Market Recap - Equities trade mixed after issues at APEC summit
After a mixed close on Wall St. last Friday, indices in the Asia Pac area are much the same. The ASX is the only one in the red trading 0.65% lower. The Shanghai Comp. trades 0.91% higher and Japan's Nikkei 225 moved 0.62% higher this morning. Keep a close eye on Chinese - US news this week, stocks rose on Friday after U.S. President Donald Trump said that he may not impose more tariffs on Chinese goods. The tension was clear at the APEC summit, it seemed that the trade wars had been causing major problems as this is the first time in the history of the meeting no joint statement had been released.
In commodities markets, oil has moved higher overnight after Russian energy minister Novak stated they are set to sign an agreement on oil output. This week will be pivotal as OPEC talks begin.
Copper prices moved higher last week and this morning prices hover at $2.77/lb after the news that China-US relations are improving. From a technical perspective, prices have firmly moved back into the previous higher consolidation period where the next resistance is the psychological $2.80/lb mark.
Golds recent upsurge was stopped in its tracks at $1220/oz. The precious metal is in no man's land as traders debate another rate hike next month. The futures market is pricing it in but as the risk theme keeps changing price action remains tentative.
On the data slate today we have Eurogroup meetings, the Buba monthly report, comments from Fed's Williams and the usual Brexit talk.