Market Recap: US Equities Slide Again And NZ CPI Beats Expectations
Equities slipped once again in America with the Nasdaq the worst performer down 0.88%. In the Asia Pacific area only the Shanghai Comp. followed the lead from Wall St. to trade 0.78% lower, while the Nikkei (1.14%) and ASX (0.56%) both gained. Overnight, inflation in New Zealand improved which then lifted the NZD as the chances of a rate cut were reduced.
On the balance, commodities markets are subdued this morning. Brent and WTI trade flat after yesterday's drama over the British journalist who went missing in Saudi Arabia. The latest from US newswires confirms that Khashoggi died after being interrogated, they went on to say the intention was to abduct him from Turkey.
Gold had a pretty bullish session yesterday and this morning we have opened up flat. Price is currently trading at $1227/oz struggling to meet the next resistance target of $1238/oz. Goldman Sachs has also downgraded their quarterly Gold target to $1250/oz from $1350/oz and 12 months down to $1325/oz from $1450/oz.
Copper once again rejected $2.80/lb and pulled back overnight. This morning the industrial metal languishes at $2.75/lb as market participants await the talks between China and America scheduled at the G20 summit.
Today we look out for UK earnings data, German ZEW, comments from BoE's Cunliffe, Jolts data and US industrial production....