ASIA:
China’s GDP forecast is to be anywhere between 2.2 percent and 4.1 percent based on a survey conducted by Nikkei last month. Economists and other observers, globally, have also revised the GDP outlook for 2022 to 3.2 percent against Beijing’s official target of 5.5 percent. Compared to the second quarter when the economy grew at 0.4 percent, the observers are more optimistic about Q3, citing less number of lockdowns, investment in manufacturing and production, and even automobile sales. However, the Achilles’ heel for Beijing is the real estate sector, which is dwindling in sales, defaulting on bond payments and creating a mortgage crisis.
The major Asian stock markets had a negative day today:
- NIKKEI 225 decreased 195.19 points or -0.71% to 27,116.11
- Shanghai decreased 16.81 points or -0.55% to 3,024.39
- Hang Seng decreased 272.10 points or -1.51% to 17,740.05
- Kospi decreased 5.02 points or -0.22% to 2,232.84
- ASX 200 decreased 54.70 points or -0.80% to 6,762.80
- SENSEX decreased 30.81 points or -0.05% to 58,191.29
- Nifty50 decreased 17.15 points or -0.10% to 17,314.65
The major Asian currency markets had a mixed day today:
- AUDUSD decreased 0.00250 or -0.39% to 0.63841
- NZDUSD decreased 0.00350 or -0.62% to 0.56207
- USDJPY increased 0.232 or 0.16% to 145.254
- USDCNY increased 0.04120 or 0.58% to 7.12498
Precious Metals:
- Gold decreased 9.89 USD/t oz. or -0.58% to 1,700.96
- Silver decreased 0.424 USD/t. oz or -2.05% to 20.226
Some economic news from last night:
China：
FX Reserves (USD) (Sep) decreased from 3.055T to 3.029T
Japan:
Household Spending (YoY) (Aug) increased from 3.4% to 5.1%
Household Spending (MoM) (Aug) decreased from -1.4% to -1.7%
South Korea:
Current Account (Aug) decreased from 0.79B to -3.05B
Some economic news from today:
Japan:
Coincident Indicator (MoM) (Aug) increased from 0.9% to 1.6%
Leading Index (MoM) (Aug) increased from -1.4% to 2.0%
Leading Index increased from 98.9 to 100.9
Hong Kong:
Foreign Reserves (USD) (Sep) decreased from 431.80B to 419.20B
India:
Bank Loan Growth increased from 16.2% to 16.4%
Deposit Growth decreased from 9.5% to 9.2%
FX Reserves, USD decreased from 537.52B to 532.66B
EUROPE/EMEA:
The Bank of England told lawmakers that several pension funds were hours from collapse when it decided to intervene in the U.K. long-dated bond market last week. The central bank’s Financial Policy Committee stepped in after a massive sell-off of U.K. government bonds — known as “gilts” — following the new government’s fiscal policy announcements on Sept. 23. The emergency measures included a two-week purchase program for long-dated bonds and the delay of the bank’s planned gilt sales, part of its unwinding of Covid pandemic-era stimulus.
The major Europe stock markets had a negative day:
- CAC 40 decreased 69.48 points or -1.17% to 5,866.94
- FTSE 100 decreased 6.18 points or -0.09% to 6,991.09
- DAX 30 decreased 197.78 points or -1.59% to 12,273.00
The major Europe currency markets had a mixed day today:
- EURUSD decreased 0.0029 or -0.30% to 0.97630
- GBPUSD decreased 0.00634 or -0.57% to 1.10941
- USDCHF increased 0.00289 or 0.29% to 0.99339
Some economic news from Europe today:
Swiss:
Unemployment Rate n.s.a. (Sep) decreased from 2.0% to 1.9%
Unemployment Rate s.a. (Sep) remain the same at 2.1%
UK:
Halifax House Price Index (YoY) decreased from 11.4% to 9.9%
Halifax House Price Index (MoM) (Sep) decreased from 0.3% to -0.1%
Housing Equity Withdrawal (QoQ) decreased from -4.3B to -5.1B
Labour Productivity (Q2) decreased from 1.2% to 0.4%
Mortgage Rate (GBP) (Sep) increased from 4.89% to 5.10%
Germany:
German Import Price Index (MoM) (Aug) increased from 1.4% to 4.3%
German Import Price Index (YoY) (Aug) increased from 28.9% to 32.7%
German Industrial Production (MoM) (Aug) decreased from -0.3% to -0.8%
German Retail Sales (YoY) (Aug) decreased from -2.3% to -4.3%
German Retail Sales (MoM) (Aug) decreased from 0.7% to -1.3%
France:
French Current Account (Aug) increased from -5.30B to -5.10B
French Exports (Aug) increased from 49.0B to 51.2B
French Imports (Aug) increased from 63.7B to 66.5B
French Reserve Assets Total (Sep) increased from 242,728.0M to 243,535.0M
French Trade Balance (Aug) decreased from -14.8B to -15.3B
Italy:
Italian Retail Sales (YoY) (Aug) increased from 4.1% to 4.3%
Italian Retail Sales (MoM) (Aug) decreased from 1.3% to -0.4%
US/AMERICAS:
The markets have been waiting all week for the release of today’s jobs report – 236,000 positions were added in September. Growth fell short of analysts’ expectations of 275,000, but is a welcomed sign for the Federal Reserve who wants to loosen the tight labor market. According to this new data provided by the Labor Department, US unemployment now sits at 3.5%. September marks a decline from August’s strong 315,000 gain, and is the lowest monthly increase seen since April 2021.
US Market Closings:
- Dow declined 630.13 points or -2.11% to 29,296.79
- S&P 500 declined 104.86 points or -2.8% to 3,639.66
- Nasdaq declined 420.91 points or -3.8% to 10,652.41
- Russell 2000 declined 50.36 points or -2.87% to 1,702.15
Canada Market Closings:
- TSX Composite declined 395.88 points or -2.09% to 18,583.13
- TSX 60 declined 22.09 points or -1.93% to 1,122.55
Brazil Market Closing:
- Bovespa declined 1,185.58 points or -1.01% to 116,375.25
ENERGY:
The oil markets had a mixed day today:
- Crude Oil increased 3.966 USD/BBL or 4.48% to 92.416
- Brent increased 3.429 USD/BBL or 3.63% to 97.849
- Natural gas decreased 0.1542 USD/MMBtu or -2.21% to 6.8178
- Gasoline increased 0.0706 USD/GAL or 2.63% to 2.7520
- Heating oil increased 0.1504 USD/GAL or 3.89% to 4.0153
The above data was collected around 13:42 EST on Friday
- Top commodity gainers: Heating Oil (3.89%), Crude Oil (4.48%), Brent (3.63%) and Palm Oil (3.70%)
- Top commodity losers: Coal (-3.75%), Natural Gas (-2.21%), Zinc (-3.00%) and Palladium (-3.00%)
The above data was collected around 13:50 EST on Friday.
.
BONDS:
Japan 0.25%(+0bp), US 2’s 4.29% (+0.041%), US 10’s 3.8712% (+4.72bps); US 30’s 3.83% (+0.038%), Bunds 2.194% (+10.8bp), France 2.798% (+11.1bp), Italy 4.705% (+18.9bp), Turkey 11.74% (+6p), Greece 4.841% (+10.7bp), Portugal 3.316% (+13bp); Spain 3.403% (+11.5bp) and UK Gilts 4.260% (+9.4bp).
