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Markets Update: China trade figures worsen further; Japan wages still declining; Moody’s downgrade several regional US banks;
Economic Calendar
Global Markets Roundup: 08 Aug 2023
Asian stocks traded mixed on Tuesday, after the early optimism following the positive lead from Wall Street was soured by disappointing Chinese trade data.
The Shanghai Composite opened lower after the Chinese government reported that exports fell by 17.7% in June from a year earlier, while imports fell by 25.6%. This was the worst performance for both exports and imports since the start of the COVID-19 pandemic.
The Hang Seng Index was also lower, as investors digested the disappointing trade data and awaited the release of Chinese inflation figures later in the week.
European equity futures were indicative of a slightly lower open, with the Euro Stoxx 50 down 0.1% after the cash market closed up by 0.1% on Monday. The dollar index (DXY) headed into the European session firmer, as the US dollar continued to benefit from safe-haven flows. The Japanese yen (JPY) lagged, with USD/JPY above 143. EUR/USD was back on a 1.09 handle.
Crude oil prices fell as the disappointing Chinese trade data raised concerns about global demand. Brent crude oil fell by 2.3% to $102.90 a barrel.
Gold prices were little changed as the stronger dollar offset safe-haven demand. Gold futures for August delivery were up 0.1% to $1,744.30 an ounce.
Looking ahead, highlights include include German CPI (Final), US Trade, ECB Economic Bulletin, ECB Consumer Expectation Survey, US IBD/TIPP Economic Optimism, Speakers from Fed's Harker & Barkin, Supply from UK, Germany & 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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