07 September 2021
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
- Dollar drifting as traders turn to central bankers
- Asia-Pacific stocks mixed; China’s trade data for August ahead
- Oil wobbles as demand woes stalk market after Saudi price cuts
The dollar hovered near recent lows on Tuesday as traders braced for a slew of central bank meetings from Australia to Europe and Canada this week, looking for any signs that they are making progress towards policy normalisation. Friday’s payrolls figures, which showed 235,000 jobs created last month against economists’ expectations of 728,000 were enough to sink chances of a tapering announcement this month
After touching a one-month high in the wake of disappointing U.S. labour data on Friday, the euro has been unable to hold above $1.19 and last bought $1.1881. Elsewhere the Japanese yen was firm at 109.76 per dollar and sterling was steady at $1.3848.
Shares in Asia-Pacific were mixed in Tuesday morning trade as investors look ahead to the release of Chinese August trade data. The Reserve Bank of Australia is also set to release its rate decision.
The Nikkei 225 in Japan rose 0.72% while the Topix index advanced 0.88%, with shares in the country continuing to trek upward after two straight trading days of solid gains. The Shanghai composite in mainland China shed 0.11% while the Shenzhen component sat fractionally lower. Hong Kong’s Hang Seng index hovered above the flatline.
Elsewhere, South Korea’s Kospi dipped 0.69%. The S&P/ASX 200 in Australia shed about 0.4%, ahead of the Reserve Bank of Australia expected rate decision announcement at 12:30 p.m. HK/SIN on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19% lower.
Oil prices were wobbly on Monday as investors grappled with demand concerns after Saudi Arabia’s sharp cuts to crude contract prices for Asia.
Brent crude futures for November rose 4 cents, or 0.1%, to $72.26 a barrel after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $68.88 a barrel, down 41 cents, or 0.6%.
Demand woes were in the news again after state oil group Saudi Aramco notified customers that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.
The deep price cuts, a sign that consumption in the world’s top-importing region remains tepid, come as lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook. Markets are also contending with a decision by the Organization of the Petroleum Exporting Countries and their allies, a grouping known as OPEC+, to raise output by 400,000 barrels per day a month between August and December.
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Disclaimer : All information in this report is collected from various sites on internet. Although we have taken all precautions for correct representation of data however we do not take any responsibility for any errors and omissions. The technical analysis and views expressed is authors own views. We are not responsible for any losses on account of following the same.