Forex Marketz Daily Forex News – Fully Markets Update
The Asian and Pacific Rim markets were mostly mixed as they traded quietly. Asian traders are worrying about the latest Brexit developments which could, once again, lead to a hard Brexit by the end of 2020.
UK Prime Minister Boris Johnson, and his ruling Conservative Party, are once again setting a hard deadline to complete a trade deal with the European Unions as the UK is set to leave the Eurozone on time with no further delays.
In Japan, the Nikkei 225 lost 0.3 percent and the broader Topix index, in Tokyo, was down 0.32 percent.
In Japanese economic news, exports, for November contracted for the 12th month in a row by 7.9 percent. This was still above the expected contraction of 8.6 percent. Imports, on the other hand, were worse than expected as the fell by 15.7 percent.
In China, the Shanghai composite was trading around the flat line. The smaller Shenzhen composite was slightly higher and the Shenzhen component added 0.17 percent.
In Hong Kong, the Hang Seng index added 0.22 percent.
In South Korea, the Kospi composite index was flat and elsewhere in the Asian and Pacific Rim, the Australian ASX 200 was also flat.
Asian Traders Monitor Brexit Headlines Closely and Worries Resurface
The United Kingdom is setting a hard deadline for quitting the European Union. This is reigniting fears of a no deal Brexit in place, at least one with a renegotiated free trade agreement (FTA).
One of the senior ministers to PM Johnson, Michael Gove, was asked to comment if the UK Government would rule out any possibility of an extension. He responded “exactly, absolutely.”
Brussels, said that the time table for the United Kingdom to exit the European Union is “rigid.” This development could limit the scope of any trade deal.
On the economic calendar today, the Eurozone will see German business sentiment. Later in the day traders will get Canadian consumer price index. European Central Bank Chief Christine Lagarde is scheduled to speak at 8:30 am and FOMC members will also deliver commentary.
