S indices have returned to trading from the Labour Day weekend today with traders in a much better mood than where they ended last week. Gains in Europe, China and Australia have helped to encourage traders to climb back on board.
Chinese data overnight was mixed with a big surplus overall. Exports did not fall as feared while imports slowed dramatically. This news was still well received overall, markets one would have thought would fall on slow Chinese imports actually have posted strong gains including copper, Australia stocks, AUD and NZD, suggesting traders are taking the export figure as a sign things could be stabilizing. China stock markets also finished the day strong and near their highs, an encouraging sign.
European indices have taken up the torch and posted strong gains as well with major indices up 1.2%-2.2%. An upward revision to Eurozone GDP and strong German trade figures have helped to support stocks. EUR is trading flat against USD today while GBP is trading higher.
Crude oil is on the rebound as well today with the street taking today’s data as signs of a potentially improving demand environment. Both WTI and Brent are up 3% today boosting CAD and NOK. This also means Canadian stocks could return to trading on a positive note as well, particularly in the beleaguered energy group.
There have been no major corporate announcements so far this morning.
Significant announcements released overnight include:
Eurozone Q2 GDP update 1.5% vs street 1.2%
UK same store sales (1.0%) vs street 0.9%
Germany trade balance €25.0B vs street €23.5B
China trade balance $60.2B vs street $48.0B
China exports (5.5%) vs street (6.6%) and previous (8.1%)
China imports (13.8%) vs street (7.9%)
Japan Q2 GDP update (1.2%) vs street (1.8%)
Upcoming significant announcements include:
Minneapolis Fed President Kocherlakota (the most dovish member of the FOMC – non-voter this year) speaks at 5:15 pm EDT
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