{"id":21035,"date":"2017-05-08T08:07:17","date_gmt":"2017-05-08T02:37:17","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21035"},"modified":"2017-05-09T08:18:41","modified_gmt":"2017-05-09T02:48:41","slug":"monday-8th-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/monday-8th-may-european-open-briefing\/","title":{"rendered":"Monday 8th May: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei gained 2.40 %, Shanghai Composite lost 0.90 %, Hang Seng rose 0.30 %, ASX 200 up 0.50 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1230 (+0.30 %), Silver at $16.47 (+1.20 %), WTI Oil at $46.80 (+1.20 %), Brent Oil at $49.75 (+1.30 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.36, UK 10-year yield at 1.12, German 10-year yield at 0.42\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina Trade Balance (USD) Apr: 38.05B Est. (35.20B), Prior (23.92B)\n\t<\/li>\n<li>\n\t\tChina Exports (YoY) Apr: 14.3% Est. (16.80%), Prior (22.30%)\n\t<\/li>\n<li>\n\t\tChina Imports (YoY) Apr: 18.6% Est. (29.30%), Prior (26.30%)\n\t<\/li>\n<li>\n\t\tAustralia NAB Business Confidence Apr:13, Prior (6)\n\t<\/li>\n<li>\n\t\tAustralia NAB Business Conditions Apr: 14, (Prior 14, revised 12)\n\t<\/li>\n<li>\n\t\tAustralia Building Approvals (MoM) Mar: -13.4%, Est. (-4.00%), Prior (8.3%)\n\t<\/li>\n<li>\n\t\tAustralia Building Approvals (YoY) Mar: -19.9%, Est. (-10%), Prior (-4.90%)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.8947 (prev fix: 6.8884)\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>CFTC Positioning Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tEUR short 2K vs 21K short last week. Shorts trimmed by 19K\n\t<\/li>\n<li>\n\t\tGBP short 81K vs 91K short last week. Shorts trimmed by 10K\n\t<\/li>\n<li>\n\t\tJPY short 30K vs 27K short last week. Shorts increased by 3K\n\t<\/li>\n<li>\n\t\tCHF short 18K vs 17K short last week. Shorts increased by 1K\n\t<\/li>\n<li>\n\t\tCAD short 48K vs 43K short.&nbsp; Shorts increased by 5K\n\t<\/li>\n<li>\n\t\tAUD long 43K vs 43K long.&nbsp; Unchanged\n\t<\/li>\n<li>\n\t\tNZD short 12K vs 15K short last week.&nbsp; Shorts trimmed by 3K\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tMarkets reacted positively to the outcome of the French election. While it was already expected that the centrist candidate Macron will win, stock markets in Asia extended gains. European equities are likely to open higher as well, and a gain of at least 1 % seems likely in the German DAX and French CAC index.\n<\/p>\n<p>\n\tThe Euro declined overnight, after starting the trading day above 1.10. The Macron win was already priced in, which is why the currency run out of momentum. EUR\/USD fell back to 1.0955. Nevertheless, the technical outlook remains positive and the pair should find strong support at 1.09 and 1.0870.\n<\/p>\n<p>\n\tThe safe havens JPY and CHF fell in Asia. Demand for precious metals is likely to remain weak in the short-term too, unless a new risk-off theme emerges in the market. Key resistance in Gold is seen at $1235.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t07:00 BST &#8211; German Factory Orders\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949689\">09:30 BST &#8211; UK Halifax House Price Index<\/a>\n\t<\/li>\n<li>\n\t\t13:35 BST &#8211; FOMC Member Bullard speaks\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>The Week Ahead:<\/strong><br \/>\n<\/h4>\n<p>\n\t<u>Tuesday, May 9th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t02:30 BST &#8211; Australian Retail Sales\n\t<\/li>\n<li>\n\t\t06:45 BST &#8211; Swiss Unemployment Rate\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949610\">07:00 BST &#8211; German Trade Balance<\/a>\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949699\">14:00 BST &#8211; FOMC Member Kashkari speaks<\/a>\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t18:00 BST &#8211; FOMC Member Rosengren speaks\n\t<\/li>\n<li>\n\t\t21:15 BST &#8211; FOMC Member Kaplan speaks\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Wednesday, May 10th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t02:30 BST &#8211; Chinese CPI\n\t<\/li>\n<li>\n\t\t02:30 BST &#8211; Chinese PPI\n\t<\/li>\n<li>\n\t\t07:45 BST &#8211; French Trade Balance\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949621\">13:00 BST &#8211; ECB President Draghi speaks<\/a>\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; US Crude Oil Inventories\n\t<\/li>\n<li>\n\t\t22:00 BST &#8211; RBNZ Rate Decision\n\t<\/li>\n<li>\n\t\t22:00 BST &#8211; RBNZ Statement\n\t<\/li>\n<li>\n\t\t23:00 BST &#8211; RBNZ Governor Wheeler speaks\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Thursday, May 11th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t00:50 BST &#8211; Japanese Current Account\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; German WPI\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949630\">08:15 BST &#8211; Swiss CPI<\/a>\n\t<\/li>\n<li>\n\t\t08:30 BST &#8211; SNB Chairman Jordan speaks\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Manufacturing Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Trade Balance\n\t<\/li>\n<li>\n\t\t12:00 BST &#8211; Bank of England Rate Decision\n\t<\/li>\n<li>\n\t\t12:00 BST &#8211; Bank of England Meeting Minutes\n\t<\/li>\n<li>\n\t\t12:00 BST &#8211; Bank of England Inflation Report\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Initial Jobless Claims\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US PPI\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Friday, May 12th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t<a name=\"_Hlk481949637\">07:00 BST &#8211; German GDP<\/a>\n\t<\/li>\n<li>\n\t\t<a name=\"_Hlk481949739\">10:00 BST &#8211; Euro Zone Industrial Production<\/a>\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Retail Sales\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US CPI\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Michigan Consumer Sentiment\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei gained 2.40 %, Shanghai Composite lost 0.90 %, Hang Seng rose 0.30 %, ASX 200 up 0.50 % Commodities: Gold at $1230 (+0.30 %), Silver at $16.47 (+1.20 %), WTI Oil at $46.80 (+1.20 %), Brent Oil at $49.75 (+1.30 %) Rates: US 10-year yield at 2.36, UK 10-year &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/monday-8th-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 8th May: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=21035"}],"version-history":[{"count":9,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21035\/revisions"}],"predecessor-version":[{"id":21044,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21035\/revisions\/21044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=21035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}