TradeTheNews.com Staff
TradeTheNews.com
Asia Market Update: Equity markets trade mixed; USD trades generally weaker, NZD rebounds; RBA Financial Stability Review due on Fri.
General trend
- KRW rises amid FX reserves data.
- Japanese equity markets have extended gains.
- Seven & I is due to report earnings.
- Slight equity losses seen in Australia after the recent advances.
- Slight declines also seen in Hong Kong.
- Shanghai markets are closed this week for holiday.
- Samsung Electronics may report prelim Q3 results on Fri.
Headlines/economic data
Australia/New Zealand
- ASX 200 opened -0.1%.
- (AU) Australia Sept AIG Construction Index: 46.5 v 47.9 prior.
- (AU) Australia Aug Trade Balance (A$): 8.3B v 10.0Be.
- (NZ) New Zealand Fin Min: Not worried about NZ$ long-term outlook.
- (NZ) New Zealand Sept ANZ Commodity Price M/M: -0.5% v -3.4% prior.
- (NZ) New Zealand sells N$400M v NZ$400M indicated in 2028, 2033, and 2051 bonds.
- (NZ) New Zealand Fin Min Robertson: Monetary and fiscal policy need to work together; There does not need to be a recession in New Zealand.
Japan
- Nikkei 225 opened +0.1%.
- (JP) Bank of Japan (BOJ) offers to buy 5-10 year JGBs at fixed rate of 25bps; Opens window to buy unlimited amount of 10-year JGBs at 0.25% [as expected].
- (JP) Japan Sept Tokyo Avg Office Vacancies: 6.5% v 6.5% prior.
- (JP) Japan Investors Net Buying of Foreign Bonds: -¥886.3B v -¥1.10T prior; Foreign Net Buying of Japan Stocks: -¥501.8B v -¥1.18T prior.
Korea
- Kospi opened +0.7%.
- Samsung Electronics: Said to NOT consider cutting memory chip production; cites EVP - South Korea press.
- (KR) South Korea Sept Foreign Reserves: $416.8B v $436.4B prior; Lowest since July 2020, fastest decline in 14 years.
- (KR) South Korea President Yoon: Aircraft carrier (USS Ronald Reagan) entered into Korean waters last night; North Korea Mid range ballistic missiles aimed at hitting strategic targets.
- (KR) South Korea Foreign Ministry has ordered Kwon, involved in the Terra Cryptocurrency, to surrender his passport - Press.
China/Hong Kong
- Hang Seng opened %; Shanghai Composite closed for the week for holiday.
- (HK) Hong Kong Sept PMI (Whole Economy): 48.0 v 51.2 prior (1st contraction in 6 months).
- (HK) Said that Hong Kong will give away 500K airline tickets to stimulate tourism - SCMP.
- HUAWEI.CN Said to be relaunching 5G Phone despite US Sanctions - FT.
- (CN) China Ministry of Finance (MOF) To sell total CNY5.5B in 2024 and 2027 bonds in Hong Kong on Oct 12 (Wed).
North America
- (VZ) US NSA Official: Venezuela sanctions policy unchanged.
- GE To lay off 20% of US Onshore Wind workforce; Planning additional layoffs globally - Press.
-(US) MBA Mortgage Applications w/e Sept 30th: -14.2% v -3.7% prior.
- (US) Sept ADP employment change: +208K V +200KE; Notes annual pay growth for job changers in Sept is down m/m; Aug revised higher.
-(US) Aug trade balance: -$67.4B V -$67.7BE.
- (US) White House spokesperson Kirby: US needs to be less dependent on OPEC+ and foreign producers of oil.
- (US) Sept ISM services index: 56.7 V 56.0E; New Orders Index: 60.6 v 61.8 prior ; Prices Paid: 68.7 v 71.5 prior (lowest since Jan 2021).
-(US) Fed's Daly (non-voter): Fed is resolute at raising rates to restrictive territory; We are committed to staying the course until we are truly done - TV interview.
-(US) DOE crude: -1.4M V +1.5ME; GASOLINE: -4.7M V -1ME; distillate: -3.4M V -1.5ME.
- (US) Atlanta Fed GDPNow: Raises Q3 GDP to 2.7% from 2.3%.
-(US) Association of American Railroads weekly rail traffic report for week ending Oct 1st: 496K total units, -3.9% y/y.
-(US) September preliminary NA Class 8 Net Orders 56.5K, +169% m/m; Largest net orders ever.
Europe
- (UK) PM Truss: Domestic GDP growth hasn't been strong enough; Will lower tax burden; Will bring down debt as a share of national income - party conference.
- (ES) Bank of Spain updates economic outlook; Sees inflation hovering around 8% in coming quarters and slowing down in spring.
- OPEC+ agrees to oil output cut of 2M bpd; [***Note when Russian production is exempted (currently under producing by ~1.3M bpd) and accounted for the actual physical cut felt by markets will be under 1M bpd***].
- (PL) Poland Central Bank (NBP) leaves base rate unchanged at 6.75%; not expected.
- (RU) Russia Dep PM Novak: OPEC+ agreed to extend co-operation deal until end 2023.
- (RU) LME restricts new deliveries of metal from Russia's Ural Mining Metallurgical Company (UMMC), following UK sanctions placed on UMMC owner Iskander Makhmudov.
Levels as of 01:20 ET
- Nikkei 225, +0.9%, ASX 200 flat , Hang Seng -0.3%; Shanghai Composite closed ; Kospi +1.5%.
- Equity S&P500 Futures: +0.5%; Nasdaq100 +0.7%, Dax +1.3%; FTSE100 +0.7%.
- EUR 0.9926-0.9873 ; JPY 144.70-144.38 ; AUD 0.6540-0.6480 ;NZD 0.5815-0.5731.
- Gold +0.6% at $1,730/oz; Crude Oil +0.1% at $87.85/brl; Copper +0.7% at $3.5680/lb.
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.
Recommended Content
Editors’ Picks
GBP/USD resumes upside toward 1.3300 ahead of BoE rate call
The GBP/USD gains traction and approaches 1.3300 in European trading on Thursday, having found buyers near 1.3150. A broad US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements.
EUR/USD rises further toward 1.1200, focus shifts to ECB-speak
EUR/USD stays strongly bid toward 1.1200 in the European session on Thursday. The pair capitalizes on a renewed US Dollar retreat and an upbeat mood. Traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
Gold price jumps back closer to all-time peak, $2,600 remains in sight amid fresh USD weakness
Gold price regains positive traction following the previous day's pullback from the all-time peak and builds on its steady intraday ascent heading into the European session on Thursday.
BoE expected to keep interest rate unchanged at 5% as price pressures persist
After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.