{"id":21403,"date":"2017-05-31T10:15:54","date_gmt":"2017-05-31T04:45:54","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21403"},"modified":"2017-05-31T10:15:54","modified_gmt":"2017-05-31T04:45:54","slug":"wednesday-31st-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-31st-may-european-open-briefing\/","title":{"rendered":"Wednesday 31st 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 down 0.15 %, Shanghai Composite and ASX 200 gained 0.15 %, Hang Seng rose 0.10 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1260 (-0.20 %), Silver at $17.26 (-0.95 %), WTI Oil at $49.35 (-0.60 %), Brent Oil at $51.95 (-0.55 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.22, UK 10 year yield at 0.99, German 10 year yield at 0.29\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina Manufacturing PMI 51.2 vs 51.0 expected\n\t<\/li>\n<li>\n\t\tChina Non-Manufacturing PMI 54.5 vs 54.0 previous\n\t<\/li>\n<li>\n\t\tJapan Industrial Production 4.0 % vs 4.3 % expected\n\t<\/li>\n<li>\n\t\tSouth Korea Retail Sales m\/m 0.7 % vs -0.1 % previous\n\t<\/li>\n<li>\n\t\tSouth Korea Industrial Production m\/m -2.2 % vs 0.8 expected\n\t<\/li>\n<li>\n\t\tSouth Korea Industrial Production y\/y 1.7 % vs 5.0 % expected\n\t<\/li>\n<li>\n\t\tNew Zealand ANZ Business Confidence 14.9 vs 11.0 previous\n\t<\/li>\n<li>\n\t\tAustralia Private Sector Credit m\/m 0.4 % vs 0.4 % expected\n\t<\/li>\n<li>\n\t\tAsia stocks rise as China factories see steady growth, sterling soft &#8211; RTRS\n\t<\/li>\n<li>\n\t\tChina factory PMI growth holds up in May, steel sector activity speeds up &#8211; RTRS\n\t<\/li>\n<li>\n\t\tOil falls as rising Libyan, U.S. output undermines cuts &#8211; RTRS\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe British Pound came under further pressure after polls showed that UK Prime Minister May&rsquo;s lead is decreasing. GBP\/USD was clearly rejected at 1.2880 resistance, and while 1.2775 support held, further losses seem likely in the near-term. The uncertainty around the UK election surprised the markets a bit, which were expecting that May&#39;s lead will continue to hold.\n<\/p>\n<p>\n\tThe Euro recovered slightly, but is struggling to gain momentum. Resistance is seen at 1.12 and 1.1230, while key support lies at 1.11. A break sub-1.11 would suggest losses could extend to 1.10 soon.\n<\/p>\n<p>\n\tTraders are now looking forward to the Euro Zone inflation figures, which will be released this morning at 10:00 BST. There have speculations that the ECB might signal a shift in their monetary policy soon amid improving economic conditions. A higher than expected inflation print could further fuel that and boost the Euro.\n<\/p>\n<p>\n\tUSD\/JPY bounced amid broad USD strength and a solid performance of global equity markets. However, the pair will need a clear break above 112 to gather some momentum.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t07:00 BST &#8211; German Retail Sales\n\t<\/li>\n<li>\n\t\t07:45 BST &#8211; French CPI\n\t<\/li>\n<li>\n\t\t08:55 BST &#8211; German Unemployment Rate\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; Euro Zone CPI\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; Euro Zone Unemployment Rate\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; Canadian GDP\n\t<\/li>\n<li>\n\t\t14:45 BST &#8211; US Chicago PMI\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Pending Home Sales\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.15 %, Shanghai Composite and ASX 200 gained 0.15 %, Hang Seng rose 0.10 % Commodities: Gold at $1260 (-0.20 %), Silver at $17.26 (-0.95 %), WTI Oil at $49.35 (-0.60 %), Brent Oil at $51.95 (-0.55 %) Rates: US 10 year yield at 2.22, UK 10 year &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-31st-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 31st 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-21403","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\/21403","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=21403"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21403\/revisions"}],"predecessor-version":[{"id":21404,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21403\/revisions\/21404"}],"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=21403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}