Commodities reverse some losses and equities trade mixed overnight
Equities traded mixed yesterday after it was reported that the November meeting between Trump and Xi has been delayed until December. Prior to that, it was a pretty quiet day in the financial markets but the data from the EU had been encouraging. Overnight, equities traded well with the ASX outperforming up 1%. As for today, we are due to get the latest from the BoE who are not expected to move on rates or policy,
In commodities markets, oil was one of the main movers yesterday after it was reported that the bigger OPEC+ members did not want a production cut. This morning the price has recovered slightly and trades 0.64% higher at $56.72/bbl.
Gold still remains under $1500/oz and again didn't really move due to a lack of key drivers. The range low is still the level to keep an eye on at around $1460/oz.
Copper has also moved higher overnight and trades 0.66% in the black. It looks like the industrial will try and make another run on the $2.70/lb level that it printed above a few sessions ago.
Today we will be looking out for the BoE rate decision, German industrial production, ECB economic bulletin, US initial jobless claims, Japanese household spending and comments from BoE's Carney, Fed's Kaplan and Bostic