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Daily Briefing – Thursday, October 5, 2017

US

US indexes closed up last night with the S&P on its 7th day of increases led by utilities and real estate. The Nasdaq remained weak as Apple continues losing: -0.65%. The USD continued parring losses after a strong services performance yesterday and expectations of further FED tightening following Stanley Fischer’s optimism expressed over eventual inflation increases. FED chair Yellen yesterday said she would ease regulation over smaller banks, but uncertainty about her successor is pressuring the currency down. Markit’s services PMI fell to 55.3 but the ISM figure soared to 59.8 – its highest since August 2005. And the ADP’s September employment change increased by 135,000 jobs – half August’s figures. The institute reports a slump in small business hirings.

 

Europe

The EU is demanding Amazon pay €250 smillion in taxes, as it sues Ireland for failing to collect €13 billion in taxes from Apple. The Euro strengthened against the USD yesterday thanks to better-than-expected PMIs. Services PMIs came in mixed, with the EU’s retail sales dropping 0.5% MoM, compared to -0.3% in July. Finally, the Swiss Franc is experiencing some relief on expectations of a slight increase in consumer inflation.

 

 

Asia

Japan’s Nikkei closed at an even 0% this morning after muted trading as Chinese markets continue to be closed. The Hang Seng added 0.73%. August retail sales in Australia fell 0.6%, its worst performance in 4 years, pressuring the AUD downward, while this morning’s trade data shows a huge surge in the nation’s surplus to $989m, thanks especially to increased gas exports and Chinese iron ore demand.

 

Commodities

Oil ended its 3rd day of losses as Libya reopens its largest oil field and US Crude reserves drop a better-than-expected 0.6mB, based on the EIA’s report

 

Today’s Events

7:15 AM GMT

Switzerland: CPIs

12:30 PM GMT

US: Jobless Claims, followed by Factory Orders at 2

12:30 PM GMT

Canada: Imports, Experts & Trade

11:50 PM GMT

Japan: Foreign Reserves, followed by Leading Index at 5AM

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