Market Recap - Equities In Asia Recover Somewhat But Chinese Data Misses Expectations
US indices closed in the red yesterday as the negative sentiment carried through from Europe following more turmoil in Turkey. Over in the Asia Pac area equities recovered and traded well in Australia (ASX 0.76%) and Japan (Nikkei 2.15%), although in China the Shanghai Comp. (-0.41%) struggled as data came in worse than expected.
The big story in commodities markets yesterday was gold breaking $1200/oz. This morning the precious metal trades at $1195/oz and it is rumoured that the Turkish central bank is selling as they try and prop up the Lira although this is unconfirmed. It does seem a strange move seen as geopolitical tensions are soo high.
Oil bounced back from lows yesterday after the most recent OPEC report suggested that demand is not as high as previously forecast. Spot WTI traded as low as $65.74/bbl and has now bounced back to $67.43/bbl and today we await the latest weekly API figures.
Copper also looks subdued as Chinese industrial production narrowly missed expectations of 6.3% to print at 6%. The industrial metal is trading close to the wave lows on the daily chart, however, seems to be consolidating.