Equites traded weaker overnight but there are some key data points today

Published date: 29/11/2019

Yesterday was a quiet day in the markets as the US was off for the Thanksgiving holiday. In the EU the mood was a sombre one in terms of risk appetite. This carried through to the Asia Pac area as the Nikkei (-0.49%), ASX (-0.26%) and Shanghai Comp. (-0.61%) all closed lower. 

FX markets were contained last night with moved contained across the board. NZD/USD rose 0.15% after ANZ consumer confidence in NZ in November rose by 1.9% vs a 4% rise in October. Also, NZ FinMin Robertson was on the wires overnight, saying the country's strong debt position gives it breathing space. Today is month end so there could be some moves based on positioning.

Gold also rose last night in line with the risk theme. The precious metal trades 0.20% higher leading into the EU session, holding at $1458.20/oz.

Price action in spot WTI has been very tight even after a miss against expectations for both API's and DoE's. The market has been underpinned by the promise of an extension to the OPEC+ output cuts although no official confirmation has been given.

Sentiment in copper remains slightly weak after the US passing the law which sympathises with the protestors in Hong Kong. Today the base metal trades at $2.65/lb, 0.11% lower overnight.

Today we will be looking out for German retail sales, German employment data, EU CPI, Canadian GDP and comments from ECB's de Guindos.


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