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Markets Update: Asian Equities Mixed as Data Digested
Today's important market events:
[EUR] EuroZone CPI (YoY-Jun) - 11:00 CEST
[USD] Core PCE Price Index (MoM-May) - 14:30 CEST
Global Markets Roundup: 30 June 2023
APAC Stocks Mostly Trade Cautiously as Data Digested Asian stocks mostly traded cautiously on Friday as investors digested a slew of data releases at quarter-end. The Chinese Manufacturing PMI matched estimates, while the Non-Manufacturing PMI was slightly softer-than-expected but remained in a firm expansion.
European equity futures are indicative of a slightly higher open, with the Euro Stoxx 50 up 0.1% after the cash market closed up 0.2% yesterday. The DXY has held on to a bulk of yesterday's gains, with EUR/USD remaining sub 1.09 and USD/JPY back below 145.
The ASX 200 lacked direction, with gains in the commodity-related sectors and utilities offset by losses in real estate and tech. The Nikkei 225 was subdued after mixed data releases, including disappointing industrial production and softer-than-expected Tokyo CPI. However, the losses were cushioned as USD/JPY briefly climbed above 145.00. The Hang Seng and Shanghai Composite were initially choppy, but ultimately gained after the latest Chinese PMI data in which headline manufacturing PMI matched estimates and non-manufacturing PMI was slightly softer-than-expected but remained at a firm expansion.
US Equity Futures Rangebound Ahead of Data
US equity futures traded rangebound as markets await more data releases, including US core PCE prices. European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 0.2% yesterday.
FX: DXY Holds on to Data-Inspired Gains
The DXY held on to most of yesterday’s data-inspired gains after the strong upward GDP revision and fall in jobless claims. The focus now turns to the upcoming releases, including the Fed’s preferred inflation gauge. EUR/USD languished near this week’s lows after slipping beneath 1.0900. GBP/USD marginally rebounded off support at the 1.2600 level ahead of incoming UK GDP data for Q1. USD/JPY was ultimately flat overnight after reversing a brief climb above the 145.00 level for the first time since November, which spurred the usual jawboning from Japan’s Finance Minister.
Commodities: Crude Rangebound, Gold Sideways, Copper Up
Crude futures were rangebound after tailwinds from strong US data were offset by rate hike expectations. Spot gold traded sideways with price action restricted as the dollar held on to its data-driven gains. Copper futures were underpinned amid the positive risk tone in its largest purchaser and as markets mostly took the latest Chinese PMI data in their strides.
Looking ahead, key data releases include Germany Retail Sales, France CPI (Prelim), EZ CPI (Flash), US PCE, speeches from Riksbank's Bremen & Thedeen, and supply data from Italy.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team