EU Daily Market Wrap - 29th April 2019

EU Daily Market Wrap - 29th April 2019

Today's Highlights

  • JPN Closed for week-long holiday;

  • CN Industrial Profits rise in March for the first time in four months;

  • US Personal Spending rose at biggest rate since August 2009;

  • US PCE Deflator at lowest level since 2017;

Macro Review The week kicks off pretty much on the same footing as the last one. Price action remains subdued with few opportunities and a lot of effort required in timing the entry. However, this week might reserve some more action as investors await the FED on Wednesday and Bank of England on Thursday with the April NFP on Friday to top off the data calendar.

Global equities remained elevated following positive data out of China and the confirmation of the Goldilock status of the economy in the US after the release of the March US Core PCE (0.0% vs 0.1% exp) and Personal Spending (0.9% vs .0.7% expected). Not a great deal of response in US borses after major indices top out around all time highs. European equities followed similar patterns following Asian optimism into Monday trading. Worth keeping an eye on Chinese stocks after the Shanghai Comp had the biggest drop of 2019 (-0.8%) despite positive Industrial Profit data, showing signs of fragile sentiment. 

The FX space traded mainly rangebound amid a firm US Dollar Index above the 97 level. All major G10 counterparts did not move too far from Friday's lows considering also major Central Banks meetings ahead. The EUR strongly rejected the support at 1.1150 Friday's low, sitting just above the 1.1200 level. GBP looked relatively erratic above the 1.2900 amid lack of development in talks between the Tory and Labour party. AUD and JPY where choppy as the Japanese come off the markets during their national week-long holiday.

Crude settled just around the 63 level after an uneventful session.

Gold pulled back around the 1280 amid risk-on and mild-dollar strength.

The Day Ahead

CN Caixin, Manufacturing and Non-Manufacturing PMI (overnight);

FR, GE, IT CPI (7.45 - 10.00 am):

US Chicago PMIs (2.45 pm);

US Oil API Inventories (9.30pm);

Earnings: Apple, GE, McDonald's Pfizer, Merck;

EU Close

Click HERE to get ready for the week ahead with Head of Analysis Anthony Cheung and Associate Sam North. 

Hope you enjoyed the session


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