Major Economic Data to keep an eye on:
Make sure to keep track of economic news related to your open positions.
By the time you read this market review, the Chinese CPI and PPI were already released, and all of them cam better than expected.
CHF – Swiss PPI – 8:15 GMT
EUR – Industrial production (MoM + YoY) – 10:00 GMT
Stocks continued their previous day climb, taking their cue from circulating reports and rumors about negotiations and proposals between Republicans and democrats that could end the government shutdown and avoid Treasury default. But at the end of the day, after all said and done, the two sides did not appear to be much closer to an agreement as the shutdown is set to enter its third week.
Despite the fact the U.S shutdown, the markets seem to be content that there is even some form of discussion.
The SP500 added 0.6% extending its weekly gain to 0.8%, the NASDAQ outperform with an 0.8% advance, but finished the week with a loss of 0.4%
Futures are gapping down early morning, emphasizing the uncertainty among traders and investors around the world.
Most Asian stocks starting this trading week with a down bias as the U.S. government shutdown entering another week and following some discouraging Chinese data.
China’s PPI contracted 1.3% last month. Expectation were expecting a decline of 1.4%. in a separate report, China’s consumer price index (measure of inflation) rose 3.1% last month, while analysts expected increase to 2.9%.
Those data points weighed on Australian stocks sending that country’s S&P/ASX 200 down 0.8%.
New Zealand’s NZSE 50 lost 0.28%. Like Australia, New Zealand, counts China as its largest export market.
Japanese Markets are closed today for a holiday.
In Asian trading Monday, EUR/USD rose 0.11% to 1.3556. Later Monday, the euro zone will release data on industrial production. Some U.S. markets are closed Monday for the Columbus Day holiday, but equity markets are open.
WTI – West Texas Intermediate fell for a second day as U.S. lawmakers continued to negotiate the government’s debt limit
The Future contract slid almost 1% and hovering just below $102 a barrel.
GOLD – Gold futures traded higher in the early part of Monday’s Asian session after touching a three-month low last Friday. The sharp move down in Gold came took place about an hour before the opening bell with the yellow metal falling more than $20 in under two minutes. Gold is down 24% this year largely as investors anticipate an end to the Federal Reserve’s stimulus, as well as rising higher interest rates, according to the Wall Street Journal.
