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Monday 18th May: European Open Briefing
Global Markets:
- Asian stock markets: Nikkei gained 0.70 %, Shanghai Composite rose 0.05 %, Hang Seng declined 0.80 %, ASX fell 0.90 %
- Commodities: Gold at $1123 (-0.10 %), Silver at $17.60 (+0.30 %), WTI Oil at $60.68 (+0.20 %), Brent Oil at $66.95 (-0.05 %)
- Rates: US 10 year yield at 2.15, UK 10 year yield at 1.875, German 10 year yield at 0.635
News & Data:
- Japan Core Machinery Orders 2.6 % y/y, Expected: -7.2 %, Previous: 5.9 %
- Japan Core Machinery Orders 2.9 % m/m, Expected: 1.8 %, Previous: -0.4 %
- Australia New Motor Vehicle Sales -1.5 %, Previous: 0.5 %
- China House Prices -6.1 % y/y, Previous: -6.1 %
- ECB’s Mersch: ECB Satisfied With Effects Of QE, No Plans To End It Early — RTRS
- RBA Deputy Governor Lowe: May Rate Cut Will Reinforce Encouraging Signs In Spending
- Lowe: RBA Treading Fine Line Between Consumption, Imbalances
- Lowe: Some Normalization Of Global Rates Will Occur In Time
- Lowe: Further Exchange Rate Fall Would Help Economic Transition
- Lowe: Still Have Scope To Cut Rates If Required
- Lowe: RBA Does Not Provide Forward Guidance In Month When Monetary Policy Is Changed
- Australian Treasurer Hockey: US Liftoff Delay Triggering AUD Volatility
- OIS signal 95% chance that Reserve Bank of New Zealand will lower official cash rate by 25 bps to 3.25% at July meeting
- Saudi-Led Coalition Resumes Airstrikes In Yemen — Al Arabiya
- Iran Hopes To Return To Pre-Sanctions Oil Exports Of About 2.5 Million Bpd In 3 Months Once Sanctions Lifted — RTRS
- Iran Deputy Oil Minister: Geopolitical Tensions in Middle East Boosting Oil Prices, Sees $80/Bbl. By End 2016
CFTC Positioning Data:
- EUR net short 179K vs. 190K short prior
- JPY net short 23,593 vs. 31,183 short prior
- GBP net short 30,769 vs. 24,758 short prior
- AUD net long 4,487 vs. 626 long prior
- CAD net short 3,982 vs. 10,080 short prior
- CHF that long 10,550 vs. 5331 long prior
Upcoming Events:
- 08:15 BST – Swiss Retail Sales
- 09:00 BST – Italian Trade Balance
- 15:00 BST – US NAHB Housing Market Index
The Week Ahead (Key Data/Events):
Tuesday, May 19th
- 02:30 BST – RBA Monetary Policy Meeting
- 04:00 BST – New Zealand Inflation Expectations
- 09:30 BST – UK CPI
- 10:00 BST – German ZEW Economic Sentiment
- 10:00 BST – Euro Zone CPI
- 13:30 BST – US Building Permits
- 13:30 BST – US Housing Starts
- 16:45 BST – Bank of Canada Governor Poloz speaks
Wednesday, May 20th
- 00:50 BST – Japan GDP
- 09:30 BST – Bank of England Meeting Minutes
- 19:00 BST – FOMC Meeting Minutes
Thursday, May 21th
- 02:45 BST – China HSCB Manufacturing PMI
- 08:30 BST – German Manufacturing & Services PMI
- 09:00 BST – Euro Zone Manufacturing & Services PMI
- 09:30 BST – UK Retail Sales
- 13:30 BST – US Initial Jobless Claims
- 15:00 BST – US Existing Home Sales
Friday, May 22th
- 07:00 BST – German GDP
- 13:30 BST – US CPI
- 13:30 BST – Canadian CPI
- 13:30 BST – Canadian Retail Sales
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