening plans and the BOJ’s decision to tweak its stimulus this week helped ease concerns that central banks might taper efforts to stimulate global growth.
Read More at bloomberg.com
