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Market Review

In a report, China Logistics Information Center said that Manufacturing activity rose to an annual rate of 51.2, from 50.4 in the preceding month. Other data released on Tuesday showed the CFLP non-manufacturing PMI beating an expected 50.4, rising to 54.0 from 53.7 in the previous month. The Bank of Japan decided to stay devoted to current monetary policy in a seven-to-two vote, retaining the yield curve control target it adopted in September.

Klaus Regling, head of the European Stability Mechanism (ESM), told reporters that Greece's official lenders are likely to offer it short-term debt relief by the end of this year, as there was progress in talks. The Markit manufacturing purchasing managers’ index showed that manufacturing activity in the U.K. slowed slightly in October at 54.3 in October compared to 55.4 in September.

Most U.S. short-term interest rates futures slipped on Tuesday in advance of the Federal Reserve's meeting at which policy-makers are expected to leave interest rates unchanged. In a report, the institute for supply management (ISM) said that manufacturing activity in the U.S. improved more than expected in October, inching up to 51.9 last month from a reading of 51.5 in September.

Currencies: The dollar fell to the day’s lows against a basket of the other major currencies as a news poll showed Hillary Clinton a point behind Donald Trump ahead of the upcoming U.S. presidential election. The EURUSD traded higher between $1.0960 and $1.1069. The GBPUSD traded relatively flat between $1.2281 and $1.2208. The USDJPY traded lower between ¥105.12 and ¥103.80.

Crude Oil: Oil prices pushed higher after plunging to one-month lows in the previous session, as market players looked ahead to weekly data from the U.S. on stockpiles of crude. On the ICE future Exchange, North Sea Brent crude traded lower between $49.26 and $47.73 On the New York Mercantile Exchange, U.S. light crude oil traded lower between $47.35 and $46.20.

Gold: Gold prices rallied to one-month highs, after a new poll showed that enthusiasm for Hillary Clinton weakened since the renewal of the FBI’s email investigation ahead of the upcoming U.S. presidential election. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a broad range between $1262.02 and $1276.59 an ounce.

Indices:  Shares in Asia were mixed on Tuesday as regional PMIs and central bank policy reviews were noted. At the close in Tokyo, the Nikkei 225 edged up 0.10%. At the close in China, Shanghai was up 0.74%.

European shares fell for a seventh straight session with investors holding back as the U.S. presidential campaign enters its final week. At the close in Frankfurt the DAX tumbled 1.33%. At the close in Paris, the CAC40 lost 0.95%. At the close in Madrid, the IBEX 35 dropped 1.16%. Finally, at the close in London the FTSE100 dropped 0.59%.

Wall Street extended losses mainly due to weak construction spending data and uncertainty surrounding the U.S. presidential election. At the close, the Dow Jones industrial average dropped 0.58%. The S&P 500 lost 0.57% and the NASDAQ composite declined 0.69%.

Economic Calendar
Wednesday 2nd November 2016:

Time

Currency

Event

Forecast

Previous

08:15

EUR

Spanish Manufacturing PMI

52.7

52.3

08:55

EUR

German Unemployment Change

0K

1K

09:30

GBP

Construction PMI

51.9

52.3

12:15

USD

ADP Non-Farm Employment Change

166K

154K

14:30

USD

Crude Oil Inventories

 

-0.6M

18:00

USD

FOMC Statement

 

 

18:00

USD

Federal Funds Rate

<0.50%

<0.50%

Posted: 11/2/2016 7:51:53 AM by Global Administrator | with 0 comments


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