Friday, 13 October 2017

Asian markets edged up; US inflation in focus

Posted by Anonymous at 10:56 Labels:

Asian markets moved to the upside on Friday as market players digest economic reports from China and with all looks pointing at US inflation data later in the day.

Australia ASX +20.60 +0.35% 5,884.70 CLOSED
Shanghai Comp +8.04 +0.24% 3,394.14 OPEN
Hang Seng Index +4.64 +0.02% 28,463.67 OPEN
Nikkei 225 +200.46 +0.96% 21,155.18 CLOSED
TSEC 50 Index +12.65 +0.12% 10,724.09 CLOSED

China’s exports jumped 8.1 percent year-over-year in September, while imports rose by 18.7 percent. Strong data comes in ahead of a major Communist Party Congress.

Analysts had estimated an 8.8 percent build in exports and a 13.5 percent advance of imports. In August, China reported a 5.5 percent and 13.3 percent increase respectively.

Also, the Chinese trade surplus moved to $28.47 billion, compared to expectations for a $39.5 billion reading from a prior month $41.99 billion.

The US Labor Department reported on Thursday a 15,000 drop on initial jobless claims to a seasonally adjusted 258,000 for the week ended October 7, exceeding a forecasted 7,000 draw.

The producer price index added 0.4 percent in September and 2.2 percent in the twelve months through September, up from the prior month reading of 2.0 percent.

Today, market players will be focusing on the release of consumer price indexes from Germany at 06:00 GMT and the United States as of 12:30 GMT.

Attention will be also directed to retail sales for September at 12:30 GMT, business inventories for August at 14:00 GMT, along with Michigan University consumer expectations and sentiment.

Investors will carefully monitor speeches from FOMC officials in search for hints on the future of monetary policy and expectations for further adjustments regarding rates. FOMC members Rosengren, Kaplan and Powell are due to speak as of 12:30 GMT, 15:30 GMT and 17:00 GMT.

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