Equities mixed after trade war comments
The Japanese markets were off due to a public holiday but the ASX pressed higher after positive trade comments from China. It has been said that the talks were “productive” and “constructive. Trump then poured cold water on the positivity as he once again said he is not interested in an interim trade deal and can wait for a more comprehensive one. The Shanghai Comp. closed lower as the PBoC chose to refrain from the usual liquidity injection.
In commodities markets, gold trades at $1513/oz after a surge in prices on Friday. The main resistance level is the previous high of $1558.05/oz but the mixed US dollar sentiment is throwing a spanner in the works.
Despite some positive trade comments from China copper failed to make any real gains. The red metal now trades 0.10% higher at $2.58/lb dipping under the $2.60/lb psychological area that has held well in recent weeks.
WTI is also higher on the first trading day of the week. The spot contract trades at $58.82/bbl and has consolidation after the attacks on the Saudi Aramco facility. Keep an eye on the news as it has been said some US troops have been sent to Saudi Arabia as a precaution.
Today we are looking out for PMI data from all over the EU and the US, UK CBI industrial trends orders and any more comments from UK and the EU over Brexit discussions.