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TODAY'S ECONOMIC EVENTS
In today's daily brief, we start with Asian session so far, followed by the recent conflict that has been escalating between Turkey & Syria. The British Pound peaks at a five month high & OPEC & Russia ready to deeper cuts in oil production to prop up falling oil prices. Out Focus of the day will on President Trump as he meets US lawmakers for Syria in the White House.
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In today's daily brief, China PPI data declined 1.2% YoY in September prompting the need for further stimulus and also highlights the effects of the trade dispute with the U.S. Brexit uncertainty continues as the deadline approaches as to whether a deal will be reached. The U.S. called on a ceasefire between Turkey and Syria and looks to reimpose steel tariffs on Turkey as well as halt negotiations on a $100 Billion trade deal. Lastly, crude oil prices closed lower in part due to to subdue demand and weak China data. Although there is the expectation that a drawdown in this week crude oil inventories could lift prices coupled with the unrest in the Middle East.
In today's market commentary, we talk about the major news bulletin as there were some Chinese data overnight, following that the focus of the day will be on the on the 65th Queen Speech in the UK Parliament. US President has told pentagon to being to withdraw its troops from Northern Syria, which the Turkish army took the opportunity to attack the Kurdish fighter as it considers them a national security threat. US officials since then have been threatening Turkey with sanctions.
In today's market commentary, the forecast for the employment change in Canada has been revised significantly lower from 81.1K to 10.0K, highlighting the weakness in the Canadian economy which in part stems from the global economic slow down and uncertainties caused by the U.S. - China trade dispute, crude oil output production, monetary policies etc. Better than expected numbers could provide some temporary respite but the long term view remains rather weak.
In today's market commentary, the main focus will be the scheduled trade negotiations in Washington between the U.S. and China. With the recent blacklisting of a number of Chinese firms, this could add further tension and hostilities between both countries and perhaps signal that a resolution or agreement is far from being attained. U.K. GDP data are all revised lower indicating that the effects of the uncertainties surrounding Brexit are weighing heavily on the U.K. economy and as it approaches the deadline on 31. October, further volatility can be expected.
In today's market commentary, U.S. Fed Powell is set to speak and the FOMC Meeting minutes are scheduled to be released. Market participants will be listening for any sort of hints on any upcoming monetary policy. There is also the expectation of further rate cuts and hopes of a U.S. - China trade talks negotiation which will add further volatility in the markets. Crude oil has been in a range and from a technical perspective poised for a move higher. Better than expected data, should see WTI crude price rally to $56.00 a barrel.
In today's market commentary, the focus still remains the upcoming trade talks scheduled in Washington between the U.S. and China. Markets are hopeful that an agreement can be reached but stress the need to exercise caution. U.S. Fed Chair Powell continues his second day speech which in yesterday's trading led to Gold closing 0.72% lower at 1493.06 and the Dollar Index rally by 0.14% to close at 98.98. Therefore, in today's trading the global indices, gold and the U.S. Dollar Index are key market to follow.
In today's market commentary, the U.S. Fed chair Powell is expected to speak as he addresses the state of the economy and whether further rates cuts are needed to stem the concerns of a global slow down and the risk of a recession. This will be the theme for both Monday and Tuesday this week but the highly anticipated event for the week is the expected trade negotiations between the U.S. and China scheduled in Washington between Thursday 10th October and Friday 11th October. Therefore, his remarks and the upcoming negotiations is expected to add further volatility and trading opportunities in the markets.
After three days of weaker data the market is expecting a soft jobs report from the Labor department. The trade war and manufacturing recession are starting to permeate the economy at a time when companies are already struggling with a shrinking pool of qualified workers. Though the Asian session finished with slight gains, market will be conscious about the Sep job's report. On the other hand UK PM Boris Johnson get another week to propose a better deal regarding Brexit or face delay. Oil looks still softer but it did get support near $56 handle. Very important to see how the price will react after the jobs data.
Stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the United State announcement of new import tariffs on products from the European Union coupled with global gloomy economic growth. UK Prime Minister is set to put his Brexit deal in the House of Commons tonight. Oil slide continues as Crude stock builds up for the third consecutive week.
