Market Blog > November 2016 > Market Review

Market Review

The Cabinet Office in a report stated that the Japanese Household Confidence had risen to a seasonally adjusted annual rate of 42,3, from 43,0 the previous month.

Markit Financial Information services indicated in a report that the Spanish manufacturing sector activity increased to 53.3 from 52.3 in the previous month.  The German Federal Statistical Office stated that the unemployment rate in Germany fell unexpectedly from 6.1% the previous month to a seasonally adjusted 6.0%. Financial data company Markit indicated that the UK’s Construction PMI rose unexpectedly to 52.6 from 52.3 from the previous month.

The FED kept interest rates unchanged in its last policy decision before the US election, but then again indicated it may well hike in December as the economy gathers momentum and inflation picks up. According to a report made by payroll processing firm ADP, the US non-farm private employment rose much less than it was expected in October by a seasonally adjusted 147,000, reducing optimism over the health of the labour market.

Currencies: The dollar edged lower against other major currencies on Wednesday as a result of weak US employment data that disappointed market expectations and the uncertainty over the outcome of the upcoming US presidential elections. The EURUSD traded higher between $ 1.1050 and $ 1.1124. The GBPUSD traded higher between $ 1.2221 and $ 1.2351. The USDJPY traded lower between ¥ 104.17 and ¥ 103.03.

Crude oil: The EIA indicated that the US crude stocks rose more than expected by 14.420mn barrels after a fall of 553,000 barrels the previous week. On the ICE future Exchange, North Sea Brent crude traded lower between $ 48.02 and $ 46.48 On the New York Mercantile Exchange, US light crude oil traded lower between $ 46.47 and $ 44.98.

Gold: The Price of Gold went up on Wednesday to a one-month high as demand for safe-haven assets was enhanced by growing anxieties over the US presidential election. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a range between $1287.10 and $1307.99 an ounce.

Indices:  Asian stocks were down on Wednesday ahead of the FED policy announcement. At the close in Tokyo, the Nikkei 225 went down by 1.76%. At the close in China, Shanghai Composite declined 0.65%.

European stocks opened lower on Wednesday as a result of the uncertainty over the outcome of the upcoming US presidential election.  At the close in Frankfurt the DAX declined 1.47%. At the close in Paris, the CAC40 went down 1.24%. At the close in Madrid, the IBEX 35 declined 1.85%. Finally, at the close in London the FTSE100 fell 1.04%.

Wall Street was down on Wednesday after the Federal Reserve kept interest rates unchanged. At the close, the Dow Jones industrial average fell 0.43% The S&P 500 fell 0.65% and the NASDAQ composite went down 0.93%.

Economic Calendar
Thursday 3rd November 2016:

 Time

Currency

Events

Forecast

Previous

1:45am

CNY

Caixin Services PMI

52.5

52

8:00am

EUR

Spanish Unemployment Change

77.3K

22.8K

9:30am

GBP

Services PMI

52.5

52.6

12:00pm

GBP

BOE Inflation Report

 

 

12:00pm

GBP

MPC Official Bank Rate Votes

0-0-9

0-0-9

12:00pm

GBP

Monetary Policy Summary

 

 

12:00pm

GBP

Official Bank Rate

0.25%

0.25%

12:00pm

GBP

Asset Purchase Facility

435B

435B

12:30pm

USD

Unemployment Claims

 

258K

12:30pm

USD

Prelim Nonfarm Productivity q/q

1.70%

-0.60%

2:00pm

USD

ISM Non-Manufacturing PMI

56.2

57.1

Posted: 11/3/2016 7:47:35 AM by Global Administrator | with 0 comments


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