Chinese data shrugged off as equity markets edge slightly lower; sterling under pressure as pressure on May mounts; central banks event sees Fed, ECB, BoJ and BoE heads join panel discussion; German GDP and inflation data get us off to an underwhelming start.
Investors remain in reflection mode as the quiet week continues; NZD edges higher as RBNZ acknowledges the inflationary impact of weaker currency; Chinese inflation beats expectations but remains below target; Brexit talks resume but is anyone optimistic at this point?
Is China headed for a ‘Minsky moment? One Chinese economist has warned that they could and that warning, along with some comments from a Russian oil company, seemed to slow what had been an impressive oil rise ahead of today’s November Future expiration.
Equities across the Asian markets were trading in a tight, narrow range on Thursday, ignoring solid Chinese data and the new records on the financial market, where the Dow Jones Industrial Average breached 23,000. FX markets are also struggling for direction, as traders look for signals from EU politics, and signs for who will lead the Federal Reserve.