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- Varchev Finance: Trading day in one post – 06.09.2018
Varchev Finance: Trading day in one post - 06.09.2018
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Loading...Asian Stock Market - Shares on Asian markets are trading mainly with declines after sales of Wall Street technology companies. Nikkei saw a decline of 0.33%, while Kospi in South Korea was trading unchanged. ASX200 fell 1.07%. In China, the main indexes were down: Hang Seng fell 0.64% and Shenzhen down by 0.07%. Despite positive news about NAFTA talks, the negative sentiment stemming from social networking and commercial war will most likely prevail during the European Stock Exchange.
FX Market - AUD is traded downward despite good trade balance data. Stock market sales in China question the future development of the country, which in turn weighs and pulls AUD down. JPY posted a slight increase against the backdrop of sell-offs and uncertainty. Today, I expect the JPY to extend its profits in view of the NFP data we expect later today. The USD will be traded cautiously in the hours before the data for new jobs, and then I expect increased volatility. Expectations are for 188K new jobs, as if better data were to support the USD, and worse would confirm the downward trend of the indicator. This will shade the ability of the US economy to maintain a strong growth rate with low unemployment. Such developments will result in a USD decline and JPY growth.
Commodity Market - Oil prices will probably not exceed $ 70 a barrel after higher US oil inventories. The OPEC + agreement continues to work to stabilize markets, with prices currently averaging around $ 70, although the US is criticizing rising prices. Prices are also supported by the US decision to re-sanction the main oil producer from OPEC Iran, which will stifle the oil industry and restrict supply, which may lead to price increases. GOLD seems to be totally losing its property as a Safe Haven tool, as it is traded for a day without reaction near the bottoms.
European stock market - European stock indices will start the session with declines, reflecting the high geopolitical risk. Today, the focus will be on NAFTA negotiations, with investors expecting a positive outcome. When I enter into a deal between the US and Canada, I expect support for the indices. At 15:15 we expect NFP data, and if the data differs significantly from the forecast, I expect increased index volatility and potentially deeper sales.
US Stock Market - Large sales of technology companies led to losses for the Nasdaq and SP500 at the end of the session last night. However, Wall Street took a breath, as Chrystia Freeland, Canada's foreign minister, said both parties in the NAFTA talks should return to the table with fresh ideas. Freeland said this is difficult, but both sides are aware of the impasse in which they are located and are making the necessary efforts to get out of the situation.
Economic calendar for European and US trading sessions - 06.09.2018
08:45 Switzerland - GDP
09:00 Germany - Factory orders
15:15 USA - ADP Non Farm Payrolls
15:30 Canada - Building permits
15:30 USA - Jobless Claims
17:00 USA - ISM Manufacturing Index
18:00 United States - Crude oil inventories
Photo: Pixabay.com
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