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Morning wrap (14.10.2021)

  • US indices finished yesterday's trading higher. S&P 500 gained 0.30%, Nasdaq moved 0.73% higher while Dow Jones finished flat

  • Upbeat moods could have been spotted on the Asian stock exchanges with Nikkei and Kospi jumping over 1% today. S&P/ASX 200 gained 0.5%

  • DAX futures point to a slightly higher opening of the European session

  • FOMC minutes showed that Fed members see launching tapering this year as appropriate with monthly purchases being reduced by $15 billion per month

  • Fed's Bowman prefers tapering to begin in November

  • Chinese CPI inflation slowed from 0.8% to 0.7% YoY in September (exp. 0.9% YoY). PPI inflation accelerated from 9.5 to 10.7% YoY (exp. 10.5% YoY)

  • Turkish President Erdogan fired 3 CBRT policymakers, who opposed rate cuts. Turkish lira slumped to a new record low against US dollar

  • OPEC lowered the global oil demand forecast for 2021. Cartel expects demand to grow by 5.8m bpd, down from previous estimate of 5.96m bpd

  • Japanese industrial production dropped 3.6% MoM in August (exp. -3.2% MoM)

  • Australian jobs report for September showed a drop in employment by 138k (exp. -136k). Unemployment rate ticked higher from 4.5 to 4.6% (exp. 4.8%)

  • API report pointed to a 5.21 million barrel build in oil inventories (exp. +0.1 mb)

  • Bitcoin tested $58,500 area overnight but failed to break above

  • Precious metals pull back slightly while oil and industrial metals gain

  • AUD and NZD are the best performing major currencies while JPY and EUR lag the most

After a brief pause in Q3 2021, the rally on the USDTRY market resumed. Controversial decision of Turkish president Erdogan to fire 3 CBRT members that opposed rate cuts provided another lift for the pair and caused an over-1% jump late in the evening yesterday. The pair moved 11% higher off the September's low. Source: xStation5

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