FX News Today
- Asian stock markets managed to post modest gains, despite the confirmation of the slowdown in Chinese GDP growth to 6.4% y/y, which left the full year rate at 6.6%.
- Topix and Nikkei are up 0.56% and 0.26% respectively, and the Hang Seng gained 0.27%, while the CSI 300 and Shanghai Comp are both up 0.5%.
- Hope that trade tensions will eventually be resolved in talks continues to underpin sentiment, with some room for further gains after markets priced in quite extreme risks at the end of last year.
- Reports from Friday indicate that China is planning to ramp up purchases of US goods although a Bloomberg report suggests that both sides are making little progress on the key issue of intellectual property protection.
- All of these dampened the move higher in Asia and saw US futures heading south.
- The front end Nymex future is trading at USD 53.99 per barrel after reaching a session high of USD 54.17.
- There is a US Bank Holiday today, with emphasis turned to Sterling.
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Dr Nektarios Michail
Market Analyst
HotForex
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