The data calendar today has German trade and production numbers at the start of the session, as well as French trade and Eurozone jobless numbers. What market drivers should we expect today? The 9 January Market Moving Fundamental Events reveals.
9 January, HotForex –Asian stock markets moved broadly higher overnight. The Hang Seng headed for an 11th straight gain, led by property developers and energy producers and moving closer to the record levels, Japanese indices were underpinned by electronics makers and chemicals, despite a stronger Yen, with the Nikkei closing up 0.57%.
European Market Outlook
FTSE 100 futures are also up, but U.S. stock futures are narrowly mixed, as Treasury yields rise in tandem with most long yields in Asia. Only China’s 20-year declined again, while Japan’s 10-year gained 1.1 bp and the 10-year Treasury 0.6 bp. European yields headed broadly south yesterday, despite gains on stock markets, but global movements suggest a correction in bonds. The data calendar today has German trade and production numbers at the start of the session, as well as French trade and Eurozone jobless numbers.
German Nov industrial production jumped 3.4% m/m in November, a much stronger than expected rebound after two months of decline that left the annual rate at 5.6% y/y, up from 2.8% y/y in October and highlighting the strength of the manufacturing sectors in particular.
Manufacturing orders may have disappointed in November, but the underlying trend remains strong, while surveys point to ongoing optimism about the outlook that is underpinning job creation and will likely feed into wage deals.
German trade surplus widens as exports jump
Germany posted a sa trade surplus of EUR 22.4 bln in November, up from 19.9 bln in the previous month, as exports rose 4.1% m/m, outpacing the 2.3% m/m rise in imports.
The three months trend improved further indicating that net exports underpinned overall growth in the last quarter of 2017, although accumulated data for the first 11 months of 2017 show that surpluses in both current account and trade actually declined slightly compared to the corresponding period 2016, highlighting that for once this was not an export-led German recovery, but rather than improving global growth is also benefiting German exports, while the strong EUR is helping to keep the import bill down.
Main Macro 9 January Market moving fundamental events
- EU Unemployment Rate – expected at 8.7% in November than 8.8% seen in October.
- Canadian Housing Starts – Housing starts are projected to moderate to 210.0k in December after rocketing 13.2% higher to 252.2k in November from 222.8k in October.
- Minneapolis Fed’s Kashkari will participate in a Q&A session, followed by Chicago’s Evans, at 15:00 GMT.
Support and Resistance Levels
This article about 9 January Market Moving Fundamental Events was written by Andria Pichidi, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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