Market Recap: Brexit Deadline Pushed Back And New Fed Vice Chair Chosen

Published date: 29/08/2018

US equities closed just above flat yesterday with the Nasdaq outperforming up 0.15%. In the Asia Pacific area, it was pretty mixed the ASX closed 0.75% higher, while the Nikkei moved up 0.18% and the Shanghai Comp. was the laggard losing 0.40% of its value. The main story overnight was the delay of the Brexit deal deadline to mid-November, it's clear that officials are struggling to get these complex negotiations moving in the right direction. In NAFTA news, it seems that Canada is set to make dairy concessions to get the deal done and lastly Richard Clarida is set to become the new Fed Vice Chair. 

Commodities traded softer overnight in general, copper fell around half a per cent and trades just below the $2.69/lb area. Yesterday the market had been bullish off the back of the US, Mexico trade deal.

Late last night we saw the latest API inventory data from the States, the report showed a build of  0.038M vs the previous draw of5.170M. As you would expect spot WTI is softer this morning trading lower by 0.12%.

Gold is the only major commodity in the black this morning, the precious metal is trading marginally higher by 0.09% despite some strength in the Dollar Index (0.15%).



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