Mixed start to the week for equities but commodities trade firmer
On the first trading day of the week, the indices in the Asia Pac area traded mixed. The Nikkei 225 fell -0.29%, the ASX pushed 1.63% higher and the Shanghai Comp. also increase by 0.56%. There was some interesting data to digest but one of the biggest was the Chinese industrial production number for November. The data beat the expectations of 5% to print at 6.2%. Australian and Japanese manufacturing data was subdued and now it's over to Germany to see if thing improved.
In FX markets GBP/USD is still pushing higher following the election result and therefore dragging EUR/USD up in the process. Having said that EUR/GBP is 0.19% lower so it's clearly GBP driving the strength.
As equities were mixed gold used the opportunity to push higher. The yellow metal trades at $1477/oz at the start of the trading week, pushing 0.11% higher overnight.
The good news keeps coming for copper as the Chinese data improved. The red metal now trades 0.41% higher after retracing somewhat on Friday but the price is still under the $2.80/lb level.
Spot WTI is desperately trying to take the $60/bbl level out and this morning starts the week, at $59.90/bbl. This weeks inventory levels will be important.
Today we will be looking out for manufacturing data from all the major nations, also services PMI from UK, US and Germany.