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Markets Update: APAC markets mostly firmer as investors shrug off Wall Street indecision - Equity markets trade mixed; Traders assess US CPI data; ECB and US retail sales due later today; CN ‘data dump’ and MLF announcement due on Fri
Economic Calendar
Global Markets Roundup: 14 Sep 2023
Asian markets were mostly firmer on Thursday, shrugging off the indecision seen on Wall Street on Wednesday. The Australian dollar was firmer after the release of stronger-than-expected employment data.
The ASX 200 was up 0.5%, the Nikkei 225 was up 0.4%, and the Hang Seng was up 0.2%.
European equity futures were indicative of a higher open, with the Euro Stoxx 50 future up 0.2%.
The dollar index was a touch softer but holding above 104.50, while the euro lingered around 1.0750 ahead of the ECB policy announcement.
The latest Australian employment data provided encouragement, with the unemployment rate falling to 3.9%, its lowest level since February 2020. However, the data was also marked by an increase in part-time jobs, which suggests that the labor market is still not fully recovered from the pandemic.
FX markets little changed after initial hawkish reaction to US inflation data
The dollar index was uneventful after pulling back from resistance just shy of the 105.00 level as the initial hawkish knee-jerk reaction to the US inflation data unwound. The euro lacked direction after the prior day's choppy performance, while the pound traded steadily after clawing back the losses that were triggered by recent data releases. The US dollar against the Japanese yen pulled back despite disappointing Machinery Orders and just about held above 147.00.
ECB policy meeting and US PPI eyed
The markets are awaiting the outcome of the ECB policy meeting later today, with money markets pricing around a 64% chance of a 25bps rate hike. The US PPI data is also due later today, and a strong reading could further fuel expectations of aggressive rate hikes from the Federal Reserve.
Crude oil prices marginally higher on tight supply concerns
Crude oil prices were marginally higher amid ongoing expectations of a tightening oil market. There were also reports of escalation of industrial action at Chevron's Australian LNG facilities.
Spot gold trades sideways after post-CPI indecision
Spot gold traded sideways after the post-CPI indecision and amid an uneventful dollar.
Copper futures slightly gained but with price action choppy amid the mixed risk appetite.
Key events to watch
US IJC
PPI
NZ Manufacturing PMI
ECB Policy Announcement & ECB President Lagarde's Press Conference
Supply from US
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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