Stock markets around the world continued to climb Monday, with Germany’s Dax
attempting to move into the green for 2016 and the NASDAQ breaking out again. US Empire Manufacturing was a bit disappointing but all this served to do was to continue to make the case for the Fed to hold off until December at least providing liquidity support to trading.
Over the next 24 hours, inflation reports may attract significant attention and indicate how long the current liquidity party may last. Both the UK and US are scheduled to report consumer prices and other measures of inflation tomorrow which may indicate whether their central banks are under any pressure to raise or cut interest rates. GBP has been drifting lower ahead of a series of UK data points due this week including inflation, retail sales and employment which may give a better reading of the post-Brexit economic environment.
Similarly, AUD could be active today around RBA minutes which may indicate whether Australia’s central bank is done or if more rate cuts could be on the way.
Crude oil continues to climb, advancing into the upper half of its $40-$50 trading range as Russia indicated it may be interested in speaking with Saudi Arabia and other countries about stabilizing the oil market.
There have been no major announcements after the US close today.
Significant announcements released overnight include:
US Empire manufacturing (4.2) vs street 2.0 vs previous 0.5
Canada existing home sales (1.3%) vs previous (0.9%)
Canada Bloomberg Nanos conf 59.3 vs street 59.9
Upcoming significant economic announcements include:
(Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore)
11:30 am AEST Australia RBA meeting minutes
9:30 am BST UK consumer prices street 0.5%
9:30 am BST UK core CPI street 1.4%
9:30 am BST UK retail prices street 1.7%
9:30 am BST UK producer input prices street 2.0%
9:30 am BST UK producer output prices street 0.0%
9:30 am BST UK house prices previous 8.1%
10:00 am BST Germany ZEW current situation street 50.2 vs previous 49.8
10:00 am BST Germany ZEW expectations street 2.0 vs previous (6.8)
8:30 am EDT Canada manufacturing sales street 0.5%
8:30 am EDT US consumer prices street 0.9%
8:30 am EDT US core CPI street 2.3%
8:30 am EDT US real average weekly earnings previous 1.2%
9:15 am EDT US industrial production street 0.3% vs previous 0.6%
9:15 am EDT US manufacturing production street 0.3%
12:30 pm EDT FOMC Lockhart speaking
CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.