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- Varchev Finance: Trading day in one post 09.10.2017
Varchev Finance: Trading day in one post 09.10.2017
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Loading...Asian Stock Market: Most Asia markets made gains on Monday as investors in Asia digested the release of China Caixin services PMI. The S&P/ASX 200 rose 0.81 percent on broad-based gains across its sub-indexes. Most major miners and gold stocks made significant gains: Rio Tinto was up 1.47 percent, Alacer Gold rose 2.91 percent and Kingsgate advanced 3.7 percent. The energy sub-index underperformed the broader market, trading 0.07 percent below the flat line. With Japan, South Korea and Taiwan markets closed for public holidays, investors turned their attention to China as mainland markets resumed trade after the week-long "Golden Week" holiday. Markets on the mainland rallied, shrugging off lackluster services data released earlier in the session. The Shanghai Composite surged 1.25 percent and the Shenzhen Composite gained 1.285 percent. Hong Kong's Hang Seng Index was off 0.16 percent.
Currency Market: The Bloomberg Dollar Spot Index slid less than 0.1%, remaining near the highest in more than 11 weeks. The euro rose with the same to $1.1740. The pound added 0.1% to $1.3082. The U.S. said Sunday it was suspending non-immigrant visa services at its diplomatic facilities in Turkey following the arrest of a consulate employee, prompting Turkey to halt visa services in the U.S. This week, Turkish authorities arrested a U.S. Consulate employee of Turkish nationality for alleged links to the network of U.S.-based cleric Fethullah Gulen, who the Turkish government blames for last summer's failed coup. Gulen denies involvement. Relations between Turkey and the U.S. have been tense over disagreements on Syrian Kurdish militants, which the U.S. backs in the war against the Islamic State group. Turkey considers them a terror group and an extension of the Kurdistan Workers' Party or PKK, which has waged an insurgency within Turkey's borders for more than 30 years. USD/TRY opened with a gap up after the news and has rose with more than 1900 pips so far.
Commodity Market: The oil rally has fizzled in the last few days. After entering a bull market last month, West Texas Intermediate crude, the U.S. benchmark, slumped 4.6 percent this week to fall below the 200-day moving average for the first time since mid-September. A drop below this technical level is seen as a sell signal for many investors, with the next crucial marker to watch is whether it breaches below the 50-day measure. Gold rose 0.5% to $1,283.16 an ounce.
European Stock Market: European markets will start the trading week without any significant changes. The expectations are that the three major indices will open on the levels on which they closed on Friday. During the new week, a deciding factor for their movement will be Mario Draghi's speech. Investors will seek fresh signals for the future of the monetary policy in the region, as well as an eventual date for the exit of the Q/E program. Another factor, that could cause big market movements is the outcome of the referendum for independence of Catalonia vs Spain.
U.S. Stock Market: Stocks on Wall Street closed mostly unchanged on Friday after a softer-than-expected jobs print as investors in Asia awaited the release of China Caixin services PMI.
Labor market data from the U.S. showed a decline of 33,000 jobs in September, well below the 90,000 increase forecast by economists in a Reuters poll. The weaker-than-expected statistic was attributed to distortion from the impact of Hurricanes Harvey and Irma. Despite the softer headline number, average hourly wages rose 0.5 percent last month while unemployment fell to its lowest level in more than 16 years. Meanwhile, the greenback, which originally edged up following the reported increase in wages, slid on news that North Korea was readying a new long-range missile test, Reuters said on Friday. The dollar index, which tracks the dollar against a basket of currencies, stood at 93.748. Against the Japanese currency, the greenback fetched 112.64 yen.
Economic calendar for the European and U.S. trading sessions:
09:00 Europe - German Industrial Production
11:30 Europe - Sentix Investor Confidence
17:00 USA - CB Employment Trends Index
19:00 Europe - ECB's Lautenschlaeger Speaks
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