Trading day in one post 08/10/2017

Overview of the Asian markets: Asian stocks reversed earlier gains as investors continued to take risks off the table even as American officials tried to ease concerns amid an escalation in tensions between the U.S. and North Korea. The MSCI Asia Pacific Index fell with U.S. equity-index futures as shares from Tokyo to Seoul and Hong Kong declined. Japan’s Topix index fell 0.1 percent, while South Korea’s Kospi index slid 0.8 percent, adding to a 1.1 percent drop on Wednesday. The Hang Seng Index in Hong Kong tumbled 1.6 percent and Taiwan’s Taiex index lost 1.4 percent, the two biggest declines in Asia. Australia’s S&P/ASX 200 Index bucked the trend for a second day, up 0.2 percent.

Currency markets: NZD: The kiwi dollar lost 0.5 percent to 73.01 U.S. cents. It erased gains of as much as 0.5 percent after Governor Graeme Wheeler said the Reserve Bank of New Zealand would like to see a weaker exchange rate and FX intervention is always open to the central bank. JPY: The yen was flat at 110.07. EUR: The euro fell to $1.1745 and the Bloomberg Dollar Spot Index was up less than 0.1 percent. AUD: The Australian dollar rose by 0.2% to $0.7905.

Commodities Markets: Gold: Gold was little changed at $1,276.83 an ounce after falling as much as 0.2 percent. It surged 1.3 percent on Wednesday hitting near two-months high. Crude oil: West Texas Intermediate crude was little changed at $49.56 a barrel after climbing 0.8 percent the previous session. U.S. production eased and crude inventories extended declines, trimming a glut. U.S. crude inventories fell by 6.5 million barrels last week, pushing oil prices higher.

European markets: Moods are likely to remain negative on European markets today, with indexes expected to open lower. The German DAX is expected to open 11 points down at 12162.2, the French CAC with 4 points down around 5,149, and the British FTSE 100 will open about 42 percent lower at 7464.

US markets: U.S. equities closed lower on Wednesday as U.S.-North Korean relations heated up. The Dow Jones industrial average fell 36.64 points to close at 22,048.70, with Walt Disney contributing the most losses. The 30-stock index snapped a streak of nine straight record closes in the previous session. The S&P 500 closed just below the flatline at 2,474.02. The index fell as much as half a percent, with utilities leading decliners. The Nasdaq composite lagged, falling 0.28 percent to 6,352.33.

Economic calendar for the European and U.S. trading sessions:

09:45 France - Industrial production
Tentative - China - New loans
11:30 UK - Industrial Production
11:30 UK - Trade Balance
Tentative - USA - OPEC monthly report
15:00 UK - NIESR GDP Estimate
15:30 USA - PPI
15:30 USA - Initial Jobless Claims
15:30 Canada - New Housing Price Index
16:45 USA - Bloomberg Consumer Confidence
17:00 USA - FOMC Member Dudley Speaks
21:00 USA - Federal Budget Balance

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