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  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
Asian Stocks Wilt On NKorea H-Bomb Threat, HK Rating Cut

Asian Stocks Wilt On NKorea H-Bomb Threat, HK Rating Cut

David Cottle, Analyst

Talking Points:

  • Asian stocks were broadly lower as Friday drew to a close
  • North Korea’s foreign minister reportedly said that the country could consider an offshore hydrogen bomb test
  • S&P cut Hong Kong’s credit ratings just days after trimming China

We’ve scanned over 40 million real-world trades to pin down the Traits of Successful Traders

Asian stocks wilted Friday as North Korea re-emerged at the forefront of investor concerns

The rogue nation’s foreign minister was reported as saying President Kim Jong Un could consider the testing of a hydrogen bomb over the Pacific. The report came as US President Donald Trump signed an executive order tightening financial sanctions on Pyongyang, and after he thanked China for complying in this sphere.

Away from the Korean peninsula China criticized Standard & Poor’s Thursday decision to cut its sovereign credit ratings. The agency cited rising debt levels but China called the move a “wrong decision,” although it merely brings S&P into line with other rating heavyweights, Moody’s and Fitch. S&P cut Hong Kong’s rating Friday, taking the territory down to AA+ from AAA.

The Nikkei 225 ended down 0.25%, with most other bourses lower. Australian stocks bucked the trend, up 0.4% as the heavily weighted financial sector continued to gain. Chinese equity lost ground as those S&P downgrades weighed.

The US Dollar slipped against the Japanese Yen as geopolitics trumped risk appetite. There was little obvious reaction to wire reports suggesting that Japan will indeed have a snap election on October 22, as earlier speculated. The New Zealand Dollar slipped a little, too on the day before that county heads to the polls after an extremely tight electoral race.

Gold prices inched up as the North Korean story stoked haven demand. Crude oil prices were steady- investors awaited news from a meeting of the Organization of Petroleum Exporting countries in Vienna later in the day. Nymex US crude held above $50/barrel.

The Asian session may be winding down by there’s plenty of life left in global markets’ Friday. French Gross Domestic Product numbers are coming up, along with Purchasing Managers Index data from Germany and the Eurozone. European Central Bank President Mario Draghi will speak in Dublin. US PMIs are coming up too, as is news of Canadian consumer price inflation.

UK Prime Minister Theresa May is set to make a major speech in Italy detailing her Brexit strategy.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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