Markets mixed on data, earnings, Fed... Metals gain following Chinese manufacturing data...
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.
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.
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.
| Latest | 1 month ago | 1 year ago | |
| 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.
