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Markets Update: Asian Markets Mixed as China Growth Concerns
Today's important market events:
[EUR] German PPI - (MoM - May) - 08:00 CEST
actual -1.4%, worse than expected.
[USD] Building Permits (May) - 14:30 CEST
Global Markets Roundup: 20 June 2023
Asian markets were mixed on Monday, with investors cautious ahead of the release of key economic data from China. The ASX 200 bucked the trend, rising 0.3%, as strength in the defensive, financial, and tech sectors offset losses in mining-related stocks.
The Nikkei 225 was subdued, falling 0.2%, while the Hang Seng and Shanghai Composite were both down 0.5%.
The decline in Chinese markets came as Goldman Sachs, Nomura, and UBS all cut their Chinese GDP forecasts for 2022.
The downgrades came amid concerns about the impact of the country's zero-COVID policy on the economy.
US equity futures were also mixed, with the S&P 500 futures down 0.1% and the Nasdaq 100 futures up 0.1%.
The mood in the markets is likely to remain cautious ahead of the release of key economic data from China, including GDP and industrial production.
In FX, the dollar was rangebound amid the US holiday weekend and ahead of Fed Chair Powell's testimony in Congress from mid-week.
The euro was little changed on a 1.09 handle, while the pound was also flat against the dollar.
The yen was slightly stronger, while the Australian dollar and New Zealand dollar were both weaker.
In commodities, crude oil prices were pressured amid the risk aversion and a pullback in WTI from resistance at USD 72/bbl.
Spot gold traded flat alongside an uneventful dollar and with US participants away on Monday.
Copper futures trickled lower with demand dampened by the cautious mood and China growth concerns.
Looking ahead, highlights include the release of Chinese GDP and industrial production data, as well as Fed Chair Powell's testimony in Congress.
Overall, the mood in the markets is cautious ahead of the release of key economic data from China and Fed Chair Powell's testimony.
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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