Morning Briefing: BoJ disappoints, GDP data due

Morning Briefing: BoJ disappoints, GDP data due

Morning Briefing: BoJ disappoints, GDP data due BoJ disappoints, GDP data due
The Bank of Japan announced its latest stimulus package and interest rates decision Friday but the markets weren’t impressed. Recent reports suggesting there could be as much as 28 trillion yen proved far wide of the mark as the BoJ announced a 6 trillion yen rise in its EFT purchases. It kept interest rates on hold.

Markets reacted to the decision negatively but the Nikkei recovered some lost ground by the close of the session. Among other Asian indexes only Sydney closed higher.

European bourses are trending generally higher as regional corporate earnings take centre stage and bring mixed fortunes to equities.
Wall Street and Toronto are expected to open higher ahead of GDP data in both Canada and the US.

Oil prices are continuing lower as global oversupply dominates.
 
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North America (previous session)
US Dow Jones 18,456.35 (-0.09 per cent) +6.01 per cent +4.69 per cent
TSX Composite 14,552.72 (+0.04 per cent) +3.68 per cent +1.75 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,730.51 (+0.14 per cent) +5.82 per cent +1.50 per cent
German DAX 10,341.45 (+0.65 per cent) +7.59 per cent -7.76 per cent
 
Asia (at close)
China CSI 300 3,203.93 (-0.53 per cent) +1.67 per cent -18.48 per cent
Japan Nikkei 16,569.27 (+0.56 per cent) +6.44 per cent -18.39 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
42.15
(-1.29 per cent)
40.76
(-0.92 per cent)
1338.20
(-0.22 per cent)
U$0.7589
 
Aus. Dollar
U$0.7500

 
Iron ore could be staging a comeback
Along with many commodities, iron ore has suffered a decline over the past 5 years but earnings results from Brazilian miner Vale suggest things may be improving.

Reuters reports that the firm noted a rise in global steel production driven in part by investments in housing and infrastructure. It said that it expects iron ore production to be at near-record levels for the second-quarter of 2016. Goldman Sachs has also increased its price forecasts for the commodity.