Another day another Trump comment that moves indices

Published date: 12/06/2019
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Indices struggled late yesterday and overnight after Donald Trump took the limelight once again and said he is the one holding up the trade deal and stated they may be no trade deal at all. There is also unrest in Hong Kong as protesters take to the streets to fight for the extradition law. The Nikkei 225 closed 0.30% lower, ASX traded just under flat and the Shanghai Comp. lost 0.35% of its value. 

With the unrest and change in sentiment golds fortunes changed and the yellow metal has had a quick burst to the upside. It's hard to say if this move is sustainable as the sell off two sessions ago was quite hard. 

After a strong session, yesterday copper has moved the other direction again off the back of the Trump comments. Stimulus in China is helping industrial metals but until the data confirms this we seem to be in for a bumpy ride. 

Oil took a dive after the latest figures from the American Petroleum Institute produced yet another build. Today we get the latest DoE report so hold on to your hats. The $50.54/bbl is the previous wave low and could come into focus. 

Today we are looking out for the Turkish rate decision, US core CPI, weekly DoE's and comments from ECB's Draghi, de Guindos and RBA's Ellis


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