Oct 1 Asia Update JAPAN Trading halted all day; what to watch for in Europe and US

05 Oct

Oct 1 Asia Update  JAPAN Trading halted all day; what to watch for in Europe and US

This and previous notes can be found at asianmarketsense.com

Effectively no trading in North Asian markets today. With Japan effectively closed due to a hardware glitch and holidays in S Korea, Taiwan, China and Hong Kong.

Hopefully Japan will be able to re-start tomorrow and Taiwan will resume trading too. S Korea and Hong Kong remain closed until Oct 5. China will not re-open until Oct 9.

Elsewhere in Asia; Australia closed +1%, Singapore currently +1.3% and India, Nifty 50 +1%

Hong Kong leader Carrie Lam cheered the city’s “return to stability” during China national day celebrations on Thursday, as hundreds of police in riot gear patrolled the route of a banned anti-government march by pro-democracy activists. She said “Over the past three months, the plain truth is, and it is obvious to see, that stability has been restored to society while national security has been safeguarded, and our people can continue to enjoy their basic rights and freedoms,”.

Many local residents I think would agree there is stability but a lot of people are unhappy. Today is normally a happy day but the police are out in force on the streets which is oppressive to see.

European stocks opened higher following the gains in the US on new stimulus hopes. H&M due to release results,

Data due today

EUROZONE Manufacturing PMI, Unemployment Rate, PPI

GERMANY Manufacturing PMI

FRANCE Manufacturing PMI, New Car Registrations

UK Manufacturing PMI

US futures are indicating higher currently Dow +115pts and S&P +0.25% and NDX +0.3%. Wednesday Trump offered $1.5tn but warned anything above $2tn would be a problem. But Pelosi and Mnuchin failed to strike a coronavirus aid deal; but said the conversation would continue. So hopes remain.

Data due to be released today Challenger Job Cuts, Personal Spending & Income, Initial Claims, 4 week Ave Claims, Continuing Claims, PCE Price Index, Core PCE Price Index, Manufacturing PMI ISM Manufacturing Data (Prices, New Orders, Employment, PMI) Construction Spending, EIA Natural Gas Report.

Covid still an overhang for the markets. Drugmaker Moderna’s CEO has said he doesn’t expect to apply for an emergency use authorization with the Food and Drug Administration for the company’s potential Covid-19 vaccine until November 25; after the U.S. presidential election on Nov. 3.

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