{"id":28983,"date":"2018-11-14T17:43:28","date_gmt":"2018-11-14T06:43:28","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=28983"},"modified":"2018-11-16T17:50:36","modified_gmt":"2018-11-16T06:50:36","slug":"wednesday-14th-november-oil-goes-into-contango-as-asian-economies-show-signs-of-weakening","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-14th-november-oil-goes-into-contango-as-asian-economies-show-signs-of-weakening\/","title":{"rendered":"Wednesday 14th November: Oil goes into contango as Asian economies show signs of weakening"},"content":{"rendered":"<h4>\n\t<span style=\"font-size:14px;\"><strong>Global Markets<\/strong>:<\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">Asian Stock Markets : Nikkei up 0.12%, Shanghai Composite down 0.08%, Hang Seng down 0.43%, ASX down 1.74%<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Commodities : Gold at $1202.90 (+0.12%), Silver at $13.98 (-0.01%), Brent Oil at $65.34 (-0.20%), WTI Oil at $55.48 (-0.38%)<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Rates : US 10-year yield at 3.145, UK 10-year yield at 1.497, Germany 10-year yield at 0.401<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<span style=\"font-size:14px;\"><strong>News &amp; Data<\/strong>:<\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">(CNY) Industrial Production y\/y 5.90% vs 5.80% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(CNY) Fixed Asset Investment ytd\/y 5.70% vs 5.50% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(AUD) Wage Price Index q\/q 0.60% vs 0.60% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(JPY) Prelim GDP q\/q -0.30% vs -0.30% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(AUD) Westpac Consumer Sentiment 2.80% vs 1.00% previous<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(EUR) German ZEW Economic Sentiment -24.1 vs -24.2 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) Unemployment Rate 4.10% vs 4.00% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) Average Earnings Index 3m\/y 3.00% vs 3.00% expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(AUD) NAB Business Confidence 4 vs 6 previous<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<span style=\"font-size:14px;\"><strong>Markets Update<\/strong>:<\/span><br \/>\n<\/h4>\n<p>\n\t<span style=\"font-size:14px;\">Asian stock markets are mostly lower on Wednesday as the overnight plunge in crude oil prices and worries about global economic growth dampened investor sentiment. The resumption of high-level trade talks between the U.S. and China as well as news that UK and the European Union have agreed on a draft Brexit divorce deal failed to boost investor sentiment.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">The Australian market is extending losses from the previous session following the lackluster cues overnight from Wall Street and the plunge in crude oil prices. The benchmark S&amp;P\/ASX 200 Index is losing 1.74 percent. Hong Kong&#39;s Hang Seng index was lower by 0.43 percent after the morning session. <\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">The mainland China markets, which have been closely watched by investors because of the ongoing U.S.-China trade war, were in mixed territory with the Shanghai composite fractionally lower and the Shenzhen composite gaining 0.336 percent. In Japan, the Nikkei 225 was trading marginally higher while the Topix index rose 0.25 percent, giving up earlier gains.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Oil traders&#39; worries over record supplies arriving in Asia just as the outlook for its key growth economies weakens have pulled down global crude benchmarks by a quarter since early October. The dollar index, which measures the greenback&#39;s strength against six major currencies, lost 0.25 percent to 97.051.<\/span>\n<\/p>\n<h4>\n\t<span style=\"font-size:14px;\"><strong>Upcoming Events<\/strong>:<\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">08:00 AM GMT &#8211; (EUR) German Prelim GDP q\/q<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">10:30 AM GMT &#8211; (GBP) CPI y\/y<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">10:30 AM GMT &#8211; (GBP) PPI Input m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">10:30 AM GMT &#8211; (GBP) RPI y\/y<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">11:00 AM GMT &#8211; (EUR) Flash GDP q\/q<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">02:30 PM GMT &#8211; (USD) CPI m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">02:30 PM GMT &#8211; (USD) Core CPI m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">04:00 PM GMT &#8211; (USD) FOMC Member Quarles Speaks<\/span>\n\t<\/li>\n<li>\n\t\t<a href=\"https:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\" style=\"font: inherit; background-color: initial; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; color: rgb(0, 114, 188); text-decoration-line: none; outline: 0px;\">&amp;more&hellip;<\/a>\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei up 0.12%, Shanghai Composite down 0.08%, Hang Seng down 0.43%, ASX down 1.74% Commodities : Gold at $1202.90 (+0.12%), Silver at $13.98 (-0.01%), Brent Oil at $65.34 (-0.20%), WTI Oil at $55.48 (-0.38%) Rates : US 10-year yield at 3.145, UK 10-year yield at 1.497, Germany 10-year yield &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-14th-november-oil-goes-into-contango-as-asian-economies-show-signs-of-weakening\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 14th November: Oil goes into contango as Asian economies show signs of weakening<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":28984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28983","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\/28983","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=28983"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/28983\/revisions"}],"predecessor-version":[{"id":28985,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/28983\/revisions\/28985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/28984"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=28983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=28983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=28983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}