Positive reports from China and Nikkei goes beyond 30 thousand points for the first time in 5 months

2021-09-07T18:43:21
Gold is declining Nikkei goes beyond Positive reports from China
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Positive reports from China and Nikkei goes beyond 30 thousand points for the first time in 5 months

Positive reports from China and Nikkei goes beyond 30 thousand points for the first time in 5 months:

China has announced data on exports and imports, which have produced encouraging results
for the return of economic activities to what they were before Covid-19. 

Evest takes a quick look at trading markets, major events, and economic data. 

 

Topics:

  1. Japan’s Nikkei goes beyond 30 thousand points for the first time since April
  2. Chinese exports and imports rise more than anticipated
  3. German industrial orders rise more than expected
  4. Japan’s foreign exchange reserves are at their highest level ever
  5. Different Dynamics of Crude Oil
  6. According to experts
  7. A strong start for the euro against the US dollar
  8. Gold is declining after recording the highest level in two and a half months last week

 

Japan’s Nikkei goes beyond 30 thousand points for the first time since April

The Asian session is going positive so far, as Chinese and Japanese exchanges are hitting big highs. 

The CSI- 300 index, which includes the top 300 mainland Chinese companies, rose by 1.22 percent to 4993.68 points.

The Hang Seng index in Hong Kong SAR rose by 0.70 per =cent to 26346.12 points.

In Tokyo, the Nikkei 225 index continued to rise, reaching 30,000 points for the first time since April.

In the end, the Japanese benchmark index had an increase of 0.86 percent to 29916.14 points. 

In contrast, the Australian ASX 200 index was barely moving again
– leaving trading 0.02 percent more steady at 75,300.30 points.

The index did not get any positive momentum despite the fact that the Reserve Bank of Australia did not change its targets at its last meeting.

 

Chinese exports and imports rise more than anticipated

Chinese exports rose 25.6% dollar on an annual basis, while imports increased 33.1%,
according to the country’s customs department. 

Last week’s manufacturing polls showed a contraction in new export orders for the fourth straight month in August,
which could indicate a slowdown ahead.

As of August, exports had increased on an annual basis by 25.6% (projected at 17.1%) after 19.3% previously.

While the imports increased by 33.1% on an annual basis (projected at 26.8%) after 28.1% previously.

The trade balance showed a surplus of US $58.34 billion (projected at US $51.05 billion) after the US $56.59 billion previously.

 

German industrial orders rise more than expected

German industrial orders rose unexpectedly by 3.4% on a monthly basis in July (projected at 1.0%).

In addition, the value of the previous month was adjusted upwards from 4.1% to 4.6%. On an annual basis,
there was an increase of 30.9% after 30.8% (adjusted from 30.4%) previously.

The backlog of orders actually hit a record high the previous month of June.

The IHS/Market Consumer Sector Purchasing Managers Index fell slightly in August from 49.8 to 49.5 points.

The Eurozone Sentix index fell from 22.2 to 19.6 points in August (forecast 19.7).

 

Japan’s foreign exchange reserves are at their highest level ever

In Japan, foreign exchange reserves rose from the US $1,386.5 billion to US $1,424.3 billion in August, recording an all-time high.

Household spending fell by 0.9% on a monthly basis (projected at + 1.1%) after -3.2% previously.

On an annual basis, there was an increase of 0.7% (projected at 2.9%) after -5.1% previously.

 

Different Dynamics of Crude Oil

The benchmark “black gold” intraday prices show mixed dynamics and the concentration of tradesmen,
including the Gulf of Mexico situation.

October futures for the North Sea oil mix Brent rose by $0.36 to $0.36 to $72.58 per barrel,
and October futures for West Texas Intermediate crude fell by $0.12 to $69.17 per barrel.

By the end of yesterday, Brent crude had fallen 0.68% to $72.06 per barrel.

While prices have fallen since the opening of the Asian session today when it became known that Saudi state
oil company Saudi Aramco in October would cut prices for all grades of oil for buyers from Asia and the Mediterranean. 

Oil prices on world markets rose after China experienced an unexpected acceleration in export growth,
adding another positive impetus to a series of economic indices related to energy demand and major energy consumers, according to Bloomberg.

China’s export and import growth in August exceeded economists’ estimates in a Bloomberg poll,
where the outflow of crude oil rose to a 5-month high. 

Strong trade data contribute to an optimistic outlook in Europe,
where oil demand recovers after months of national lockdown related to the spread of the coronavirus.

According to experts

According to experts, the trade data will ease some fears of delays in China.

This data can help the general mood around oil remain optimistic until the end of the session.

Rising oil prices have faced strong headwinds in the past two months after prices rose by about 50% in the first half of the year. 

The most contagious delta type of coronavirus raised concerns about demand,
although China was able to quickly curb the domestic outbreak. 

The market is expected to be tightened for the rest of 2021, while the broad OPEC+ alliance counts on accelerating the recovery,
as it agreed last week to continue increasing supply every month.

The market began a weaker week after Saudi Arabia cut supply prices to Asia for the coming month by more than expected,
surprising traders and raising concerns about the short-term demand pattern.

 

A strong start for the euro against the US dollar

The Euro opened against the Dollar at 1.1878 today, having reached 1.1857 in European trading at 1.1857 in the last 24 hours of trading.

The dollar stands at 109.81 against the yen.

As a result, the euro is trading against the Japanese yen at 130.44. The euro swings against the Swiss franc at 1.0857.

 

Gold is declining after recording the highest level in two and a half months last week

Gold prices declined on Tuesday after opening higher earlier in the day.

The price of spot gold declined 0.27 percent to $1819.03 an ounce, down 0.27 percent.

Prices for precious metals hit their highest level in two and a half months last week after disappointing United States non-agricultural jobs data.

Strong job recovery is crucial for the US Federal Reserve to begin withdrawing stimulus procedures.

Positive reports from China and Nikkei goes beyond 30 thousand points for the first time in 5 months

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