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- Varchev Finance: Trading day in one post – 30.11.2017
Varchev Finance: Trading day in one post - 30.11.2017
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Loading...Asian Stock Market: Asian markets are trading down, mainly due to downgrades in the technology sector following US auctions. In Japan Nikkei traded 0.1% higher after strong growth of car manufacturers and financial companies on the island. Technological companies have not been unaffected, with Sony down 2% and Nintendo 2.6%. Following the rise in South Korea's interest rates and the negative wave in the technology sector, Kospi declined by 0.74%. Samsung shares continued to decline, this time with -3.40%. In Australia, ASX200 declined by 0.57%, with technology and bank shares falling. In China, Shanghai Composite fell by 0.26% and Shenzhen by 0.19%. With good manufacturing data, PMI has failed to pick up Chinese stocks, and negativity in the technology sector in the US has shifted to China, and this has contributed to a drop in Hang Seng of .1.30%. We expect market depreciation to have an impact on European stocks with a major loser, the technology sector.
Currency market: During the Asian session, the NZD was in focus after a sharp decline of 0.5% due to weak data on business confidence in the country and the deepening political crisis. The GBP marks an increase, against a backdrop of improving EU-UK talks on Brexit. Meanwhile, the dollar declined slightly against major currencies, with the Dollar Index currently trading at 93.156 points. Following strong growth in US main indexes, the JPY marks a second day on the rise, with USD / JPY traded at 112.15 at the moment. Today, the euro will remain in focus as we expect news about the labor market in Germany and the level of inflation in the euro area. We remain alert to OPEC's decision, which will have a direct impact on the Canadian dollar. In the crypto world, Bitcoin posted a 20 percent drop after Coinbase refused to work. At present, losses are almost covered, as a large number of investors have preferred to take advantage of lower prices to buy.
Commodity market: Hours before OPEC decided on a cut-off program, oil has managed to recover some of the losses accumulated in recent sessions. It is noteworthy that the volatility of oil is increased. Markets expect a prolongation of the deal, but another exit from the deal is not ruled out to give direction to oil. Gold is traded unchanged, as in the deepening of the stock market correction or the termination of the OPEC abbreviated mining agreement, we expect the precious metal to grow and test the levels around $1,300.
US Stock Market: US stock indices ended the session on a rise, amid investor expectations that the US economy will continue to expand. Investors also reflect better GDP data in the country, which rose to 3.3% compared to the expected 3.2%. In the report of the last FOMC meeting, Yellen said that if needed, the Fed will continue its QE program. Although Yellen leaves the post next year, the markets reflect her speeches, as Jerome Powell says she will continue her policy in full force. Leading are the communications and finance sector, with Dow Jones, Goldman Sachs and JP Morgan Chase enjoying the highest growth.
European stock market: European markets are expected to open down, reflecting the negative sentiment that has accumulated during the Asian session. The German DAX30 will start at about 5 points lower at a price of 13,052. The French benchmark will start trading approximately 10 points down to 5390, while the British UKX will erase 20 points on opening. Today, during the European stock market, we expect data on retail sales and the level of unemployment in Germany. Expectations are for better data that will most likely support the euro and will see a day of promotion. At 12:00, we expect inflation data in the eurozone, with investors looking very closely at this indicator as it is crucial for the ECB next monetary policy decisions in the bloc.
Economic calendar for European and US trade sessions - 30.11.2017
08:45 Switzerland - GDP Q3
09:00 UK - Harmonized Price Index
09:00 Germany - Retail Sales
10:00 Switzerland - KOF Leading Indicator
10:15 Switzerland - Retail Sales
11:00 Germany - Unemployment rate
12:00 Eurozone - Consumer Price Index - CPI
12:00 Eurozone - Unemployment rate
15:30 USA - Requests for unemployment benefits
15:30 Canada - Current Account
16:45 USA - PMI of Chicago
OPEC meeting in Vienna - no scheduled time
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