Monday 11th February: Asian markets mixed as investors look for direction

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IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Shanghai Composite up 1.28%, Hang Seng up 0.59%, ASX down 0.18%
  • Commodities : Gold at $1315.45 (-0.23%), Silver at $15.75 (-0.36%), Brent Oil at $61.85 (-0.40%), WTI Oil at $52.24 (-0.91%)
  • Rates : US 10-year yield at 2.634, UK 10-year yield at 1.147, Germany 10-year yield at 0.085

News & Data:

  • (CAD) Unemployment Rate 5.80% vs 5.70% expected
  • (CAD) Employment Change 66.8K vs 6.5K expected
  • (CAD) Housing Starts 208K vs 206K expected
  • (EUR) Italian Industrial Production m/m -0.80% vs 0.40% expected
  • (EUR) French Prelim Private Payrolls q/q 0.10% vs 0.10% expected
  • (EUR) French Industrial Production m/m 0.80% vs 0.70% expected
  • (EUR) German Trade Balance 19.4B vs 18.3B expected
  • Swiss Franc Slumps in Mini ‘Flash Crash’ as Japan Curse Strikes

Markets Update:

Asian stock markets are mixed on Monday following the lackluster cues from Wall Street Friday amid worries about global economic growth. The markets in mainland China, which resumed trading after the week-long Lunar New Year holidays, are higher, while the Japanese market is closed for a holiday. Investors are cautious as they look ahead to the next round of U.S.-China trade talks to be held in Beijing later this week.

Japan’s stock markets are closed on Monday for a holiday. The mainland Chinese markets, which were offline for much of last week due to the Lunar New Year holidays, saw gains by the end of the morning session. The Shanghai composite rose more than 1.3 percent while the Shenzhen component advanced 2.75 percent.

Meanwhile, Hong Kong’s Hang Seng index rose 0.6 percent. South Korea’s Kospi largely recovered from its earlier losses trading 0.2% higher. The Australian market slipped into negative territory after opening higher. Investors turned cautious ahead of the release of earnings results from several major local companies.

Last week, the European Commission sharply downgraded euro zone growth for this year and next and U.S. President Donald Trump added to the anxiety with a declaration that he had no plans to meet with Chinese President Xi Jinping before the March 1 deadline to achieve a trade deal. Adding to worries, a collapse in talks between U.S. Democrat and Republican lawmakers over the weekend amid a clash over immigrant detention policy raised fears of another government shutdown.

The Australian dollar inched up from Friday’s one-month lows although sentiment was still cautious after the country’s central bank opened the door to a possible rate cut. Oil prices slipped on concerns about slowing global demand amid a pick-up in U.S. drilling activity.

Upcoming Events:

Monday, February 11, 2019

  • 10:30 AM GMT – (GBP) GDP m/m
  • 10:30 AM GMT – (GBP) Manufacturing Production m/m
  • 10:30 AM GMT – (GBP) Prelim GDP q/q
  • 10:30 AM GMT – (GBP) Prelim Business Investment q/q
  • 05:15 PM GMT – (USD) FOMC Member Bowman Speaks

Tuesday, February 12, 2019

  • 09:00 AM GMT – (EUR) German Buba President Weidmann Speaks
  • 02:00 PM GMT – (GBP) BOE Gov Carney Speaks
  • 06:45 PM GMT – (USD) Fed Chair Powell Speaks

Wednesday, February 13, 2019

  • 01:30 AM GMT – (USD) FOMC Member George Speaks
  • 02:00 AM GMT – (NZD) Official Cash Rate
  • 02:00 AM GMT – (NZD) RBNZ Monetary Policy Statement
  • 02:00 AM GMT – (NZD) RBNZ Rate Statement
  • 03:00 AM GMT – (NZD) Inflation Expectations q/q
  • 03:00 AM GMT – (NZD) RBNZ Press Conference
  • 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
  • 02:30 PM GMT – (USD) CPI m/m
  • 02:30 PM GMT – (USD) Core CPI m/m
  • 08:10 PM GMT – (NZD) RBNZ Gov Orr Speaks

Thursday, February 14, 2019

  • 12:50 AM GMT – (JPY) Prelim GDP q/q
  • Tentative – (CNY) Trade Balance
  • 08:00 AM GMT – (EUR) German Prelim GDP q/q
  • 10:30 AM GMT – (GBP) MPC Member Vlieghe Speaks
  • 11:00 AM GMT – (EUR) Flash GDP q/q
  • 02:30 PM GMT – (CAD) Manufacturing Sales m/m
  • 02:30 PM GMT – (USD) Core Retail Sales m/m
  • 02:30 PM GMT – (USD) PPI m/m
  • 02:30 PM GMT – (USD) Retail Sales m/m
  • 02:30 PM GMT – (USD) Core PPI m/m
  • 09:45 PM GMT – (AUD) RBA Assist Gov Kent Speaks

Friday, February 15, 2019

  • 02:30 AM GMT – (CNY) CPI y/y
  • 10:30 AM GMT – (GBP) Retail Sales m/m
  • 04:00 PM GMT – (USD) Prelim UoM Consumer Sentiment
  • &more…

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