Market Recap - Asian shares fall after Huawei's CFO is arrested in Canada
Equities traded in the red once again in the Asia Pac area while the US markets were closed. The Nikkei 225 lost 1.91%, ASX -0.19% and the Shanghai Comp. -1.68%. One major story that dampened sentiment was the news that Huawei's CFO had been arrested in Canada for alleged violations against the Iranian sanctions.
In commodities markets, all the noise came from OPEC, apparently, OPEC are now discussing a cut between 800-900k bpd after previously stating the cut would be at least 1.3mln bpd. This obviously underwhelmed markets and led to a small drop in oil prices. This morning spot WTI trades at $52.74/bbl -0.36% lower.
Copper prices are still in the middle of the current consolidation range at $2.72/lb. The stronger USD and scepticism over the US-China trade deal is still hanging over the industrial metal, despite Trump and Xi doing their best to talk up their relationship.
Price action in gold has been subdued and tight after stalling ahead of the $1243/oz resistance. We are sure to have a volatile rest of the week as the market awaits the latest jobs data.
Today the US come back to the market and we have a busy data schedule. We will be looking forward to BoE's Ramsden speaking, ADP NFP, BoC Poloz speaks, ISM non-manufacturing data, Canadian Ivey PMI, DoE's, and Fed's Powell, Bostic, Williams all speak.