Markets Brief Risk Off
A summary of news and snapshot of moves ahead of the US session.
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- FX update: As US investors enter the fray, the GBP was once again the weakest performer on raised fears over a no-deal Brexit, followed by the AUD on soft building approvals data. EUR had edged higher on slightly stronger German CPI print, with JPY also in demand amid risk-off tone in wider markets.
- Stocks have fallen sharply in Europe with the DAX taking a plunge this morning and US index futures also weakening noticeably ahead of Apple’s earnings results tonight. The sell-off is based on a combination of renewed US-China trade concerns, pre-Fed caution, European earnings disappointment (e.g. Lufthansa) and ongoing worries about the health of the Eurozone economy all weighing on sentiment, particularly on mainland European markets.
- US President Donald Trump has raised concerns the US-China trade talks could be stalling again. In a tweet, he said that the “problem with China [is that] they just don't come through" and "always changes the deal to their benefit." This doesn’t bode well for the US-China trade talks which will resume tomorrow.
- Data recap: BOJ held rates unchanged as expected and Aussie building Approvals printed -1.2% m/m vs. +0.2% expected overnight. In Europe, German CPI came in at +0.5% m/m vs. +0.3% expected, while French Consumer Spending printed -0.1% m/m vs. +0.2% expected. Meanwhile in the US, Core PCE Price Index m/m (+0.2%), Personal Spending (0.3% m/m) and personal income (+0.4%) were all in line with the expectations. US Consumer Confidence (125.1 expected) and Pending Home Sales (+0.5% expected) were due for release at 15:00 BST (10:00 ET).
- FX update: As US investors enter the fray, the GBP was once again the weakest performer on raised fears over a no-deal Brexit, followed by the AUD on soft building approvals data. EUR had edged higher on slightly stronger German CPI print, with JPY also in demand amid risk-off tone in wider markets.
- Stocks have fallen sharply in Europe with the DAX taking a plunge this morning and US index futures also weakening noticeably ahead of Apple’s earnings results tonight. The sell-off is based on a combination of renewed US-China trade concerns, pre-Fed caution, European earnings disappointment (e.g. Lufthansa) and ongoing worries about the health of the Eurozone economy all weighing on sentiment, particularly on mainland European markets.
- US President Donald Trump has raised concerns the US-China trade talks could be stalling again. In a tweet, he said that the “problem with China [is that] they just don't come through" and "always changes the deal to their benefit." This doesn’t bode well for the US-China trade talks which will resume tomorrow.
- Data recap: BOJ held rates unchanged as expected and Aussie building Approvals printed -1.2% m/m vs. +0.2% expected overnight. In Europe, German CPI came in at +0.5% m/m vs. +0.3% expected, while French Consumer Spending printed -0.1% m/m vs. +0.2% expected. Meanwhile in the US, Core PCE Price Index m/m (+0.2%), Personal Spending (0.3% m/m) and personal income (+0.4%) were all in line with the expectations. US Consumer Confidence (125.1 expected) and Pending Home Sales (+0.5% expected) were due for release at 15:00 BST (10:00 ET).
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