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Tuesday, 24 October 2017

Asian markets struggle for direction as traders await key events

Posted by Anonymous at 11:19 Labels: Wall Street

Asian stock markets were struggling for direction in early trading hours on Tuesday, as market participants prepared for fresh economic data and strong-impact events later in the week.

Australia ASX +6.70 +0.11% 5,963.90 CLOSED
Shanghai Comp +1.56 +0.05% 3,382.26 OPEN
Hang Seng Index +4.47 +0.02% 28,310.35 OPEN
Nikkei 225 +55.19 +0.25% 21,751.84 OPEN
TSEC 50 Index +18.22 +0.17% 10,753.43 OPEN

China's 19th Party Congress is expected to end on Tuesday and market players will be closely monitoring any announcement from the leadership.

The Communist Party gave green light on Tuesday to a revised version of its constitution, which now contemplates President Xi Jinping's name. With this congress, Xi reinforced his power as leader, which could translate into further adjustments to the world’s second-largest economy.

Geopolitical tension in the Korean peninsula was also eyed by investors. US Secretary of Defence James Mattis, Japanese Defence Minister Itsunori Onodera and South Korean Minister of National Defense Song Young-moo agreed to strengthen data collaboration to counteract Pyongyang's future threats.  

“The three ministers lauded collective efforts to expand information sharing on North Korea’s nuclear and missile threats and enhance response capabilities, including the execution of multiple combined flight training missions with US bomber aircraft,” said the joint announcement signed during a conference in the Philippines.

Optimism from the United States also took a hit on Monday, with Wall Street’s top indexes taking a downturn on Monday following record highs reached last week in the light of Q3 earnings.

Ahead in the day, markit Economics will release Germany’s manufacturing and services PMI indexes for October as of 07:30 GMT, with readings of 60.2 and 55.6 points seen respectively.

In the Eurozone, manufacturing and composite PMI indexes will be available at 08:00 GMT. Analysts are currently pointing at 57.8 and 56.5 for October. The services PMI is due one hour later, with a 55.6 reading eyed. No relevant economic reports were presented on Monday.

Manufacturing, composite and services PMI for October in the United States will be out at 13:45 GMT. Consensus is predicting advances in both spheres.

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