Global Markets:
- Asian Stock Markets : Nikkei down 0.73%, Shanghai Composite down 0.42%, Hang Seng down 0.18% ASX up 0.25%
- Commodities : Gold at $2615.35 (0.14%), Silver at $31.19 (1.01%), Brent Oil at $71.60 (0.09%), WTI Oil at $67.8 (0.08%)
- Rates : US 10-year yield at 3.645, UK 10-year yield at 3.769, Germany 10-year yield at 2.149
News & Data:
- (CAD) Wholesale Sales m/m 0.4% vs -1.1% expected
- (CAD) Import Prices m/m – 0.3% vs -0.2% expected
Markets Update:
Asian markets had a mixed opening on Monday. Hong Kong’s Hang Seng index dropped 0.76% following disappointing economic data from China. August factory output, retail sales, and investment figures fell short of expectations, with the urban jobless rate reaching a six-month high and home prices declining at the fastest rate in nine years. Investors are also looking ahead to the U.S. Federal Reserve’s policy meeting this week, where an interest rate cut is anticipated.
Meanwhile, Australia’s S&P/ASX 200 gained 0.25%, and Taiwan’s Weighted Index edged up slightly. Markets in mainland China and South Korea remained closed for the Mid-Autumn Festival, while Japan was closed for Respect for the Aged Day.
Typhoon Bebinca has caused hundreds of flight cancellations in China, and Shanghai is expected to experience its strongest storm since 1949. Asian investors are awaiting key economic data and central bank decisions from the region. Japan’s inflation is expected to rise in August, potentially prompting the Bank of Japan to maintain its hawkish stance.
The Japanese yen strengthened to 140.49 against the U.S. dollar, potentially marking its strongest level in over a year. China is set to announce its one- and five-year loan prime rates on Friday, currently at 3.35% and 3.85%, respectively.
In the U.S., after a challenging start to September, the major indexes ended last week positively. The S&P 500 rose 0.54% to 5,626.02, the Nasdaq Composite added 0.65% to 17,683.98, and the Dow Jones Industrial Average jumped 0.72% to 41,393.78.
Upcoming Events:
- 12:30 PM GMT – CAD Manufacturing Sales m/m
