Equities are mixed overnight despite good data from China
Chinese data beats expectations overnight as both industrial production and GDP come in higher. Asian equities traded mixed despite Chinese GDP printing at 6.4% (exp 6.3%). The Nikkei 225 (0.25%) closed higher while the ASX (-0.33%) and Shanghai Comp. (-0.01%) both traded lower.
Copper is the clear outperformer in the commodities market after Chinese industrial production printed at 8.5% beating expectations of 6.3%. The base metal is 0.87% higher today trading at $2.95/lb and traders and analysts are wondering if today is the day $3/lb is broken.
Gold also moved higher overnight after finding some support at $1273/oz. Interestingly price has now made two consecutive lower lows and lower highs on the daily chart confirming some bearishness.
Oil prices are higher overnight as the weekly API crude stocks produced an unexpected draw overnight. The data showed a draw of 3.096m vs the previous build of 4.091m. Spot WTI is now back above $64/bbl trading 0.27% higher.
Today we have UK, Canadian & EU CPI, US trade balance, DoE's and comments from BoE's Carney, ECB's Lautenschlager and Fed's Bullard and Harket