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Asian Stock Moves Small, Nikkei's Record Winning Streak Endures

Asian Stock Moves Small, Nikkei's Record Winning Streak Endures

2017-10-24 06:29:00
David Cottle, Analyst
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Talking Points:

The year’s final quarter is well under way and the DailyFX forecasts are out. Have a look here.

Tuesday found Asian equity bourses in reflective mood thanks largely to a Wall Street pullback the session before.

In another day of scant local data the big news was a record 16-day winning streak for the Nikkei 225 which ended up 0.5%. Moves were smaller elsewhere however. The ASX 200 was up by less than 0.1% as was the Shanghai Composite.

The Japanese Yen remained focused on politics and hardly noticed a modest pullback in manufacturing performance this month. The New Zealand Dollar slipped back as its home country’s new coalition government outlined its priorities. Among these is a plan to alter the Reserve Bank of New Zealand’s monetary mandate so that it includes more overt support for employment. This could mean that interest rates stay lower for longer and a rise from current record-low levels is not priced in until 2019. The greenback was broadly weaker however, retracing some recent gains as investors mull Janet Yellen’s likely replacement at the head of the Federal Reserve.

Gold prices remain stuck in a tight range as global investors develop their taste for more risky assets. Crude oil prices inched up as conflict takes a toll on Iraqi supply.

The rest of the session offers Purchasing Managers Indexes from around Europe and the US while Brexit-watchers will no doubt enjoy UK Chancellor of the Exchequer Philip Hammond answering questions in Parliament.

--- 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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