Daily News

Daily Briefing – Wedmesday, October 4, 2017

US

The dollar this morning is down against major peers as it fails to break resistance levels against the Yen, Franc and AUD. US benchmarks continue to set records with the S&P on its 6th day of gains, propped you by Intel, Disney and AmExs. Last night’s vehicle sales total showed a 2.3m unit increase in August, while the Redbook index came in flat MoM.

 

Europe

Catalonians have taken to the streets to protest police brutality during the referendum Sunday, public transport and shops closed in Barcelona, after Spain reported a worse-than-expected 28,000 increase in unemployment and the EU provided excellent PPIs yesterday -a 2.5% increase against expectations of 2.3%. The European Parliament has decided to delay Brexit discussion until the UK relents on its positions, while Britain’s construction PM<I declined to a contractionary 48.1 in September and shop prices decreased by 0.1%, up from August’s 0.3%..

 

Asia

Asian markets opened to subdued trading overnight as China continues to celebrate National Day this week. The Hang Seng is nearing a 10-year high, closing up 0.75% thanks to real estate developments in China. And the Nikkei performed less well, with a 0.04% increase on a strengthening yen and a drop from 51.6 to 51.0 in the nation’s services PMI. In Australia, the nation’s industry group reported a drop in its services index for August from 53 to 52.1.

 

Commodities

As all major currencies strengthen against the USD, Gold is back on an upward slant, this morning – especially with the opening of Asian markets following 2-day National Day celebrations in China. And WTI is sinking despite a 4 mB withdrawal from the Cushing repositories, based on API numbers last night. It’s currently heading for the $50 mark after petrol inventories increased at their highest pace since January.

 

Today’s Events

7:15 – 8:30 AM GMT

Markit Services & Composite PMIs for Spain, Italy, France, Germany, the UK & the EU followed at 9 by EU Retail Sales

11 AM GMT

US: Mortgage Applications, followed at 12:15 PM by ADP Employment, Markit svcs & comp PMIs at 1:45 and ISM non-manufacturing PMI at 2.

2:30 PM GMT

EIA: Crude Oil Stocks Change

11:50 PM GMT

Japan: Foreign Investments

0:30 AM GMT (+1)

Australia: Trade Balance

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