Market Recap: China Cancels Talks With The US
Good morning and welcome to another trading week with EFX!
This morning the Asia Pacific session was a quiet one today as China and Japan were closed due to a public holiday. The ASX lost 0.12% of its value after it had emerged that China had cancelled the trade talks with the US.
Spot WTI jumped at the open after comments from the Saudi Energy Minister, who stated he believes October demand will be higher than previously thought. OPEC World 2018 also noted that demand is to grow at a healthy rate over the medium term.
Coppers impressive run continues this morning and the industrial metal now trades at $2.80/lb. Copper has been buoyed recently after trade war rhetoric calmed in recent days and even despite China cancelling talks the price trades 0.13% higher.
It is an important week for gold, the FOMC rate decision is this week and traders and investors will be looking to find out if we are to see another hike post-September (Sept already priced in).
Looking forward to today's session we have German IFO and ECB's Draghi speaking....