Stocks are mixed overnight as Chinese data disappoints
Overnight only the Nikkei 225 traded in the black after Chinese PPI data fell the most since August 2016 weighing on Chinese and Australian shares. In the UK parliament managed to block another attempt by new PM Boris Johnson to hold a snap election. Labour leader Corbyn is still sticking to his stance of securing a no-deal outcome first.
In energy markets oil surged higher yesterday after a handful of words from the new Saudi Energy Minister was enough to push the liquid gold higher. Abdulaziz said there would be ‘no radical change in oil policy’ and that he would ‘consult with peers about oil cuts’
Copper also moved higher overnight as finally, the Chinese fiscal stimulus measures are filtering through to the base metals complex. This morning the red metal is trading 0.36% higher at $2.63/lb.
Gold finally dipped under $1500/oz after a few consecutive days of risk on market action. The US dollar has been slightly choppy but the weakness in the precious metal is clearly coming from a move into stocks.
Today we get the latest UK jobs data, US Jolts, weekly API inventory levels and comments from BoE's Carney.