Equities struggle once again as sentiment weighs

Published date: 13/06/2019
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Equities struggled once again over in the US, this time the Nasdaq was the main laggard down 0.38% due to any lack of a resolution in the trade conflict between the US and China. In Asia, it was the same story for the Nikkei 225 (-0.57%) as financials underperformed and the ASX closed just under flat with energy names struggling. In China, the Shanghai Comp. closed 0.09% to the good and the Hang Seng still struggled due to the protests in the region. 

Overnight there were two interesting data points. Australian employment change beat estimates but AUD/USD remains depressed. In the UK, RICS house price balance improved so keep an eye on housing stocks on the London stock exchange.

In commodities markets, oil was hit once again! This time it was due to another build in DoE inventory levels. Overnight prices found support at the figure mentioned in yesterdays morning report just ahead of the previous wave low at $50.69/bbl.

Gold continues to creep higher and this morning trades 0.21% higher leading into the EU session. Interestingly enough, a report from financial media is showing that central banks are buying the yellow metal at massive rates, definitely a story to keep an eye on.

Copper is having a slow session once again, the industrial metal is -0.13% lower overnight. Trade war rhetoric doesn't seem to be improving and this is the key driver of sentiment at the moment. 

Today we are on the lookout for the SNB rate decision, German CPI, OPEC comments, US initial jobless claims and Canadian new house price index.


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