Friday, 29 December 2017

Asian markets end 2017 without a clear direction

Posted by FortFS at 10:22

Asian equity markets were mixed in the last session of 2017 amid low trading activity and an empty economic calendar ahead of the day.

No relevant data was released in Asia.

US top three stock benchmarks ended higher on Thursday, with the Dow Jones Industrial Average pushing to the upside after closing at a fresh record high. IBM and United Health were among the best performing components of the index during the session.

Dow Jones 63.21 0.26% 24837.51

S&P 500 Index 4.92 0.18% 2687.54

NASDAQ Composite 10.82 0.16% 6950.16

The US goods trade balance for November moved to a $69.68 billion deficit from a previous reading of $68.10 billion. The figure came in above an estimated deficit of $67.60 billion.

In other news, the number of people applying for unemployment benefits in the United States was at 245,000, above a forecasted reduction of 5,000 to 240,000.

President Donald Trump warned China on Thursday about continuing to supply oil to North Korea, which breaks with a recent resolution of the United Nations Security Council.

"If they don't help us with North Korea, then I can do what I've always said I want to do," the Republican leader said in an interview with The Times.

Commodities remained on the positive side as the American currency fails to find bullish support for a rebound. The US dollar index was trading lower at 92.28 in early hours on Friday.

On the Comex division of the New York Mercantile Exchange, gold futures were up 0.04 percent at $1.297.70 a troy ounce as of 06:30 GMT.

The US West Texas Intermediate crude contracts were up 0.69 percent to $60.25 per barrel as of 06:30 GMT. Meanwhile, Brent futures eased 0.18 percent to $66.60 a barrel.

<<< Next in Europe >>>

Germany will release its December consumer price index at 09:00 GMT. Analysts are forecasting a 0.5 percent build from a prior month 0.3 percent increase. Inflation in Europe’s first economy will be monitored carefully as it might influence future ECB monetary policy decisions.

<<< Next in the United States >>>

As New Year approaches, most traders have decided to stay out of the market and enjoy the rest of the year without volatility. Commodity traders will be following the release of Baker Hughes’ weekly oil rig count as of 18:00 GMT.

<<< Asian Stock Indexes at 06:30 GMT >>>

Australia ASX S&P -22.10 -0.36% 6,167.30

Shanghai Composite +3.21 +0.10% 3,299.60

Hong Kong Hang Seng +69.94 +0.23% 29,933.65

Japan Nikkei 225 -19.04 -0.08% 22,764.94

Taiwan TSEC 50 Index +75.22 +0.71% 10,642.86