We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • EU Commission to mobilise EUR 750bln for European recovery fund - EUR 500bln grants - EUR 250bln loans $EUR
  • BREAKING: Reports on the wires that the EU is considering an EUR750bn virus recovery plan. EU Commission to unveil details later today. #EUR #EuropeanUnion #COVID19
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/MpELL4brE5
  • The Canadian Dollar has proven stable in recent weeks following a dramatic turn lower in March, guided to the downside by energy markets. Get your $USDCAD market update from @CVecchioFX here: https://t.co/7tlrn74X3t https://t.co/dXPFiHz6EA
  • Idea de #trading del día: $GBPUSD e #IBEX35 https://t.co/keSNWeUnM5 https://t.co/Cxv4P4zZWc
  • Heads Up:💶 ECB Guindos Speech due at 08:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-27
  • ECB PRESIDENT LAGARDE: - No new Euro debt crisis after pandemic, what matters is how borrowed money is spent - Not overly concerned about high debt levels #EUR #ECB
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.62%, while traders in US 500 are at opposite extremes with 76.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/01rko7aQXN
  • Heads Up:🇿🇦 Inflation Rate YoY due at 08:00 GMT (15min) Previous: 4.1% https://www.dailyfx.com/economic-calendar#2020-05-27
  • BoJ states that Break-even level for its ETF holdings is estimated to be around 18,500 for Nikkei stock average $JPY
Asian Stocks Rise As Trade Hopes Endure, US Payrolls Up Next

Asian Stocks Rise As Trade Hopes Endure, US Payrolls Up Next

2018-11-02 05:07:00
David Cottle, Analyst
Share:

Asian Stocks Talking Points:

  • Most indexes posted gains
  • US equities helped, as did renewed hopes that a US/China trade settlement is at least possible
  • The Dollar wilted as risk appetite gained

Find out what retail foreign exchange investors make of your favorite currency’s chances right now at the DailyFX Sentiment Page

Most Asian stock markets managed gains on Friday as investors dared to hope that there could be some good news on trade as November proceeds. Wall Street has also logged impressive gains this week, providing a conducive backdrop for equity elsewhere.

There is a very long way to go in the trade story, of course, given the scale of dispute between the US and many countries that run persistent trade surpluses with it, notably China. However, US President Donald Trump alluded to what he called a 'very good conversation' with his Chinese counterpart Xi Jinping on the subject in a Thursday Tweet, and hopes seem to have picked up for their meeting at the Group of 20 leading economies’ summit in Argentine later this month.

Sure enough, the Nikkei 225 added 0.6%, the Hang Seng was up by 2.4% and Shanghai added 1.2%. The Kospi also gained with the ASX 200 in Sydney the most notable regional loser. It shed 0.5% as local energy and financial stocks wilted. The Australian benchmark has made up some ground back toward the psychologically crucial 6,000 area which was abandoned in early October.

Fading uptick? ASX 200 Index, Daily Chart

However, the most recent rally is showing clear signs of exhaustion and the index looks to be headed down again, with the year’s lows uncomfortably close for the bulls.

Foreign exchange trade saw the US Dollar looking a little more defensive than it has of late, retreating from 16-month peaks against its most widely traded peers as a return of confidence tempted investors into riskier units.

Crude oil prices were lower as investors fretted rising overall output, but sanctions against major producer Iran continue to limit gains. Gold prices were lower as the Dollar gained.

The most prominent remaining feature on Friday’s data schedule is of course the official US labor market release. October’s non-farm payrolls are expected to rise by 193,000, which would be a lot better than September’s lackluster 134,000 rise. Canada’s jobless numbers are coming up too, as are various Purchasing Managers Indexes from around Europe. Swiss retail sales figures are coming up too.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES

News & Analysis at your fingertips.