Global shares slip to a one month low after US ISM data came 1.3 points lower than what was expected. Which triggered a sharp sell off in both European & US indices. Gold did have a price correction after its been on the weaker side for past couple of days. President Trump Impeachment Inquiry gains steam as many are scheduled to attend the congressional meeting at Capitol Hill. Other major news was the API data from US that came late last night was down 5.9m barrels, which made the Oil prices go up for a time but with global gloomy economic outlook the Oil investors won't be much optimistic regarding Oil prices.
In Today's news brief we look on how the Asian session has been so far. Followed by the US house impeachment probe as President Trump rages about inquiry. From Australia we talk about the RBA rate cut decision in three consecutive meetings while market waits for the RBA Gov Lowe speech later during the day. according to survey by PWC the UK banking sector has been facing the worst period as optimism regarding Brexit negotiation is down.
On daily news analysis, we start with how the Asian session has been so far, with stock market mostly remaining flat as Chinese go for a long break holiday this week. Boris Johnson's worries get worse as fresh allegation of sexual harassment against a female reporter was filed along with favors given to a businesswoman during his time as London Mayor. From US,Nancy Pelosi has expressed the there is a growing support from public over President Trump;'s impeachment as he is being accused of taking favors from Ukrainian President for the upcoming US Presidential Election. Saudi crown prince warned that a war with Iran now will hurt global economy so he would rather prefer a political solution.
Wall street opened with a downbeat on the news of a whistle blower against Trump. But it paired half of it losses. Oil looked more on the softer side on fears of slow global economic growth & Saudi oil production news. King Dollar stood its ground while Euro & Pound carried on with its losses.
Wall street took U-turn as Trump stated that he is confident that he will manage a trade deal sooner than expected. While Boris Johnson faced the UK parliament who demanded that he should fired or tell his advisers to stand down after the Supreme Court ruling. UK Prime Minister will be now looking to opt for a general election before Brexit date, but opposition is not ready as Opposition leader Jeremy Corbyn is not keen for a general election until the risk of Britain leaving EU without a agreement is off the table. We also saw a slump in Oil prices as Crude stock from US saw a build up of 2.4million.
In today's market commentary, we look at the major headlines for Friday, With Chinese delegates in Washington to discuss about probable trade negotiation before the respective presidents meet in October. UK brexit minister had talks with EU's Junker & Spanish Finance minister. Junker came with optimistic news as we saw on Pound positive price action.Middle East tension still the major focus for the Oil price as tension pile up between US & Iran.
In today's market commentary, the monetary policy decisions of the Bank of Japan (BOJ), Swiss National Bank (SNB) and Bank of England (BOE) come into focus. With the US. Fed cutting interest rates by 25 basis points in line with market expectation on the premise that "the reduction provided insurance against ongoing risks including weak world growth and resurgent trade tensions." It was expected other centrals would follow suit. However, both the BOJ and SNB have kept their monetary policy unchanged. U.S. Philadelphia Fed Manufacturing Index (Sep) is revised lower from 16.8 to 11.0 whilst U.S. Existing Home Sales (Aug) is forecast at 5.37M versus the previous figure of 5.42M.
In today's market commentary, the myriad of CPI data, crude oil inventories and FOMC statement as well as any other news or geopolitical event could provide additional volatility in the market. U.K. CPI figures are revised lower from 2.1% to 1.9%. Euro CPI remains unchanged at 1.0% whilst Canadian core CPI was 0.5% for the period of July. U.S. Building Permits is revised lower from 1.317M to 1.300M whilst Crude Oil Inventories is forecast at -2.889M versus previous figure of -6.912M. Lastly, there is expectation that U.S. Fed will announce a 25 basis point interest rate cut today with the market also expecting a further one before the end of the year and a further two in 2020.
In today's market commentary, German ZEW has been revised slightly higher from -44.1 to -38 but the overall economic sentiment and outlook for the German economy remains weak. Despite the commitment by the ECB to relaunch its asset purchase program in the tune of €20 billion a month for an extended period of time from the 1st Nov., it is uncertain whether this will have the desired effect of shoring up the weak economies across Europe. Crude will remain a key market to focus on due to the attacks on the Saudi Arabia's oil facilities, allegations placed on Iran by the Trump administration to be responsible for the attacks whilst Iran rejecting such accusations. Therefore, crude oil inventories scheduled for release tomorrow, could add for volatility as fears of shortages could see the price of crude move higher.
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