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Markets Update: APAC stocks mixed as region awaits fresh macro catalysts - JP gov’t officials appear to walk back Ueda weekend comments; Asia equities claw back early losses; Country Garden lives to fight another day for now; US CPI tomorrow night;
Economic Calendar
Global Markets Roundup: 12 Sep 2023
Asian stocks were mixed on Tuesday, with investors awaiting fresh macro catalysts. The Nikkei 225 was up 0.4%, while the Hang Seng was down 0.2%.
European equity futures were indicative of a slightly higher open, with the Euro Stoxx 50 future up 0.2%.
The US dollar index was contained above 104.50, while the euro and the Japanese yen were steady at 1.07 and 146, respectively.
The British pound was also steady, as investors awaited the release of UK labor data later in the day.
Australia union to continue industrial action An Australian union said it wants industrial action to continue until it secures a union-negotiated deal at Australian LNG facilities. The action could disrupt exports of liquefied natural gas from Australia, a major supplier to global markets.
The ASX 200 was lacklustre, with weakness in energy, tech, and financials offsetting gains in automakers. The Nikkei 225 gained, with SoftBank among the early leaders after its Arm unit IPO was oversubscribed by 10 times. The Hang Seng and Shanghai Composite traded flat, with early downside cushioned by the PBoC's liquidity effort.
US equity futures were uneventful, as participants looked towards the Apple event later today.
FX markets rangebound
The dollar index was uneventful, with price action confined to a tight range near the 104.50 level. The euro struggled for direction, with Thursday's ECB rate decision seen almost as a coin flip. The pound was contained as the attention turns to today's UK employment and average earnings data. The yen eked slight gains but with upside capped as Japanese yields nudged higher.
Bond markets lacklustre
10-year US Treasury futures remained lacklustre after the prior day's bear-steepening. Bund futures languished near the prior day's lows ahead of German WPI and ZEW data releases. 10-year JGB futures were subdued amid the residual effects on yields from BoJ Governor Ueda's recent rhetoric.
Commodities mixed
Crude futures traded marginally higher but with gains capped amid the flimsy risk tone. Attention for the complex turns to the weekly inventories beginning with the private sector data due later today. Spot gold was little changed alongside the flat performance of the greenback. Copper futures traded rangebound owing to the tentative mood across Asia.
Key data ahead The key data ahead include UK labor data, German wholesale prices, German and EZ ZEW, US NFIB Business Optimism Index, and BoE's Mann.
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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