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Markets Update: Global curves continue to steepen post UK BOE rate hike (JP 10-yr still >0.65%), Mixed Asia equity markets on quiet macro day;
Economic Calendar
Global Markets Roundup: 04 Aug 2023
Asian stocks traded mixed on Friday, as most bourses in the region lacked firm direction after a lacklustre handover from the United States.
Apple shares were lower by 2% after-hours as earnings once again showed declining sales, while Amazon shares were boosted by 8.7% following solid results.
European equity futures were indicative of a higher open with the Euro Stoxx 50 +0.4% after the cash market closed down by 0.7% yesterday.
The dollar index (DXY) was flat just below the 102.50 mark with price action in the FX space overall contained, with antipodeans marginally outperforming.
Asian stocks were mixed on Friday, as investors digested the latest developments from the Reserve Bank of Australia (RBA) and the United States.
The RBA's quarterly Statement of Monetary Policy provided little to shift the dial, as it reiterated that some further tightening may be required. This weighed on Australian stocks, which were the only major market in the region to close lower.
Elsewhere, Chinese stocks were boosted by the latest policy support pledges from the People's Bank of China (PBoC), which announced it is to rollout guidelines to support private firms and will expand debt financing tools, as well as implement differentiated housing credit policies.
US equity futures were ultimately kept afloat, although saw a bout of choppiness following the big tech earnings whereby an early boost from Amazon's strong results was offset by disappointment after Apple reported lower iPhone and products revenue in what was its third consecutive quarterly decline in sales.
The dollar index (DXY) was rangebound after yesterday's mixed data and as participants await the latest NFP report. The euro (EUR) traded uneventfully with price action in the single currency contained around 1.0950. Sterling (GBP) continued its rebound from beneath the 1.2700 level in the aftermath of the BoE conclave.
Crude futures plateaued after rallying yesterday on the Saudi and Russian output cut extensions. White House's Kirby said the US is to continue working with producers and consumers to ensure the energy market promotes growth after the Saudi decision on oil production. Spot gold traded sideways as participants await the incoming US jobs data. Copper futures held on to most of the prior day's spoils amid China support pledges.
Looking ahead, highlights include Eurozone retail sales, US non-farm payrolls, Canadian unemployment, OPEC+ JMMC, a speech from Bank of England's Pill, and earnings from Credit Agricole, Commerzbank, Maersk, and Berkshire Hathaway.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team