Morning Briefing: Markets mixed on data, earnings, Fed

Morning Briefing: Markets mixed on data, earnings, Fed

Morning Briefing: Markets mixed on data, earnings, Fed Markets mixed on data, earnings, Fed
With oil prices remaining lower due to fading optimism over the OPEC output cap, markets are focused on regional issues and the Fed so far Tuesday.

Asian bourses closed mostly higher, buoyed by Chinese manufacturing PMI showing stronger-than-expected readings for October. Australia’s central bank kept interest rates on hold amid labour and inflation concerns; and the Bank of Japan held steady on its monetary policy. Sydney and Seoul closed lower.

European indexes are trending lower despite the Chinese data and some positive regional earnings. Investors appear cautious ahead of the Fed’s interest rate decision this week, although the consensus is for no change until December.

Wall Street and Toronto are expected to open higher. Canadian GDP data and US and Canadian manufacturing data. Earnings will also be in focus on Wall Street.
 
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North America (previous session)
US Dow Jones 18,142.42 (-0.10 per cent) -0.91 per cent +2.71 per cent
TSX Composite 14,787.27 (-0.33 per cent) +0.40 per cent +9.30 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,943.04 (-0.07 per cent) +0.72 per cent +9.24 per cent
German DAX 10,661.21 (-0.04 per cent) +1.43 per cent -1.74 per cent
 
Asia (at close)
China CSI 300 3,359.05 (+0.68 per cent) +3.25 per cent -4.95 per cent
Japan Nikkei 17,442.40 (+0.10 per cent) +6.03 per cent -8.60 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
48.55
(-0.12 per cent)
46.70
(-0.34 per cent)
1283.20
(+0.79 per cent)
U$0.7460
 
Aus. Dollar
U$0.7668

 
Metals gain following Chinese manufacturing data
The better-than-expected PMI data from China’s manufacturing sector has helped push metals higher Tuesday. Copper saw a string rise overnight but has since slipped while gold is up almost 1 per cent and silver is up almost 2 per cent.

Another commodity to watch is cashew nuts. Bloomberg reports that demand is up 53 per cent since 2010 and the market is set to tighten due to a drought in Vietnam, the nut’s largest producer.