Daily Market Update 9th November 2016
ECONOMIC DATA OF THE DAY
| Time | CY | Indicator | Forecast | Actual | Previous |
|---|---|---|---|---|---|
| 07:50 | JN | BoP Current Account Balance | ¥2020.0b | ¥1821.0b | ¥2000.8 |
| 09:30 | CH | CPI YoY | 2.10% | -- | 1.90% |
| 09:30 | CH | PPI YoY | 0.90% | -- | 0.10% |
| 15:00 | TH | BoT Benchmark Interest Rate | 1.50% | -- | 1.50% |
| 20:00 | US | MBA Mortgage Applications | -- | -- | -1.20% |
SPEECHES
- 16:30 – EUR – ECB’s Praet speaks at ECMI Conference in Brussels
- 16:45 – EUR – ECB’s Bostjan Speaks at a bankers conference at Brdo
- 17:15 – GBP – BOE’s official Andrew Gracie speaks in London
- 22:00 – EUR – ECB’s Nouy speaks in Brussels
OVERNIGHT NEWS
US ELECTIONS:- Hillary Clinton's substantial lead evaporated after the FBI discovered a fresh trove of e-mails that may
- The Americans have voted and we are still waiting for the results. You can follow the results on :
- http://fivethirtyeight.com/features/how-to-watch-election-night/
- http://www.nytimes.com/elections/forecast/president
- http://www.realclearpolitics.com/elections/live_results/2016_general/president/
- In a surprise announcement Tuesday night, Prime Minister Narendra Modi said India will replace its largest-denomination bank notes with newly designed ones, a move aimed at curbing corruption, thwarting counterfeiters and dredging up what could be billions of dollars of taxable income currently stashed in the underground economy. (WSJ)
FOREIGN EXCHANGE (INDICATIVE RATES)
| Currency | Last | % Change | Overnight Range |
|---|---|---|---|
| DXY | 97.86 | 0.08 | 97.55 - 98.00 |
| EURUSD | 1.1020 | -0.14 | 1.1009 - 1.1067 |
| USDJPY | 104.99 | 0.67 | 104.30 - 105.19 |
| AUDUSD | 0.7747 | 0.44 | 0.7689 - 0.7778 |
| GBPUSD | 1.2393 | -0.14 | 1.2361 - 1.2440 |
COMMODITIES (INDICATIVE RATES)
| Currency | Price USD | % Change | Overnight Range |
|---|---|---|---|
| Gold | 1275.68 | -0.47 | 1272.95 - 1290.76 |
| Silver | 18.38 | 1.04 | 18.17 - 18.74 |
| Oil (BRENT) | 46.04 | -0.24 | 45.60 - 46.69 |
| Oil (WTI) | 48.70 | -2.05 | 48.42 - 49.81 |
COMMODITIES
Precious Metals: Gold rallied to three-week high as dollar weakened and Clinton’s probe brought renewed concerns of US elections to the markets. COT report ending 25 Oct, revealed that gold was back in demand for the first time in four weeks as prices are building a base at $1,250 and treading closely to 200DMA.
Oil: Oil headed for first weekly drop in five weeks as OPEC’s disagreement over how to implement oil-supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers.. The 8% reduction was primarily driven by a long-liquidation with the gross-short staying near a two-year low.
FOREX NEWS
- U.S. stocks closed broadly higher as early projections favoured a victory for Democratic candidate Hillary Clinton. The S&P 500 climbed 8.01 points to 2,139.53 with defensive utilities leading the gain with 0.7% increase.
- Valeant Pharmaceuticals International Inc. slide 21.7% after it reported adjusted Q3 EPS of $1.55 far below Mkt est: $1.76, and from $2.41 a year ago. Revenue dived 11% due to a decline in product sales but also foreign currency. With that the company cut its annual outlook once again.
- Car rental company Hertz Global Holdings Inc. plummeted 22.5% after it reported adjusted Q3 EPS of $1.58 missing Mkt est: $2.73 by a large amount. Revenue dipped 1% to $2.54bln with U.S. rental revenue fell 2%, driven by a 1% decline in volume and 3% in daily rates.
- European stocks firmed on the back of US equities, however in cautious trade as investors awaited the outcome of the U.S. presidential election. The STOXX 600 index climbed by 0.3% to 334.91. Basic resources and banks were among the best performers while healthcare lagged. In London the FTSE 100 added 0.5% to 6,843.13.
- Crédit Agricole jumped 5.6% after the French bank said it had successfully completed a simplification of its structure. By doing that it is seen that more capital are allocated into the listed arm of the business which allow it to set a minimum dividend level for 2017.
- The world's biggest wind turbine maker Vestas cratered 9.1% after it warned of a slowdown in its key U.S. market next year. The warning overshadowed robust Q3 results and an upgrade to its 2016 sales forecast.
Global Markets Roiled as Trump Wins U.S. Election in Shock Upset
- S&P 500 futures tumble by 5% limit as Mexican peso plunges
- Gold jumps most since Brexit as yen, Treasuries surge
Global markets were thrown into disarray as Donald Trump won the U.S. presidential election, shocking traders after recent polls indicated that Hillary Clinton would be the victor.
Read the full article at bloomberg.com
