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In contrast to Wall Street’s record highs from Friday and futures suggesting more strength at the reopening, Hong Kong stocks led Asia’s Monday falls as Beijing’s most recent stimulus failed to meet investor expectations. The Hang Seng in Hong Kong fell 2%, while a sub-index of mainland Chinese real estate stocks fell 3.9%. The Nikkei in Japan dropped 0.3%. Taiwan’s benchmark fell 0.7%, while South Korea’s Kospi fell 0.9%.With Donald Trump winning the U.S. presidential election and pro-crypto candidates being elected to Congress, Bitcoin surged to its highest level ever, raising hopes for a lax regulatory framework. In comparison to major rivals, the dollar was trading close to its four-month high last week as traders got ready for a series of Federal Reserve speakers, including Chair Jerome Powell, to share their thoughts on the economic outlook and policy. After the excitement of the U.S. election and the Federal Reserve’s rate decision, this week will be an intriguing but low-key time for event risk. These developments, as well as China’s announcement of fiscal stimulus measures that fell short of expectations, will continue to have an impact on markets.Monday is Veterans Day Stateside, Wednesday is the release of the October CPI, Thursday is the PPI and weekly unemployment claims, and the week ends with retail sales and industrial production. In addition to the lending statistics anticipated throughout the week, China’s economic calendar features October data on urban investment, IP, retail sales, housing prices, and unemployment on Friday. Highlights of Europe’s data include the ZEW survey on Tuesday, German final October inflation, and eurozone flash Q3 GDP, industrial production, and employment on Thursday. The UK’s GDP, construction, and industrial production figures come out on Friday after Tuesday’s jobs report. On Thursday, UK Finance Minister Rachel Reeves will give her first “Mansion House Speech.” Andrew Bailey, the governor of the Bank of England, will also speak at the event. Japan will issue Q3 GDP and core machinery orders on Friday, current account and trade data on Monday, and the Bank of Japan’s summary of views from the October 30-31 meeting on Friday. On Thursday, Australia’s primary releases are the Q3 Wage Price Index, the NAB business survey, and October jobs statistics.
Overnight Newswire Updates of Note
(Sourced from reliable financial news outlets)
FX Options Expiries For 10am New York Cut (1BLN+ represents larger expiries, more magnetic when trading within daily ATR)
CFTC Data As Of 8/11/24
Technical & Trade ViewsSP500 Bullish Above Bearish Below 5960
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EURUSD Bullish Above Bearish Below 1.0810
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GBPUSD Bullish Above Bearish Below 1.3050
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USDJPY Bullish Above Bearish Below 151
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XAUUSD Bullish Above Bearish Below 2600
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BTCUSD Bullish Above Bearish Below 76500
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