{"id":36864,"date":"2019-10-03T16:38:38","date_gmt":"2019-10-03T06:38:38","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=36864"},"modified":"2019-10-03T16:38:38","modified_gmt":"2019-10-03T06:38:38","slug":"thursday-3rd-october-asian-markets-slump-amid-new-eu-us-tariffs","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/thursday-3rd-october-asian-markets-slump-amid-new-eu-us-tariffs\/","title":{"rendered":"Thursday 3rd October: Asian markets slump amid new EU-US tariffs"},"content":{"rendered":"<h3><strong>Global Markets:<\/strong><\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei down 2.01%, Shanghai Composite down 0.92%, Hang Seng down 0.48%, ASX down 2.21%<\/li>\n<li>Commodities: Gold at $1509.10 (+0.08%), Silver at $17.77 (+0.48%), Brent Oil at $57.47 (-0.38%), WTI Oil at $52.56 (-0.15%)<\/li>\n<li>Rates : US 10-year yield at 1.575, UK 10-year yield at 0.493, Germany 10-year yield at -0.568<\/li>\n<\/ul>\n<h3><strong>News &amp; Data:<\/strong><\/h3>\n<ul>\n<li>(AUD) Trade Balance 5.93B vs 6.00B expected<\/li>\n<li>(NZD) ANZ Commodity Prices m\/m 0.00% vs 0.30% previous<\/li>\n<li>(AUD) AIG Services Index 51.5 vs 51.4 previous<\/li>\n<li>(USD) Crude Oil Inventories 3.1M vs 2.0M expected<\/li>\n<li>(USD) ADP Non-Farm Employment Change 135K vs 140K expected<\/li>\n<li>(GBP) Construction PMI 43.3 vs 45 expected<\/li>\n<li>(EUR) Spanish Unemployment Change 13.9K vs 37.6K expected<\/li>\n<li>(CHF) CPI m\/m -0.10% vs 0.10% expected<\/li>\n<li>(JPY) Consumer Confidence 35.6 vs 38.2 expected<\/li>\n<li>US-EU Trade War Escalation Hits Risk Sentiment<\/li>\n<li>EU ready to bypass Johnson to grant Brexit extension<\/li>\n<\/ul>\n<h3><strong>Markets Update:<\/strong><\/h3>\n<p>Asian stocks skidded to a one-month low on Thursday after the United States opened a new front in its trade dispute with Europe by imposing tariffs, adding to already-growing market fears about global growth.<\/p>\n<p>U.S. stock futures were up 0.25%, but this did little to bolster sentiment after shares on Wall Street suffered their sharpest one-day decline in nearly six weeks on Wednesday, when the three major New York share indexes all lost more than 1.5%.Bets on a rate cut could rise further if U.S. non-farm payrolls due on Friday show weakness in the labor market.<\/p>\n<p>Japan&#8217;s Nikkei fell 2%, on course for its biggest daily decline in six months. Australian shares slumped 2.21% to a five-week low. Hong Kong shares fell 0.48% as anti-government demonstrators clashed with police into the early hours of Thursday, venting their anger over a policeman&#8217;s shooting and wounding of a teenager. Mainland Chinese shares are also trading down by 0.92%.<\/p>\n<p>Yields on two-year U.S. Treasury yields fell as weakening data on manufacturing and the jobs market suggested the trade war with China has damaged the U.S. economy. The two-year yield fell to 1.4680%, approaching a two-year low of 1.4280%, after a weak U.S. private sector jobs report depressed boosted expectations that the Federal Reserve will cut interest rates this month. Spot gold, a safe-haven asset that investors often buy during time of heightened risk, rose 0.08% to $1,509.10 per ounce, but in the currency market the safe-haven yen and Swiss franc were little changed versus the dollar.<\/p>\n<p>Oil futures extended their decline in Asia as a bigger-than-expected increase in U.S. crude inventories and growing evidence of slowing economic growth point to lower energy demand. Brent crude fell 0.37% $57.47 per barrel. In addition to a slowing global economy, energy traders are worried about an oversupplied market and the chance of geopolitical friction in the Middle East.<\/p>\n<h3><strong>Upcoming Events:<\/strong><\/h3>\n<ul>\n<li>8:00am GMT &#8211; (EUR) Final Services PMI<\/li>\n<li>8:30am GMT &#8211; (GBP) Services PMI<\/li>\n<li>9:00am GMT &#8211; (EUR) PPI m\/m<\/li>\n<li>9:00am GMT &#8211; (EUR) Retail Sales m\/m<\/li>\n<li>Tentative &#8211; (EUR) French 10-y Bond Auction<\/li>\n<li>11:30am GMT &#8211; (USD) Challenger Job Cuts y\/y<\/li>\n<li>12:30pm GMT &#8211; (USD) FOMC Member Quarles Speaks<\/li>\n<li>12:30pm GMT &#8211; (USD) Unemployment Claims<\/li>\n<li>1:45pm GMT &#8211; (USD) Final Services PMI<\/li>\n<li>2:00pm GMT &#8211; (GBP) MPC Member Tenreyro Speaks<\/li>\n<li>2:00pm GMT &#8211; (USD) ISM Non-Manufacturing PMI<\/li>\n<li>2:00pm GMT &#8211; (USD) Factory Orders m\/m<\/li>\n<li>2:30pm GMT &#8211; (USD) Natural Gas Storage<\/li>\n<li>10:35pm GMT &#8211; (USD) FOMC Member Clarida Speaks<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei down 2.01%, Shanghai Composite down 0.92%, Hang Seng down 0.48%, ASX down 2.21% Commodities: Gold at $1509.10 (+0.08%), Silver at $17.77 (+0.48%), Brent Oil at $57.47 (-0.38%), WTI Oil at $52.56 (-0.15%) Rates : US 10-year yield at 1.575, UK 10-year yield at 0.493, Germany 10-year yield at &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/thursday-3rd-october-asian-markets-slump-amid-new-eu-us-tariffs\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 3rd October: Asian markets slump amid new EU-US tariffs<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":36865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-36864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/36864","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=36864"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/36864\/revisions"}],"predecessor-version":[{"id":36866,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/36864\/revisions\/36866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/36865"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=36864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=36864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=36864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}