Technical Updates

Asian Session:Stock Mostly Lower

Asian Session:Stock Mostly Lower

From Dow Jones:

Regional markets are mostly lower in tepid trading with many investors on the sidelines before a number of key near-term economic events including Thursday’s ECB policy meeting and Friday’s U.S. jobs data;

    • the Nikkei is flat, the S&P/ASX declines 0.7%, the HSI loses 0.3%, the Kospi falls 0.2%, the Sensex skids 0.3%, the Shanghai Composite loses 0.3%, and the NZX-50 adds 0.2%.
    • In FX markets, the EUR is higher amid hopes that the ECB will undertake measures to ease debt pressure in Italy and Spain following ECB President Mario Draghi’s comment Monday that he is open to the central bank buying government bonds on the secondary market.
    • The EUR/USD is at 1.2614 from 1.2594 late Monday in Toronto, the EUR/JPY is at 98.87 from 98.56, and the USD/JPY is at 78.37 from 78.27.
    • The RBA keeps rates unchanged at 3.50%, as expected, and makes few changes to its policy statement.
    • Australia’s 2Q current account deficit narrows to A$11.8 billion from 1Q’s A$13.0 billion deficit, narrower than the A$12.3 billion deficit expected.
    • Japanese finance minister Jun Azumi says his ministry will delay a planned handout of Y4.1 trillion in tax grants to municipalities, as the government tries to save money to survive a cash shortage stemming from the nation’s political gridlock.
    • The BOJ will inject Y1.9 trillion of loans into the nation’s banking system Tuesday to prevent the government’s spending delays from causing a liquidity crunch. Spot gold is at $1,693.80, up $1.20 from the NY close. October Nymex crude oil futures are up 69 cents at $97.16/bbl.

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