The Ghost Of European Crises Past

By CMC Markets (Michael McCarthy)Market OverviewAug 15, 2018 09:56

au.investing.com/analysis/the-ghost-of-european-crises-past-200198578

The Ghost Of European Crises Past

By CMC Markets (Michael McCarthy) | Aug 15, 2018 09:56

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Originally published by CMC Markets

Market sentiment stabilised overnight. While the rise of the US dollar against the euro indicates lingering concerns, a sell-off in bond markets and a rally in US shares could see positive momentum in Asia Pacific trading today.

Despite the best efforts of alarmists, investors appear to have regained their risk appetites. After a soft European session US stocks lifted. The problem for those resurrecting the ghost of European crises past is the numbers simply don’t add up. European bank exposures of 150 billion euros are insignificant in the continental context. The increasingly wild theories around contagion to South America or India, or that Turkey’s NATO status means it assumes political importance above and beyond the numbers, are understandably having less impact on market action.

The rising US dollar continues to weigh on commodity prices, and copper, oil and gold remain under pressure. However for producers outside the US there are currency offsets. The Australian and New Zealand dollar dollars and at two year lows against the US dollar.

The release of Australian wages data this morning could drive market action. Wages growth is the missing ingredient in the inflation pie. Any deviation from the forecast 2.1% annual growth rate will raise speculation around interest rates. Company reports this morning are mixed. Fairfax (AX:FXJ) swung to a loss on further write downs, CSL (AX:CSL) and Woodside Petroleum (AX:WPL) came in just above estimates.

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Central Banks

Interest Rates

Next Meeting

RBA

1.85%

Sep 06, 2022

BOE

1.75%

Sep 15, 2022

ECB

0.50%

Sep 08, 2022

FED

2.50%

Sep 21, 2022

SNB

-0.25%

Sep 22, 2022

BOC

2.50%

Sep 07, 2022

RBNZ

2.50%

Aug 17, 2022

BOJ

-0.10%

Sep 22, 2022

CBR

8.00%

Sep 16, 2022

RBI

5.40%

Sep 30, 2022

PBOC

3.70%

BCB

13.75%

Sep 21, 2022

S&P/ASX 200	7,032.50	-38.50	-0.54%
ASX 200 Futures	6,973.5	+29.0	+0.42%
ASX All Ordinaries	7,288.80	-36.60	-0.50%
US 500	4,278.5	+71.2	+1.69%
Dow Jones	33,761.05	+424.38	+1.27%
China A50 Futures	13,696.0	-18.0	-0.13%
Dollar Index	105.550	+0.556	+0.53%

Crude Oil WTI	91.88	-2.46	-2.61%
Natural Gas	8.780	-0.094	-1.06%
Gold	1,818.40	+11.20	+0.62%
Silver	20.835	+0.486	+2.39%
Copper	3.6783	-0.0282	-0.76%
US Sugar #11	18.63	+0.14	+0.76%
US Coffee C	227.53	+3.58	+1.60%

AUD/USD	0.7121	+0.0016	+0.23%
EUR/USD	1.0261	-0.0056	-0.54%
USD/JPY	133.46	+0.46	+0.34%
GBP/USD	1.2135	-0.0076	-0.63%
GBP/JPY	161.95	-0.47	-0.29%
AUD/JPY	94.99	+0.49	+0.51%
USD/CAD	1.2774	+0.0013	+0.10%

CSL	292.85	-2.25	-0.76%
Woolworths	38.050	+0.030	+0.08%
ANZ Banking Group	24.020	+0.120	+0.50%
Commonwealth Bank Australia	100.340	-0.510	-0.51%
Telstra Corporation.	4.000	+0.040	+1.01%
National Australia Bank	30.780	+0.250	+0.82%
BHP Group Ltd	38.830	-0.320	-0.82%

The Ghost Of European Crises Past

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