Wednesday 21st November: Asian markets continue losing streak

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IC Markets Market Review
IC Markets Market Review

Global Markets:

  • Asian Stock Markets : Nikkei down 0.25%, Shanghai Composite up 0.05%, Hang Seng down 0.34%, ASX down 0.51%
  • Commodities : Gold at $1221.60 (+0.03%), Silver at $14.30 (+0.18%), Brent Oil at $63.25 (+1.15%), WTI Oil at $54.13 (+1.31%)
  • Rates : US 10-year yield at 3.070, UK 10-year yield at 1.383, Germany 10-year yield at 0.354

News & Data:

  • (NZD) GDT Price Index -3.50% vs -2.00% previous
  • (USD) Housing Starts 1.23M vs 1.23M expected
  • (USD) Building Permits 1.26M vs 1.26M expected
  • (GBP) CBI Industrial Order Expectations 10 vs -6 expected
  • (CHF) Trade Balance 3.75B vs 2.89B expected
  • (EUR) German PPI m/m 0.30% vs 0.30% expected
  • Trump Calls Fed a ‘Problem,’ Says He Wants Lower Interest Rates
  • RBA’s Lowe Sees 4.5% Unemployment Without Too Much Wage Growth

Markets Update:

Asian stock markets are extending losses on Wednesday from the previous session following the continued weakness overnight on Wall Street as disappointing corporate earnings results, the plunge in crude oil prices and U.S.-China trade tensions added to worries about global economic growth and dampened investor sentiment.

Greater China markets slipped, with Hong Kong’s Hang Seng index shedding 0.34 percent and the Shanghai composite trading flat. The Shenzhen composite, on the other hand, saw mild gains. Elsewhere in Asia, Japan’s Nikkei 225 fell 0.25 percent and the Topix index shed 0.54 percent. South Korea’s Kospi fell 0.34 percent.

The Australian market is extending its losing streak to a fourth straight session, falling to almost two-year lows, following the overnight plunge on Wall Street and on weak commodity prices.

Elsewhere, oil prices were in focus after Trump issued a statement on Tuesday and said the U.S. stands by Saudi Arabia despite the killing of journalist and U.S. resident Jamal Khashoggi by Saudi agents last month. The dollar index against a basket of six major currencies was little changed at 96.838 after rallying 0.7 percent overnight, when it pulled away from a two-week trough of 96.042.

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