
Markets Update: APAC stocks were mostly positive today, following the tailwinds from the US market and China's support efforts.
Today's important market events:
[EUR] German CPI (MoM - Jun) - 08:00 CEST
comes out in line with the expectations at 0.3%
[EUR] German ZEW Economic Sentiment (Jul) - 11:00 CEST
[USD] EIA Short-Term Energy Outlook - 18:00 CEST
Global Markets Roundup: 11 July 2023
APAC equities traded mostly higher today, with risk sentiment supported by improving economic data and China's latest support measures for the real estate market. European equity futures are pointing to a higher open, with the Euro Stoxx 50 up 0.3%. The US dollar index (DXY) has extended its decline below 102, while the euro (EUR/USD) has rebounded back above 1.10.
The Japanese yen (JPY) is leading the majors, with the USD/JPY below 141. Crude oil futures were marginally firmer, supported by the risk-on tone in the markets. US Treasury yields (USTs) slightly extended their gains ahead of US inflation data.
The ASX 200 led the gains, with the tech and mining sectors outperforming. The Nikkei 225 was the laggard, giving back some of its early gains as the Japanese yen firmed. The Hang Seng and Shanghai Composite also traded higher, with developers benefiting from China's extended support measures.
US equity futures were flat overnight, despite the optimistic tone in Asia. European equity futures are pointing to a higher open, with the Euro Stoxx 50 up 0.3%.
In the FX market, the dollar index (DXY) was marginally weaker overnight, extending its decline below 102.00. The euro (EUR/USD) benefitted from the weaker dollar, reclaiming the 1.1000 level. The pound (GBP/USD) edged higher, printing its best level in more than a year. The yen (USD/JPY) trickled lower to beneath the 141.00 level.
In fixed income, 10-year US Treasury futures slightly extended their gains from the previous day. Bund futures gained, but with upside limited after their recent choppy performance. 10-year Japanese government bond (JGB) futures were kept afloat after gains in global peers.
In commodities, crude oil futures were marginally firmer, supported by the risk tone and weaker dollar. Indonesia's coast guard seized an Iranian-flagged tanker suspected of illegal oil transhipment. The International Energy Agency (IEA)'s Fatih Birol reiterated a warning of oil market tightness in the second half of the year.
Gold traded rangebound despite the softer dollar as participants await today's US inflation data. Copper benefitted from the constructive mood across Asia following China's latest support measures.
Looking ahead, key events include the UK jobs report and German ZEW survey, the Fed's discount rate minutes, the NATO summit, the EIA's STEO report, a speech by Fed's Bullard, and supply reports from the Netherlands, Germany, and the 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