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- Trading day in one post 17/08/2017
Trading day in one post 17/08/2017
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Loading...Overview of the Asian Markets: Most of the Asian indices where trading higher today expect Japanese stocks and the market in Hong Kong. The positive sentiment had transferred from the American markets which closed higher. The attention of the investors moved from the geo-political worries to the economic front and the troubles in the White House. The market participants continue to worry about the Presidents agenda and how it will be achieved, after the fact that Trump dissembled its strategic team made up from business executives. The FED meeting minutes showed that their inflation target of 2% will not be met soon and that will cause an additional delay for the interest rate rise. This was dollar negative and traders sold it off. The Topix was negative with -0.02%, Kospi was up by 0.52%, Hang Seng fell slightly -0.09% in Hong Kong, as the Shanghai Composite increased by 0.38%. Австралийският индекс S&P/ASX 200 was up by 0.01%.
Overview of the FX market: The bullish move of the USD was stopped in its tracks, right after the FED meeting minutes, as it showed that the inflation will remain below 2% target for longer and this fact will probably delay the increase of the interest rate. The JPY was stronger and USD/JPY fell down to 109.655. The AUD was the winner of this situation, but NZD was second benefiting as well. The CAD traded mix, higher against the USD but weaker against the AUD. The CHF gained strength against the weaker GBP, but it was weaker towards the AUD, after the Unemployment rate data from Australia was better than expected. Overall the FX markets were trading weaker USD and GBP and stronger AUD, NZD and JPY.
Commodities markets: Gold and Silver gained ground again, after the indices fell slightly, after the new from the White House, that the President has dismantled his group. The metals reached higher to $1,287.50 and $17.12, respectively. The Oil fell hard reaching levels of $46.70 per barrel even after the better than expected data from the Oil reserves. The bearish trend of the Oil market is likely to continue as the support of $48 was broken. Aluminium reached its highest point for 3 month futures contracts as the supply of the metal reached a 9 year low. The price of Palladium continue to rise, thanks to the much weaker USD.
Overview of the European market: Today the attention of the investors will be the economic data from the Euro zone, as the sentiment is slightly negative before the European open. We expect data for retail sales from the Euro zone and the UK, but also initial jobless claims from the US. The German DAX will open lower by -37 point around 12,230, the French CAC will open lower by -19 points around 5,162 and the British FTSE 100 will open lower by -11 points to 7,419. The data from Europe continue to come out better than expected and traders are likely to remain positive today and its possible that we might see higher indices later during the session. The Europe's GDP came in at 2.2% for the second quarter, again better than expected.
Overview of the American market: American indices closed higher today. The three major indices were trading higher, but they erased part of their gains as the business community backlash against Trump. The meeting minutes from the FED also caused the markets to move but reacted positively. Fundamentally the economy is growing but there are some indicators that shows risks exist to the downside. FED members forecast that inflation will remain below their target of 2% and this will be negative for the future of rate, as they may be raised much slower than originally anticipated. The President dismantled his strategic and political reforms group and this puts a shadow over the future of Trump's reforms. The worst than expected data from the housing starts and permits did not support the USD.
DJIA: 25.47 points/ 0.12% - 22,024.46
S&P: 3.49 points/ 0.14% - 2,468.11
NASDAQ: 12.10 points/ 0.19% - 6,345.11
RUSS 2000: -1.03 points/ -0.07% - 1,382.21
VIX: 11.89
Apple reached the record level of 160.80. For the S&P 500 index higher were trading the Material and Utilities sectors, but retailers fell. For DJ, higher were trading Home Depot and United Technologies
Economic Calendar for the European and American trading sessions:
09:00 - Germany - German WPI (MoM) (Jul)
11:30 - UK - Retail Sales (MoM) (Jul)
12:00 - Euro zone - CPI (YoY) (Jul)
12:00 - Euro zone - Trade Balance (Jun)
15:30 - USA - Initial Jobless Claims
15:30 - USA - Philadelphia Fed Manufacturing Index (Aug)
15:30 - CAD - Manufacturing Sales (MoM) (Jun)
16:15 - USA - Industrial Production (MoM) (Jul)
20:00 - USA - FOMC Member Kaplan Speaks
20:45 - USA - FOMC Member Kashkari Speaks
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