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- Varchev Finance: Trading Day in one post – 31.10.2017
Varchev Finance: Trading Day in one post - 31.10.2017
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Loading...Asian Market: Japan's Nikkei 225 declined 0.18 percent. Financial stocks recorded losses of more than 1 percent: Mitsubishi UFJ was down 2.38 percent and Nomura Holdings tumbled 2.58 percent. Tech shares were mixed. Across the Korean Strait, the Kospi rose 0.64 percent. Automakers rallied and some retailers saw strong gains, but several blue-chip tech names declined: Hyundai Motor was up 3.21 percent, Lotte Shopping rose 3.1 percent and LG Electronics declined 3.27 percent. The S&P/ASX 200 lost 0.05 percent, with gains in the energy and consumer staples sub-indexes offset by losses in the heavily-weighted financials sub-index. Hong Kong's Hang Seng Index slid 0.08 percent, with banks and telcos under pressure during the session. On the mainland, the Shanghai Composite extended losses made in the last session, edging down 0.25 percent. The Shenzhen Composite was 0.032 percent higher.
Currency Market: The Bloomberg Dollar Spot Index rose 0.1% after decreasing 0.3% on Monday. It's up 1.8% this month, the most since its surge in November last year. The yen was steady at 113.17 per dollar. The euro was at $1.1626. The Kiwi fell 0.4% to 68.50 U.S. cents after PM Jacinda Ardern said foreign speculators will no longer be able to buy houses in New Zealand from early next year. The pound was at $1.4197 after climbing 0.6% on Monday. The pound has made steady progress against the Canadian dollar since the start of September. In that two-month period, the pair has climbed 10 cents. Today the pound is the top performer while the Canadian dollar is the G10 laggard. Technically, GBP/CAD bounced today precisely at the September high. It's the second time in the past couple months the pair has broken higher and then retraced back to an old low. After jumping on Sept 15, the pair retraced to the breakout in the subsequent month. On net, the pair is looking strong and is a spot GBP longs should consider, especially those expecting something hawkish from Carney this week who want to avoid USD risk.
Commodity Markets: Gold was steady at $1,275.32 an ounce. WTI crude slipped 0.3% to $54.01 a barrel. It climbed 0.5% to $54.15 Monday, the highest in eight months. Even as the Organization of Petroleum Exporting Countries and its allies send signals they will extend a deal to reduce output past March, the rally in West Texas Intermediate crude might be coming to an end. The U.S. benchmark’s 14-day relative strength index is inching closer to 70, a level that signals the commodity is overbought. Prices jumped to an eight-month high Monday, bringing this month’s advance to more than 4 percent.
European Stock Market: Today, European markets will trade with mixed sentiment. French CAC will open a tad higher, with 2 points at 4,489, UKX trades 7 points higher at 7,482. German DAX will be closed during the day due to national holidays in the country. Today investors focus will fall on the CPI data in the zone, as it will show is the inflation in track with ECBs goal.
U.S. Stock Market: Stocks fell on Monday after a report surfaced saying the House is considering a plan that would gradually lower the U.S. corporate tax rate. Bloomberg reported the plan being discussed by the House would leave the corporate rate at 20 percent by 2022. The gradual plan is "has been considered" but is not final, according to the report. The Dow Jones industrial average declined 73 points and briefly fell more than 100 points. The Russell 2000 traded more than 1 percent lower following the report's release. The index is made up of shares of small-cap companies, which have more to gain from an immediate domestic tax cut since they are more likely to be U.S.-based and not sprawling global entities. The S&P 500 traded 0.3 percent lower following the report. GM and Advanced Micro Devices were among the worst performers in the S&P 500.
Economic calendar for the European and U.S. trading sessions:
08:30 Europe - French GDP
09:45 Europe - French CPI
12:00 Europe - CPI
14:30 Canada - GDP
14:55 USA - Redbook
15:00 USA - S&P/LS HPI Composite
15:45 USA - Chicago PMI
16:00 USA - CB Consumer Confidence
16:30 USA - Dallas Fed Services Revenue
21:30 Canada - BoC Gov Poloz Speaks
23:45 New Zealand - Employment Change
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