{"id":36957,"date":"2019-10-09T17:22:36","date_gmt":"2019-10-09T06:22:36","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=36957"},"modified":"2019-10-09T17:22:36","modified_gmt":"2019-10-09T06:22:36","slug":"wednesday-9th-october-asian-markets-retreat-amid-growing-pessimism-over-trade-talks","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-9th-october-asian-markets-retreat-amid-growing-pessimism-over-trade-talks\/","title":{"rendered":"Wednesday 9th October: Asian markets retreat amid growing pessimism over trade talks"},"content":{"rendered":"<h3><strong>Global Markets:<\/strong><\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei down 0.69%, Shanghai Composite up 0.20%, Hang Seng down 0.46%, ASX down 0.71%<\/li>\n<li>Commodities: Gold at $1511.55 (+0.51%), Silver at $17.82 (+0.65%), Brent Oil at $58.19 (-0.09%), WTI Oil at $52.58 (-0.10%)<\/li>\n<li>Rates : US 10-year yield at 1.536, UK 10-year yield at 0.407, Germany 10-year yield at -0.581<\/li>\n<\/ul>\n<h3><strong>News &amp; Data:<\/strong><\/h3>\n<ul>\n<li>(USD) PPI m\/m -0.30% vs 0.10% expected<\/li>\n<li>(USD) Core PPI m\/m -0.30% vs 0.20% expected<\/li>\n<li>(CAD) Building Permits m\/m 6.10% vs 2.30% expected<\/li>\n<li>(CAD) Housing Starts 221K vs 217K expected<\/li>\n<li>(USD) NFIB Small Business Index 101.8 vs 102.6 expected<\/li>\n<li>(EUR) Italian Retail Sales m\/m -0.60% vs -0.10% expected<\/li>\n<li>(EUR) French Trade Balance -5.02B vs -4.23B expected<\/li>\n<li>(EUR) German Industrial Production m\/m 0.30% vs -0.20% expected<\/li>\n<li>(CHF) Unemployment Rate 2.30% vs 2.10% expected<\/li>\n<li>(JPY) Economy Watchers Sentiment 46.7 vs 43.4 expected<\/li>\n<li>(CNY) Caixin Services PMI 51.3 vs 52.1 expected<\/li>\n<li>(AUD) ANZ Job Advertisements m\/m 0.30% vs -2.60% previous<\/li>\n<li>(AUD) NAB Business Confidence 0 vs 1 previous<\/li>\n<li>(USD) IBD\/TIPP Economic Optimism 52.6 vs 51.2 expected<\/li>\n<li>(AUD) Westpac Consumer Sentiment -5.50% vs -1.70% previous<\/li>\n<li>(JPY) Prelim Machine Tool Orders y\/y -35.50% vs -37.00% previous<\/li>\n<\/ul>\n<h3><strong>Markets Update:<\/strong><\/h3>\n<p>Asian stocks fell the most in a week on Wednesday as the United States and China&#8217;s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. The United States and China are engaged in a year-long row that has slowly expanded beyond trade policy, suggesting even more damage to an already fragile global economy.<\/p>\n<p>Japan&#8217;s Nikkei slid 0.69%, its biggest decline in a week. Hong Kong shares fell 0.68% and rebounded to 0.46% due to persistent worries about often violent protest against China&#8217;s rule of the former British colony. The Shanghai Composite inched up slightly by 0.2%, while the ASX 200 slipped 0.7%.<\/p>\n<p>The U.S. Treasury yield curve steepened after U.S. Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money markets rates. The spread between two-year and 10-year Treasuries, the most common definition of the yield curve, widened to 11.3 basis points.<\/p>\n<p>Oil prices extended declines as U.S. visa restrictions on Chinese officials and the addition of more Chinese companies to a U.S. trade blacklist weighed on already slim hopes that Washington and Beijing could reach a truce at trade negotiations this week. Brent oil fell 0.09% to $58.19 per barrel. A larger-than-expected increase in U.S. crude inventories added to fears that the global oil market will continue to struggle with excess supply.<\/p>\n<p>The dollar index was little changed at 99.095. The euro traded at $1.0962, and the yen fell slightly to 107.15 per dollar. Gold prices rose to $1511.55 an ounce on Wednesday in Asia as uncertainties surrounding the Sino-U.S. trade war and gloomy Brexit headlines dented investor sentiment.<\/p>\n<h3><strong>Upcoming Events:<\/strong><\/h3>\n<ul>\n<li>8:30 am GMT &#8211; (GBP) FPC Statement<\/li>\n<li>All Day &#8211; (EUR) Eurogroup Meetings<\/li>\n<li>2:00 pm GMT &#8211; (USD) Final Wholesale Inventories m\/m<\/li>\n<li>2:00 pm GMT &#8211; (USD) JOLTS Job Openings<\/li>\n<li>2:30 pm GMT &#8211; (USD) Crude Oil Inventories<\/li>\n<li>3:00 pm GMT &#8211; (USD) Fed Chair Powell Speaks<\/li>\n<li>3:00 pm GMT &#8211; (USD) FOMC Member George Speaks<\/li>\n<li>5:01 pm GMT &#8211; (USD) 10-y Bond Auction<\/li>\n<li>6:00 pm GMT &#8211; (USD) FOMC Meeting Minutes<\/li>\n<li>Tentative &#8211; (USD) Treasury Currency Report<\/li>\n<li>9:45 pm GMT &#8211; (NZD) FPI m\/m<\/li>\n<li>11:01 pm GMT &#8211; (GBP) RICS House Price Balance<\/li>\n<li>11:50 pm GMT &#8211; (JPY) Bank Lending y\/y<\/li>\n<li>11:50 pm GMT &#8211; (JPY) Core Machinery Orders m\/m<\/li>\n<li>11:50 pm GMT &#8211; (JPY) PPI y\/y<\/li>\n<li><a href=\"http:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\">&amp;more&#8230;<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei down 0.69%, Shanghai Composite up 0.20%, Hang Seng down 0.46%, ASX down 0.71% Commodities: Gold at $1511.55 (+0.51%), Silver at $17.82 (+0.65%), Brent Oil at $58.19 (-0.09%), WTI Oil at $52.58 (-0.10%) Rates : US 10-year yield at 1.536, UK 10-year yield at 0.407, Germany 10-year yield at &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-9th-october-asian-markets-retreat-amid-growing-pessimism-over-trade-talks\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 9th October: Asian markets retreat amid growing pessimism over trade talks<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":36958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-36957","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\/36957","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=36957"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/36957\/revisions"}],"predecessor-version":[{"id":36959,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/36957\/revisions\/36959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/36958"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=36957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=36957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=36957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}