{"id":24791,"date":"2018-01-24T11:43:42","date_gmt":"2018-01-24T06:13:42","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=24791"},"modified":"2018-01-24T12:09:26","modified_gmt":"2018-01-24T06:39:26","slug":"wednesday-24th-january-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/wednesday-24th-january-european-open-briefing\/","title":{"rendered":"Wednesday 24th January: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">Asian stock markets: Nikkei down 0.81%, Shanghai Composite up 0.31 %, Hang Seng lost 0.06 %, ASX down 0.29%<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Commodities: Gold at $1341.30 (+0.35%), Silver at $17.05 (+0.81%), WTI Oil at $64.53 (+0.09 %), Brent Oil at $69.92 (-0.06 %)<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Rates: US 10-year yield at 2.621, UK 10-year yield at 1.356, German 10-year yield at 0.559<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:&nbsp;&nbsp;<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">(NZD) Credit Card Spending y\/y 6.3% vs 9.1% previous<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(JPY) Flash Manufacturing PMI 54.4 vs 54.3 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(JPY) Trade Balance 0.09T vs 0.27T expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(AUD) MI Leading Index m\/m 0.3% vs 0.1% previous<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(EUR) Consumer Confidence 1 vs 1 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(USD) Richmond Manufacturing Index 14 vs 19 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) CBI Industrial Order Expectations 14 vs 13 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(EUR) ECOFIN Meetings&nbsp; vs&nbsp; previous<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(EUR) ZEW Economic Sentiment 31.8 vs 29.7 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(EUR) German ZEW Economic Sentiment 20.4 vs 17.8 expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">(GBP) Public Sector Net Borrowing 1.0B vs 4.2B expected<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Senate Confirms Jerome H. Powell as Fed Chairman<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">Bank of America raises its 2018 market forecast after S&amp;P 500 surpasses initial target in January<\/span>\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\t<span style=\"font-size:14px;\">Asian markets expressed a mixed sentiment. The risk sentiment was a little weaker, with dollar weakness cited for gold&#39;s strength. Industrial metals were under pressure, and this also reflected as weakness in ASX miners. Surprise crude inventory builds also dragged crude down.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Nikkei lower as yen posts fresh highs. Japan trade data showed slight export miss but takeaways positive. China mixed with PBoC ramping up liquidity boost. Dollar under notable pressure amid interest in potential policy shifts at other central banks. Takeaways from Tuesday&#39;s unchanged BoJ policy move leaned dovish given scrutiny surrounding recent stealth tapering. However, markets continue to eye hawkish policy turn later this year. Few surprises expected from ECB on Thursday, though economists believe concrete QE end-date plan will be in place by June.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Trade has been getting a lot of attention after Trump&#39;s tariffs on washing machine and solar imports. However, there has been no real spillover, given the narrow focus and the fact that penalties could have been even tougher. However, there is still a lot of concern about trade tensions that could stem from upcoming decisions, including on China IP theft &ndash; although the markets seems to have discounted this.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">Uneventful US session with ongoing Q4 earnings strengths leading to S&amp;P500 closing at fresh record. Miners came under pressure as industrial metals selloff and financials lagged amid downshift in yields. Earnings drove a lot of single stock moves &ndash; however, no surprises in the results.<\/span>\n<\/p>\n<p>\n\t<span style=\"font-size:14px;\">The relentless USD selling has pushed the EUR\/USD pair to a fresh three-year high of 1.2335 ahead of the preliminary Eurozone PMI release. The move higher in Asia seems to have been triggered by Yen&#39;s rise against the USD. The USD\/JPY pair dipped below 110.00 in Asia, triggering stops on USD longs and leading to a broad-based USD sell-off.<\/span>\n<\/p>\n<h4>\n\t<strong>Upcoming Events:&nbsp;<\/strong><span style=\"font-size:14px;\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/span><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span style=\"font-size:14px;\">08:00 AM GMT &#8211; (EUR) French Flash Manufacturing PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">08:00 AM GMT &#8211; (EUR) French Flash Services PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">08:30 AM GMT &#8211; (EUR) German Flash Manufacturing PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">08:30 AM GMT &#8211; (EUR) German Flash Services PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:00 AM GMT &#8211; (EUR) Flash Manufacturing PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:00 AM GMT &#8211; (EUR) Flash Services PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:30 AM GMT &#8211; (GBP) Average Earnings Index 3m\/y<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:30 AM GMT &#8211; (GBP) Claimant Count Change<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:30 AM GMT &#8211; (GBP) Unemployment Rate<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">02:00 PM GMT &#8211; (USD) HPI m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">02:45 PM GMT &#8211; (USD) Flash Manufacturing PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">02:45 PM GMT &#8211; (USD) Flash Services PMI<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">03:00 PM GMT &#8211; (USD) Existing Home Sales<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">03:30 PM GMT &#8211; (AUD) CB Leading Index m\/m<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">03:30 PM GMT &#8211; (USD) Crude Oil Inventories<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">09:45 PM GMT &#8211; (NZD) CPI q\/q<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\">All day &#8211; WEF Annual Meetings<\/span>\n\t<\/li>\n<li>\n\t\t<span style=\"font-size:14px;\"><a href=\"https:\/\/www.icmarkets.com\/education\/forex-news-and-calendar\/\">&amp;more&hellip;<\/a><\/span>\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.81%, Shanghai Composite up 0.31 %, Hang Seng lost 0.06 %, ASX down 0.29% Commodities: Gold at $1341.30 (+0.35%), Silver at $17.05 (+0.81%), WTI Oil at $64.53 (+0.09 %), Brent Oil at $69.92 (-0.06 %) Rates: US 10-year yield at 2.621, UK 10-year yield at 1.356, German 10-year &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/wednesday-24th-january-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 24th January: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/24791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=24791"}],"version-history":[{"count":3,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/24791\/revisions"}],"predecessor-version":[{"id":24794,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/24791\/revisions\/24794"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=24791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=24791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=24791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}