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Tue, 3rd Oct 2017 - Author: Morning Shot

The relentless rise in US equities continues and the Nikkei followed suit, but this can be attributed to the weak JPY overnight. In Australia the ASX traded weaker following the RBA and weak commodities prices. Over in Hong Kong the Hang Seng opened after a public holiday and the index surged after the news of a targeted RRR rate cut in China.

Nearly all commodities struggled overnight only nickel and aluminium posted small gains. One of the worst hit from the major commodities yesterday was spot WTI, price dipped below the $50/bbl level and now trades just above at $50.41. Interestingly there was an OPEC survey suggesting that output actually rose last month despite heavy cuts.

Gold is also subdued as the USD continues to advance, the yellow metal broke through the $1375 support area and now looks to be heading to the major weekly trendline support area which lands at around the $1263/oz level. 

Copper like most of the other industrial metals struggled overnight, but at least the base metal held up better than most major commodities only falling 0.3% following the Chinese data from the weekend. 


In FX markets USD strength seen in Asia, producing uniform gains across the majors.  Responding to the US data yesterday, we can see that there is little fresh weakness in the EUR per se, with EUR/GBP still in the low 0.8000's and EUR/CHF recovering into the mid 1.1400's. Overnight as expected the RBA kept rates unchanged, but also produced a net neutral to dovish statement akin to gov Lowe's commentary last week.  


Morning Stories

EU lawmakers have diminished large telecoms companies' hopes for lighter regulation as part of efforts to encourage investment in superfast broadband networks.

U.S. agri trader Archer Daniels Midland denied a report that it was bidding on Unilever Plc's spreads business, which includes Flora and Stork margarines.

Allergan was sued by Shire Plc for allegedly scheming to block doctors from prescribing its new treatment for dry eye disease.

Royal Dutch Shell restarted all but one unit over the weekend at its 227,586 bpd Convent, Louisiana, refinery, according to sources

Sad news at Coca-Cola Hellenic as their CEO has passed away. 

Greggs trading update - Sales +8.6%, Lfl +5% and 98 new stores opened, 32 closed.

Great Portland Estates - We signed 17 new lettings across 75,500 sq ft, generating a combined annual rent of £5.3 million (GPE share: £4.6 million) with market lettings 2.5% ahead of the March 2017 ERV.


What to look out for today

UK Construction PMI, API oil inventories and New Zealand's GDT auction


The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.


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