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Markets Update: Asian stocks mostly lower as spillover selling from global peers persists
Today's important market events:
[GBP] Boe Gov Bailey Speaks- 9:30 CEST
[USD] Average Hourly Earnings (YoY - Jun) - 14:30 CEST
[USD] Nonfarm Payrolls (Jun) - 14:30 CEST
[USD] Unemployment rate (Jun) - 14:30 CEST
Global Markets Roundup: 07 June 2023
Asian stocks were mostly lower on Friday, as investors continued to sell off riskier assets amid concerns about the global economic outlook. The sell-off was led by the Nikkei 225, which fell 1.5%, and the Hang Seng, which fell 2.3%.
The sell-off in Asia was driven by concerns about the impact of rising interest rates and the ongoing war in Ukraine on global growth. Investors are also worried about the potential for a slowdown in China's economy, as the country's government has been tightening monetary policy in an effort to control inflation.
The dollar index (DXY) remained confined to within a narrow range, as price action calmed down from yesterday's fluctuations. USD/JPY traded on both sides of the 144.00 level.
European equity futures are indicative of a slightly higher open, after the Euro Stoxx 50 cash closed down by 2.9% yesterday.
Some key purchasers of Saudi Arabia's crude in Asia and Europe are seeking lower volumes for next month
Some key purchasers of Saudi Arabia's crude in Asia and Europe are seeking lower volumes for next month, after the kingdom hiked official prices and extended output cuts. This is a sign that demand for crude oil is starting to weaken, as buyers are looking to reduce their exposure to rising prices.
APAC sell-off was led by the ASX 200, which fell 1.5%, and the Nikkei 225, which fell 1.2%.
The sell-off in Asia was driven by concerns about the impact of rising interest rates and the ongoing war in Ukraine on global growth. Investors are also worried about the potential for a slowdown in China's economy, as the country's government has been tightening monetary policy in an effort to control inflation.
US equity futures flatline ahead of key jobs data
US equity futures were flat on Friday, as investors awaited the release of key jobs data. The non-farm payrolls report is due out later in the day, and is expected to show that the US economy added 268,000 jobs in June.
FX markets rangebound as participants await NFP report
The dollar index (DXY) was rangebound on Friday, as investors await the release of the NFP report. EUR/USD was also rangebound, trading around 1.0850.
Commodities mixed as investors weigh supply and demand factors Crude oil prices were slightly higher on Friday, as investors weighed supply and demand factors. Oil prices were supported by concerns about a potential slowdown in global growth, which could lead to lower demand for oil.
However, prices were also weighed by concerns about a potential supply shortage, as the war in Ukraine continues to disrupt oil production.
Spot gold was flat, as investors awaited the release of the NFP report. Copper prices were also flat, as investors weighed the impact of rising interest rates on demand for copper.
Overall, Asian markets were mostly lower on Friday, as investors sold off riskier assets amid concerns about the global economic outlook.
Looking ahead
Highlights for the day include German Industrial Production, US NFP Report, Canadian Jobs Report, and speeches from ECB's Lagarde & de Guindos.
Overall, Asian markets were mostly lower on Friday, as investors continued to sell off riskier assets amid concerns about the global economic outlook.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team