There was mixed news for Asian indices during the week’s first session; the Shanghai Composite was up by around 0.6%, with stocks at an 8-month high after tech and shipping sector gains. However, the Hang Seng was down by 0.1% as China’s Foreign Direct Investment number fell for the first time in 17 months and pro and anti-Beijing protests rocked the city of Hong Kong. News was more positive for the European markets, with strong openings for the DAX and CAC, currently up by 1.5% and 1.4% respectively. Weeks of grim data releases culminating in last Thursday’s gloomy CPI numbers for the Euro zone as a whole have raised expectations of the ECB bringing in quantitative easing measures to fight the economic slowdown hitting Europe. Palladium prices reached a 13 year high as shortage fears combined with increased demand to send the metal soaring. Meanwhile gold fell as Russia and Ukraine showed a willingness to talk things over, with Russia’s foreign minister announcing this morning that a deal has been reached regarding the aid convoy which left the Moscow area last week. However, a ceasefire deal is still proving elusive. It’s a quiet day on the macroeconomic front, with markets looking to UK and US CPI numbers due out tomorrow.
Posted on: Mon, 18 Aug 2014 09:28:52 +0000
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