The week has started very quietly with minimal volatility, and the financial markets in general have lacked direction, with traders attention seemingly turned to the terrible news from Paris. The currency markets have been mostly static, while the US equity indices are flat, to very mildly lower at the end of the session after Citi/Goldman Q1 reports failed to provide any inspiration. Today will be the turn of BOA, IBM, Blackrock and Netflix to report.
Yields were little changed with the US10Y at 2.55%, while WTI dipped on concerns over demand, and also because of apprehension as to Russian commitment to the current OPEC cuts, following the weekend statement from the Russian Finance Minister about the possibility of increasing production to compete with US output.
Looking ahead, Tuesday’s RBA Minutes may provide a little action, and there is an official China Press Conference due mid-morning in Asia, while later in the day we get the April German/EU ZEW Economic Sentiment/Current Situation Survey (Germany; exp -11; Sentiment, +11.7; Current Situation. EU exp -9.5-Sentiment) and some secondary US data, Capacity Utilisation (exp 79.1%mm – Mar), Industrial Production (exp 0.3%mm -mar), NAHB Housing Market Index (exp 63). The API Weekly Crude Oil Stock Inventory and the Global Dairy Trade Index (exp -0.5%) are also due. Have a good day.
Economic data highlights will include:
Tue: RBA Minutes, China House Price Index, NBS Press Conference, Japan Tertiary Industry Index, UK Unemployment, German/EU ZEW Economic Sentiment Survey, EU Construction Output, US Industrial Production, Capacity Utilisation, API Weekly Crude Oil Stock Inventory, Global Dairy Trade Index
Market moves, in brief:
FX: DXY 96.95 (+0.09%)
Bonds: US10Y; 2.557% (-0.68%), German 10Y; +0.056% (0.00%), UK 10Y; 1.22% (+0.54%), Australian 10Y; 1.961% (3.59%), NZ 10Y; 2.055% (+1.23 %), China 10Y; 3.375% (+0.75%)
Stock Indices: DJI; -0.10%, S+P; -0.06%, NASDAQ; +0.01%, EUStoxx50; +0.12%, FTSE100; 0.00%, Shanghai Composite; -0.35%,
Metals: Gold $1287 oz (-0.20%), Silver $15.00 oz (+0.18%), Copper $2.933 lb (-0.23%), Iron Ore $93.97 per tonne (+0.19%)
Oil: WTI $63.52 pb (-0.39%)
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