Market Blog > October 2016 > Market Review

Market Review

In a report, National Bureau of Statistics of China said that Retail sales in China rose unexpectedly to an annual rate of 10.7%, from 10.6% in the preceding month. In another report, Industrial production in China fell to 6.1%, from 6.3% in the preceding month. Lastly, China’s gross domestic product remained unchanged last month at an annual rate of 6.7%, from 6.7% in the preceding month. In a report, Japanese Ministry of Economy, Trade and Industry said that Japan’s All Industries Activity Index rose to a seasonally adjusted 0.2%, from 0.2% in the preceding month.

In a report, U.K. Office of National Statistics said that Average hourly earnings, including bonuses in the U.K. fell to a seasonally adjusted annual rate of 2.3%, from 2.4% in the preceding month. Office for National Statistics also said that the U.K. claimant count change rose less-than-expected to a seasonally adjusted 0.7K, from 7.1K in the preceding month. The unemployment rate in the U.K. remained unchanged at a seasonally adjusted 4.9%, from 4.9% in the preceding month.

The Atlanta Federal Reserve's forecast model showed The U.S. economy is on track to grow at a 2.0 percent annualized pace in the third quarter, after the release of the latest data on government expenditures. The number of building permits issued in the U.S. rose more-than-expected to 1.225M, from 1.152M in the preceding month. At the same time, U.S. housing starts fell unexpectedly last month to 1.047M, from 1.150M in the preceding month whose figure was revised up from 1.142M.

Currencies: The EURUSD traded lower between $1.1068 and $1.1004. The GBPUSD traded broadly higher between $1.2106 and $1.2325. The USDJPY traded lower between ¥103.28 and ¥104.48.

Crude Oil: Oil prices rose, after the U.S. Energy Information Administration reported an unexpectedly large U.S. oil inventory drop last week. On the ICE future Exchange, North Sea Brent crude traded higher between $52.62 and $51.87 On the New York Mercantile Exchange, U.S. light crude oil traded higher between $51.17 and $49.91.

Gold: Gold prices held onto solid gains, as a batch of mixed data on the U.S. housing market kept up pressure on the dollar. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a range between $1260.20 and $1273.22 an ounce.

Indices:  Asian shares mostly rose for a second session on Wednesday as a barrage of Chinese data confirmed the economy had stabilized. At the close in Tokyo, the Nikkei 225 gained 0.21%. At the close in China, Shanghai edged down 0.05%.

European stocks were higher in cautious trading, as investors had their eyes on the European Central Bank’s upcoming policy meeting on Thursday. At the close in Frankfurt the DAX added 0.15%. At the close in Paris, the CAC40 gained 0.20%. At the close in Madrid, the IBEX 35 climbed 0.86%. Finally, at the close in London the FTSE100 rose 0.35%.

Wall Street traded higher on Wednesday as investors continued to digest positive signs from the third quarter reporting season. At the close, the Dow Jones industrial average added 0.23%. The S&P 500 gained 0.21% and the NASDAQ composite edged up 0.05%.

Economic Calendar
Thursday 20th October 2016:
 

Time

Currency

Events

Forecast

Previous

08:30

GBP

Retail Sales m/m

0.30%

-0.20%

Day 1

EUR

EU Economic Summit

 

 

11:45

EUR

Minimum Bid Rate

0.00%

0.00%

12:30

EUR

ECB Press Conference

 

 

12:30

USD

Philly Fed Manufacturing Index

5.2

12.8

12:30

USD

Unemployment Claims

251K

246K

14:00

USD

Existing Home Sales

5.36M

5.33M

Posted: 10/20/2016 6:43:19 AM by Global Administrator | with 0 comments


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