The yen jumped and S&P 500 Index futures declined in early Asia trading after a report that North Korea launched another missile: missile passed over Japan airspace, Hokkaido and Japan didn’t attempt to shoot down missile, national broadcaster NHK reported.
Tensions had already resurfaced on Thursday when the Nikkei reported that Pyongyang was preparing another missile launch.
The Dow Jones Industrial Average hit its third record close of the week Thursday, even as other major U.S. indexes edged lower.
The S&P 500 declined 2.75 points, while the Nasdaq Composite fell 31.10 points.
EURUSD – Euro this week breaks below short term Aug / Sept trendline with focus now on the longer term April / June trendline. Gains are will likely struggle upon a retest of short term Aug / Sept trendline
AUDUSD – Overnight selling finds Aussie receive buying support at precisely the 200 Weekly Moving Average @ 0.7953.
S&P/ASX 200 Index futures are up 0.1% to 5742 as of 6:59 a.m. however early missile launch by North Korea to spur modest losses on open.
Gold advanced for the first time this week as the US dollar retreated with modest gains seen in early Asia due to North Korean missile launch. Gold stocks gained 0.67% overnight.
Oil topped $50 a barred for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing. Futures jumped 1.2 percent in New York, and closed just 11 cents shy of the $50 mark. Two of the most influential organizations in world oil markets — the International Energy Agency and OPEC — nudged their demand forecasts higher, signaling continued erosion of a global glut that has weighed on prices.
Iron Ore sunk 3.4% in line with steel futures following weaker than expected econ data from China: China’s home sales rose only 3.8% in August – the slowest pace since November 2014. Growth in industrial production also fell to 6.0%, versus expectations of 6.6%. However, demand for raw materials appears to remain strong.
Copper in London dropped for a third day, posting the lowest close in almost a month after data show slowing growth in Chinese factory output, fixed asset investment and home sales, hurting demand outlook in top user.
On the economic front, quiet session ahead. However, tensions are being felt in the market following the North Korea missile launch.
|Friday, 15 September 2017 |
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