Forex Marketz Daily Forex News – Fully Markets Update
The Asian and Pacific Rim financial markets, during a holiday shortened trade session, were on the defensive. The Asian benchmark equity bourses in China were higher by lunchtime thanks to economic data and trade related headlines.
Volume was thin today as 2019 comes to an end. In Australia, the benchmark S&P ASX 200, which closed at 11:10 am for the New Year Day Holiday, gave up 1.7 percent. Most of the sub-sectors were in the red.
The heavily weighted financial sub-index shed nearly 1.5 percent as the country’s Big Four banks all fell on the day.
In economic news, China released their official manufacturing purchasing managers’ index (PMI) for the month of December. This number came in better than at expected at 50.2. The markets expected a print of 50.1.
The financial markets on the mainland in China were trading higher by noontime. The Shanghai composite was up a fraction of a percent. The smaller Shenzhen composite gained 0.39 percent and the Shenzhen component rose 0.45 percent.
In Hong Kong, shares on the benchmark Hang Seng index managed to eke out a gain of 0.31 percent on low trade volume.
Asian Traders continue to watch for Trade News
Looking at trade headlines, the South China Morning Post is reporting that Chinese Vice Premier Liu He will travel to Washington DC at the end of the week. He is scheduled to sign the preliminary trade accord. Details about this phase one trade pact are still sparse as there is not much to go on.
The economic calendar for the final day of the year is quiet. The United States will publish their CB consumer confidence data during the North American trade hours.
The calendar picks up at the end of the week in 2020. On Friday, the U.S. will post their Institute for Supply Management (ISM) manufacturing purchasing managers’ index (PMI). On Thursday, the United Kingdom will publish their purchasing managers’ index.
