China’s Q3 GDP beats estimates, rising 6.9%
- UK Rightmove HPI m/m 0.6% vs. 0.9% previously
- China Q3 GDP 6.9% vs. 6.8%
- China industrial production y/y 5.7% vs. 6.0%
- China retail sales y/y 10.9% vs. 10.8%
Later
- FOMC Member Brainard speech
- NAHB Housing market index
- Canada Federal elections
The markets opened today on a cautious note ahead of China’s GDP data release. Official figures showed China’s third quarter GDP to have rise 6.9% barely managing to beat analyst estimates of 6.8%, but remained below 7.0% GDP growth seen during the second quarter. China’s industrial production was weak, rising only 5.7%, missing analyst estimates of 6.0%. The markets however took the numbers in their stride but the Asian equity markets were mixed. The Nikkei225 was down -0.88% while the Shanghai composite was down -0.11%. The Hang Seng index closed with a modest gain of 0.04% for the day.
The Australian dollar and the Kiwi were mixed with the AUDUSD gaining 0.14% for the day while the Kiwi slipped -0.13% for the day.
The European trading session was quiet. Equity markets in Europe were also trading mixed with the German DAX up 0.20% while the FTSE100 was down -0.57%. With lack of any clear fundamentals driving the markets today, it was mostly down to technicals driven trading. The British Pound made strong gains, rallying 0.33% for the day against the Greenback while the Euro was seen trading subdued with -0.14% for the day after brief attempt to post session highs above 1.1374 but slipped to post an intraday low below 1.1315. The Euro is likely to come under more pressure as the ECB is due to convene later this week for its monetary policy. Expectations are mixed but call for a dovish ECB outlook in a potential bid to talk down the Euro whilst refraining from further policy stimulus.
The US trading session is also going to be quiet with no major releases on the tap. FOMC Member Brainard and Lacker are due to speak at separate occasions while the US NAHB Housing market index is the only major economic release due this evening.
The US pre-market data is currently pointing to the US equity futures opening in the red with the Dow Futures is expected to open -0.33% lower while the S&P500 futures is expected to open -0.35% lower for the day.
On the commodities front, Gold futures were seen rebounding into the US trading session after hitting session lows near 1170.5 while Crude Oil remains trading sideways for most part of the day but with failure to clear the resistance at 47.20, WTI Crude oil could be looking to close lower.
