|Day's range||5,588.60 - 5,665.20|
|52-week range||5,549.30 - 6,373.50|
U.S. stock index futures are trading lower early Friday, mostly in reaction to the weaker-than-expected economic data from China. The major cash market stock indexes finished mixed on Thursday during a choppy session as investors digested new developments in the ongoing U.S.-China trade dispute.
It’s all eyes on the Pound as talks of a vote of no confidence hit the wires ahead of a make or break emergency EU gathering tomorrow.
A shift in sentiment towards FED monetary policy and trade war jitters pin back the Greenback as the markets prepare for the next Brexit saga.
Can U.S NFP and wage growth numbers come to the market’s rescue? Some will be hoping for soft numbers to dial back expectations of a December hike.
A quiet day on the data front could see the Pound and the EUR under pressure, with Brexit and the Italian coalition government in action.
The Aussie Dollar rallies early on better than expected employment numbers, with UK and Retail sales, Brexit and Italy to keep an eye on.
The markets are on the move, with China’s trade data impressing ahead of the FED’s policy decision and rate statement that could be a December green light.
3rd quarter GDP numbers could add to the EUR’s troubles, with political uncertainty in Germany adding to a muddied political landscape.
Merkel’s coalition government looks to be on the ropes once more, suggesting a possible coalition breakdown, with the UK budget the main event today.
Risk aversion hits the Asian markets ahead of U.S GDP numbers later today, with the Aussie Dollar and Kiwi Dollar joining the equities in a slide.
Oil prices take NZ imports to the highest on record, with focus shifting to Draghi and the ECB Press Conference, a myriad of unknowns to consider.
The major indexes in Asia opened sharply lower in reaction to the steep sell-off in the United States. In Australia, the S&P/ASX 200 fell by 1.87 percent shortly after the opening. Losses were spread through all sectors including the energy subindex which fell 2.14 percent. The financial sector was off by 1.84 percent.
Geo-political risk, private sector PMI numbers and BoC monetary policy all in focus on a busier day for the markets.
A lack of stats will have the markets focused on the Italian coalition government’s response to the EU Commission letter, British PM May also in action.
While we can expect some focus on the FOMC minutes, it’s all about the GBP and the EUR today, the EU Summit putting Brexit and Italy in focus.
Risk appetite trickles back into the markets early on supporting the commodity currencies, while the Kiwi gets a boost from Q3 inflation numbers.
Brexit jitters hit the Pound, with Italy’s budget delivery to the EU later today weighing on the EUR, as risk aversion returns to the markets.
Looking at it another way, the S&P 500 Index is now down six straight trading sessions. It is also trading below its 200-day moving average for the first time since April. The Dow has lost more than 1300 points in two-days. At one point during the trading session, the NASDAQ Composite was down over 10 percent from its recent top, putting it briefly in correction territory.
The risk off sentiment continued through the early part of the day, with better than expected trade data out of China doing little to settle the markets.
While the ECB monetary policy meeting minutes and Brexit will be eyed, U.S inflation figures could have a far greater influence this afternoon.
China service sector activity picks up as the PBoC announces a 4th cut in the RRR, while the Greenback sees more upside early on.
Consumer spending in both Australia and Japan improved but not by enough to shift sentiment as focus shifts to U.S labour market stats.
The Dollar’s on a tear, only the Japanese Yen managing to hold on in the early hours, with a record trade surplus out of Australia doing little for the AUD.
A mixed start to the day, the effects of the U.S – China trade war evident in the Chinese numbers, while the U.S economy powers ahead.
The Loonie was on the move at the start of the 4th quarter, with talks of an imminent NAFTA deal providing support, ahead of a busy week.