Major Economic Data to keep an eye on:
Make sure to keep track of economic news related to your open positions.
Chinese HSBC Manufacturing PMI was released earlier this morning and it came better than expected at 50.9 compared to a final reading of 50.2 in September. The score was a seven-month high, above the 50 mark that separates expansion and contraction in factory activity.
EUR – French Manufacturing PMI – 8:00 GMT
EUR – German Manufacturing PMI – 8:30 GMT
EUR –Manufacturing PMI – 9:00 GMT
GBP – CBI Industrial Trends Orders – 11:00 GMT
USD – Initial Jobless Claims – 13:30 GMT
USD – Trade Balance – 13:30 GMT
USD – New Home Sales – 15:00 GMT
In the U.S. the major averages posted losses across the board as the Nasdaq (-0.7%) led to the downside as investors assessed mixed results from U.S. corporations, including a disappointment from equipment-maker Caterpillar Inc.
The Dow Jones Industrial Average declined 54.33 points, or 0.4%, to close at 15,413.33, with 21 of its 30 components in negative terrain.
Later on today, weekly initial claims and the August trade deficit will all be reported at 13:30 GMT.
Investor sentiment was also hit by worries about possible monetary constrictions in China and softness among European banks.
A rising Japanese yen and weak results from Caterpillar Inc. overnight sent Tokyo-listed shares lower in early Thursday trade, with the Nikkei Stock Average falling 0.4% to 14,363.59. With the U.S. dollar remaining below the 98-yen level amid concerns about the health of China’s largest banks, some currency-sensitive shares extended their losses after driving the Nikkei Average down 2% in the previous session.
Australian stocks move higher, and Shanghai pares most of its early losses, after a measure of Chinese factory hits a seven-month high.
The Australian dollar traded higher against its U.S counterpart during Thursday’s Asian session following some decent economic data out of China.
In Asian trading Thursday, AUD/USD rose 0.38% to 0.9660. The pair was likely to find support at 0.9528, the low of October 17 and resistance at 0.9756. That still puts the Aussie in the area of five-month highs against the greenback.
Oil futures pushed higher in electronic trade Thursday for the first time in three sessions, moving past rising supply concerns that have dogged prices for much of the week.
By midday in East Asia, crude for December delivery was up 61 cents, or 0.6%, at $97.47 a barrel.
“Despite the dollar weakness, crude took out the $100 level on Monday and has remained under pressure,” said Jones Trading chief market strategist Mike O’Rourke. “This raises the question as to whether WTI crude weakness is an early sign of new growth concerns emerging in the U.S.”
Gold futures are trading in a mix fashion, holding the previous push up, breaking a long week down trend line and were likely to find support at $1,310.10 a troy ounce, Tuesday’s low, and resistance at $1,344.70, Tuesday’s high.
