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Registered: ‎20-09-2016

EMEA Morning Call 16.04.18

  • Mixed session as Asian markets saw selling in bank shares and markets react to news out of Syria.
  • Oil weaker on conflict news and drilling for new production continuing to rise in America.
  • Treasury and yen dip in a limited reaction.
  • Comey passed judgement on Trump saying he is a "morally unfit" leader doing "tremendous damage".

UK, US and Europe: A mixed overnight session saw sharp losses in China and Hong Kong greeted by more moderate gains in Australian and Japanese markets. The attack on Syrian chemical facilities by the US, France, and UK served to lower oil prices at the open, as they set out clearly that the attack was a one-off rather than a sustained offensive. The offensive against the regime remained in place on an economic front though, with the US promising further sanctions on Russian interests for their support of the Assad. Global markets are trading mixed, with US Index Futures marginally higher, while Asian markets are mostly lower this morning. Gold has seen marginal gains on safe haven demand, while oil prices have slipped slightly despite the troubles in the Middle East.

A relatively quiet economic calendar in Europe today sees the focus shift to the US, where the release of retail sales, and the Empire state manufacturing survey represent the mainstay of the day’s events. Meanwhile, the evening sees an appearance from Fed member Bostic. 

 

South Africa: The rand remains weaker (on a relative basis) trading firmly above the R12/$ mark, but has been softening in line with its emerging market currency peers. Tencent Holdings is trading 1.8% lower this morning which suggests that major holding company Naspers will follow suite on the JSE today. BHP Billiton is trading 0.9% higher on the Australian All Ordinaries exchange, suggesting a positive start to local diversified resources, although much of these gains may have already been priced in on Friday last week.

      

Daily FX Economic Calendar High Importance Only (times GMT) [Link for all events]

2018-04-16 08_12_45-Forex Economic Calendar.png

 

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