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Market Review

Following a meeting between the two countries' governments, France will encourage its institutions to issue yuan-denominated "panda bonds" as part of efforts to boost financial cooperation with China, China's Ministry of Finance said on Tuesday. China's premier Li Keqiang said that he feels confident the country can "accomplish major development tasks" in 2016, as he believes China's economy is stabilizing and many indicators performed better than expected.

In a report, ZEW said that Euro zone ZEW economic sentiment index rose more-than-expected last month to a seasonally adjusted 15.8, from 12.3 in the preceding month. In a report, Eurostat said that the euro zone’s trade balance rose more-than-expected in the last quarter to 26.5B, from 18.4B in the preceding quarter. British inflation dropped unexpectedly last month but factory prices increased at the fastest pace in years after sterling's Brexit slump, signalling higher prices for consumers in the following year.

n a report, the U.S. Commerce Department said that retail sales rose 0.8% in October from the previous month. September retail sales increased 1.0%. Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 0.8% in October, compared to a 0.7% advance from September.
 
Currencies: The dollar recovered from losses and continued to trade near a14-year high against the other major currencies, after upbeat U.S. data rejuvenated optimism over the U.S. economy. The EURUSD traded lower between $1.0840 and $1.0709. The GBPUSD traded lower between $1.2529 and $1.2382. The USDJPY traded higher between ¥107.78 and ¥109.34.

Crude Oil: Oil prices jumped higher, bouncing back from multi-month lows relying on expectations that OPEC will agree later this month to cut production to reduce a supply glut. On the ICE future Exchange, North Sea Brent crude traded higher between $44.67 and $47.24 On the New York Mercantile Exchange, U.S. light crude oil traded higher between $43.55 and $45.98.

Gold: Gold rose on Tuesday, giving an end to a five-session losing streak which pushed prices to the lowest level in more than five-months. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a range between $1218.78 and $1231.48 an ounce.

Indices:  The combination of a rally in US treasury yields and a stronger dollar derailed Asian equities today. At the close in Tokyo, the Nikkei 225 edged down 0.03%. At the close in China, Shanghai edged down 0.01%.

Europe stocks were slightly higher as Brent Oil recovered significantly from previous lows. At the close in Frankfurt the DAX added 0.40%. At the close in Paris, the CAC40 gained 0.55%. At the close in Madrid, the IBEX 35 climbed 0.35%. Finally, at the close in London the FTSE100 advanced 0.55%.

U.S. stocks were higher as bond yield jump came to a pause. At the close, the Dow Jones industrial average added 0.29%. The S&P 500 gained 0.78% and the NASDAQ composite climbed 1.10%.
 
Economic Calendar
Wednesday 16th November 2016:
 

Time

Currency

Events

Forecast

Previous

09:30

GBP

Average Earnings Index 3m/y

2.30%

2.30%

09:30

GBP

Claimant Count Change

1.9K

0.7K

09:30

GBP

Unemployment Rate

4.90%

4.90%

13:30

USD

PPI m/m

0.30%

0.30%

13:30

USD

Core PPI m/m

0.20%

0.20%

14:00

GBP

MPC Member Cunliffe Speaks

 

 

14:15

USD

Industrial Production m/m

0.20%

0.10%

15:30

USD

Crude Oil Inventories

 

2.4M

Posted: 11/16/2016 7:46:00 AM by Global Administrator | with 0 comments


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