Asian markets see-saw as Fed announcements awaited

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IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Nikkei up 0.12%, Shanghai Composite down 0.01%, Hang Seng down 0.24%, ASX down 0.32%
  • Commodities : Gold at $1303.85 (-0.20%), Silver at $15.33 (-0.29%), Brent Oil at $67.80 (+0.28%), WTI Oil at $59.31 (+0.03%)
  • Rates : US 10-year yield at 2.610, UK 10-year yield at 1.194, Germany 10-year yield at 0.110

News & Data:

  • (NZD) Current Account -3.26B vs -3.55B expected
  • (EUR) German ZEW Economic Sentiment -3.6 vs -11 expected
  • (GBP) Unemployment Rate 3.90% vs 4.00% expected
  • (GBP) Average Earnings Index 3m/y 3.40% vs 3.20% expected
  • (AUD) HPI q/q -2.40% vs -1.90% expected
  • BoJ Kuroda: Weakness Is Spreading In China’s Real Economy
  • Canada sees 20 percent jump in bond issuance as deficit climbs

Markets Update:

Asian stock markets are mostly lower on Wednesday following the lackluster cues overnight from Wall Street amid worries about U.S.-China trade talks, after a report by Bloomberg said U.S. negotiators are concerned that China is pushing back against American demands. Investors are also cautious as they look ahead to the U.S. Federal Reserve’s monetary policy decision due later in the day.

The Shanghai composite, Shenzhen composite and Shenzhen component all falling more than 1 percent by the morning session’s end. However, they subsequently recovered with the Shanghai Composite now trading flat. In Hong Kong, the Hang Seng index declined 0.2 percent. The Nikkei 225 in Japan recovered from its earlier slip to trade slightly higher in the afternoon, with shares of index heavyweight Fast Retailing advancing more than 0.6 percent, while the Topix index was fractionally higher. In Australia, the ASX 200 declined 0.3 percent.

Expectations of a more cautious Fed have dented the U.S. dollar, which has already been under pressure this year after Powell all but signaled a pause to the tightening cycle at the previous meeting. The dollar’s index against a basket of six major currencies hit 2 1/2-week low of 96.288 on Tuesday and last stood at 96.465. The British pound remained hostage to headlines on Brexit.

Oil prices held close to four-month highs on expectations that OPEC would continue production cuts through the end of the year and after data from the American Petroleum Institute (API) showed a surprise draw-down on crude inventories.

Upcoming Events:

  • 10:30 AM GMT – (GBP) CPI y/y
  • 10:30 AM GMT – (GBP) PPI Input m/m
  • 10:30 AM GMT – (GBP) RPI y/y
  • 07:00 PM GMT – (USD) FOMC Economic Projections
  • 07:00 PM GMT – (USD) FOMC Statement
  • 07:00 PM GMT – (USD) Federal Funds Rate
  • 07:30 PM GMT – (USD) FOMC Press Conference
  • 10:45 PM GMT – (NZD) GDP q/q
  • &more…

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