Market Recap: Equities Trade Well As Traders And Investors Look Forward To China And US Talks
It was a positive session over in the States yesterday with the Nasdaq the outperformer up 0.75%. Over in the Asia Pacific area indices traded slightly mixed as the ASX (0.62%) and Nikkei (1,19%) both closed higher and the Shanghai Comp. closed just under flat. The Chinese Gov. welcomed the invitation for new trade talks with America which sent sentiment higher, although, Trump soon poured water over the fire by saying '"under no pressure to make a deal with China." on twitter.
After a weak close yesterday spot WTI opens today lower by 0.10%. Hurricane Florence was downgraded yesterday to a category two storm from a category four and also the IEA commented yesterday saying global oil supply reached a record of 100 million barrels per day.
Gold sold off yesterday despite the weaker US dollar and this came as risk on sentiment hit the market. Poor old gold cannot catch a break at the minute, if it's not the strong dollar pushing it down, its safe-haven flows in treasuries and if it's not that its rotation into stocks.
Copper reached a high of $2.68/lb in yesterdays session and as soon as the price looked like it would test the psychological $2.70/lb mark it sold off and closed around the $2.64/lb area. The next set of talks between USA and China are pivotal for base metals.
After a busy session yesterday today we can look forward to BoE Gov. Mark Carney speaking, US retail sales data and the latest CoT report....