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Japanese shares are in recovery mode today after sharp falls last week, with the Nikkei rising 2.2% following a strong close on Wall Street and the absence of fresh negative catalysts.
China is up 0.1% even though the central bank has again refrained from adding liquidity to the money markets, with the seven-day repurchase rate up 5 bps to 4.93%. Brokers apparently believe that the PBOC's strategy is a sign of economic strength rather than of weakness in the financial industry.
Global equities are in the red, with Japanese shares leading Asia lower after the yen strengthened against the dollar following a bad miss for U.S. employment data yesterday, which has prompted investors to rule out Fed tapering this year.
Global shares fall after U.S. OKs short-term debt-budget deal
Global equities are mostly lower after Washington approved a deal to finance the U.S. government until January 15 and raise the debt limit so that the country can continue to increase its borrowing until February 7.
The short-term nature of the agreement has markets wary of another stand-off in another three months or so.
Japan +0.8%, Hong Kong -0.6%, China -0.2%, India -0.4%.
EU Stoxx 50 -0.6%, London -0.4%, Paris -0.7%, Frankfurt -0.6%, Milan -0.6%, Madrid -0.3%.
U.S. Stock futures: Dow -0.4%. S&P -0.25%. Nasdaq -0.1%
Global stocks mixed as U.S. debt deadline draws ever nearer
Asian and European shares are mixed, and U.S. stocks lower as the deadlock in Washington continued over the weekend. It appears that markets are caught between hope that the debt ceiling will be lifted time and fear that it won't.
An unexpected fall in Chinese exports has also added some negative sentiment.
However, Chinese shares rose 0.4%, with train companies soaring on speculation they could participate in the construction of Thailand's high-speed train system.
Japan, Hong Kong closed; India +0.25%.
EU Stoxx 50 -0.1%, London +0.1%, Paris -0.3%, Frankfurt -0.3%, Milan flat, Madrid +0.2%.
U.S. Stock futures: Dow -0.65%. S&P -0.7%. Nasdaq -0.5%.
Global equities are lower after John Boehner said the GOP won't agree to support legislation to finance the government or raise the debt ceiling until the Democrats agree to talks about reducing the deficit.
"The U.S. shutdown saga is starting to really roil markets," says Capital Spreads trader Jonathan Sudaria. "What was once thought to be a case of chest thumping by politicians may have been underestimated by markets."
Japan -1.2%, Hong Kong -0.8%, China closed. India -0.6%.
EU Stoxx 50 -1.1%, London -0.7%, Paris -1.3%, Frankfurt -1.2%, Milan -0.4%, Madrid -0.8%.
U.S. stock futures: Dow -0.9%. S&P -1%. Nasdaq -1%.
The db X-trackers MSCI Europe Hedged Equity Fund (DBEU) will protect against fluctuations in the euro plus the currencies of those EU members who still retain their own units. It has an expense ratio of 0.45%
The db X-trackers MSCI U.K. Hedged Equity Fund (DBUK) protects against swings in the pound. It also has an expense ratio of 0.45%.
The db X-trackers MSCI Asia Pacific ex Japan Hedged Equity Fund (DBAP) has an expense ratio of 0.60%.
Global equities mostly drop prior to the start of the FOMC's two-day meeting today, when the Fed is expected to reduce its bond-buying program by $10B a month to $75B despite a tepid jobs report for August.
"Investors are pricing in $10B, but $20B or above could create waves, so people remain cautious ahead of the decision," says Global Equities' David Thebault.
China falls 2% following a sharp slowdown in foreign direct investment and a rise in money market rates.
Japan -0.7%, Hong Kong -0.3%, India +0.1%.
EU Stoxx 50 -0.3%, London -0.3%, Paris -0.4%, Frankfurt -0.2%, Milan -0.4%, Madrid -0.7%. U.S. stock futures: Dow -0.1%, S&P -0.1%, Nasdaq -0.05%.
European and Asian stocks are mixed following a rally yesterday, which was spurred by the decreasing prospect of U.S.-led military action against Syria.
The market's also digesting economic data from the last ten days or so, says UniCredit's Vasileios Gkionakis. "With the exception of the downward revision of the U.S. payrolls, in general, that has painted a positive picture," Gkionakis says.
Oil is +0.5%, gold +0.2%.
Japan flat, Hong Kong -0.2%, China +0.1%, India -0.1%.
EU Stoxx 50 +0.1%, London -0.1%, Paris -0.1%, Frankfurt +0.5%, Milan +0.7%, Madrid +0.2%.
Global equities are higher on falling expectations that the U.S. will lead an attack on Syria after President Obama said he'd refrain from action if the Middle Eastern country gives up its chemical weapons.
Better-than-expected Chinese industrial output and retail data have also helped boost sentiment.
Oil is -0.9% at $108.58 a barrel and gold is -0.85% at $1.374.60 an ounce.
Japan +1.5%, Hong Kong +1%, China +1.1%, India +3.2%.
EU Stoxx 50 +1.1%, London +0.8%, Paris +1.1%, Frankfurt +1.5%, Milan +0.6% and Madrid +1.3%.
Mike Riddell returns from a trip to Asia with video diary actually feeling a bit better about Chinese property where he says there is no evidence of a bubble in the tier 2 and tier 3 cities. One story we may start hearing more about is Asian reliance on trade finance provided by European banks who are certain to be pulling back from the business as they deleverage.
Asia is facing "much greater downside risks" because of the possibility of new recessions in the U.S. and EU, and the threat of destabilizing capital flows, says the Asian Development Bank. The possibility of another global financial crisis means Asian countries must have "sufficient flexibility" to rapidly adjust policies.