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European Fixed Income Outlook: Stock markets started to stabilise in Asia. Hang Seng and CSI 300 are little changed, the ASX 200 closed with a gain of 0.25%, but Japanese markets remained under pressure as the yen rose against the dollar and Nikkei and Topix dropped -0.83% and -1.15% respectively. U.K. stock futures are also in the red amid dollar weakness, but U.S. futures are recovering after yesterday’s decline. Investors had been taking profit as the months draws to a close and warnings over the vulnerability of markets to major corrections are getting louder, while confidence in the global growth outlook and improvements in corporate profits are underpinning sentiment. 10-year yields declined in Asia and the 10-year Treasury yield is also down -1.1 bp but holds above 2.7% as the focus turns to the FOMC announcement. Oil prices are down and the front end WTI future is trading around the USD 64 per barrel mark, while industrial metals reversed losses. Released overnight, U.K. GfK consumer confidence unexpectedly improved. Still to come, the European calendar has inflation data for Spain, France and the Eurozone as a whole, as well as German and Eurozone labour market data,

Australia’s CPI improved to a 1.9% y/y pace in Q4 (q/q, sa) from 1.8% in Q3. CPI grew 0.6% (m/m, sa) after an 0.6% gain in Q3. Both the annual and quarterly comparable gains slightly undershot projections. Growth in the annual core CPI measures was steady or faster: the trimmed mean CPI was 1.8% y/y in Q4 from 1.8% y/y in Q3. The weighted median CPI improved to 2.0% y/y in Q2 from 1.9% y/y in Q4. A gradual improvement is seen in the CPI, but growth rates remain either just below or at the bottom of the RBA’s 2.0% to 3.0% target band. The report is consistent with widespread expectations for the RBA to hold rates steady next week at 1.50%.

Charts of the Day


Main Macro Events Today        


  • Eurozone Unemployment – German jobless figure falling to -17K in January, leaving the seasonally adjusted jobless number unchanged at a very low 5.5% y/y, while the Eurozone jobless rate for December is seen falling back to 8.7% y/y.
  • Eurozone CPI-  is seen at 1.3% y/yfrom 1.4% y/y.
  • US ADP Non-Farm Employment Change – Private payrolls are projected to have risen 185k after the better than expected 250k climb in December.
  • Canadian GDP – November GDP is expected to rise 0.3% (m/m, sa) after the flat reading in October.
  • Crude Oil Inventories – expected at 0.1M barrels from 1.1M reported last week.
  • FOMC Statement & FED Rates – No changes are expected.

 

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Andria Pichidi

Market Analyst

HotForex

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Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.05% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.