China Foreign Exchange Reserves Dropped in September

News Event

From Trading Economics: Foreign Exchange Reserves in China decreased to 3166382 USD Million in September from 3185167 USD Million in August of 2016. Foreign Exchange Reserves in China averaged 875780.58 USD Million from 1980 until 2016, reaching an all time high of 3993212.72 USD Million in June of 2014 and a record low of 2262 USD Million in December of 1980. Foreign Exchange Reserves in China is reported by the People's Bank of China.

Market Snap

Market Closing Wrap

In European Equity Markets, stocks fell on Thursday after easyJet fell to its lowest in more than three years, although the beaten-down banking sector rose for the third straight session. The STOXX 600 index fell 0.4 percent after opening in positive territory. Budget airline easyJet fell almost 7 percent after saying that its annual profit would fall by more than 25 percent this year, its first fall since 2009. Deutsche Bank rose as much as 2.7 percent after German officials said that the government was pursuing discreet talks with U.S. authorities to help the lender secure a swift settlement over the sale of toxic mortgage bonds, according to sources in Berlin.

In Currency Markets the dollar gained against a basket of currencies on Thursday, hitting its strongest level in two months as encouraging data on U.S. jobs reinforced the view the Federal Reserve would raise interest rates at the end of the year. The greenback reached a one-month peak versus the yen, last up 0.4 percent at 103.92 yen. The single currency was down 0.3 percent at $1.1166. The pound was 0.9 percent lower at $1.2634 after touching a fresh three-decade low of $1.2622. It fell to a five-year low against euro at 88.51 pence earlier Thursday. It was last down 0.5 percent at 88.30 pence per euro. The dollar index was last up 0.5 percent at 96.552 after touching its highest level since early August.

In Commodities Markets  oil rose about 1 percent, hitting four-month highs on Thursday, underpinned by news of another informal OPEC meeting on output cuts and surprise fall in U.S. crude stocks, though trading was choppy after a price gain of 15 percent in seven sessions.  Brent crude was up 1 percent, at $52.40 a barrel, rising earlier to $52.65, its highest since June 9. U.S. West Texas Intermediate crude rose 48 cents to $50.31, having broken above $50 for the first time since June 24. Spot gold was down 0.8 percent at $1,255.97 an ounce. Gold's losses dragged the rest of the complex lower, with silver and platinum also touching their lowest since June 24 at $17.34 and $961.90 respectively. Palladium was down 1.8 percent at $664.20.

In US Equity Markets  stocks were lower on Thursday, while investors anxiously awaited a crucial jobs report that would help set the tone for interest rate hikes in the coming months. The S&P 500 fell 0.25 percent, at 2,154.32 and the Nasdaq Composite was down 0.37 percent, at 5,296.34. Pfizer fell 1.06 percent after agreeing to sell its infusion therapy business to ICU Medical Inc for $1 billion in cash and stock. Wal-Mart fell 2.7 percent and was the top drag on the S&P and the Dow after the world's largest retailer forecast flat earnings for next year. Twitter lost 18.6 percent after technology news website Recode said Disney and Alphabet were not in the race for the company.

In Bond Markets U.S. Treasury yields rose to three-week highs on Thursday as investors prepared for a potentially strong jobs report on Friday, which will be watched for new signals on when the Federal Reserve is likely to next raise interest rates. Benchmark 10-year notes were last down 5/32 in price to yield 1.74 percent, up from 1.72 percent late on Wednesday. The yields have climbed from 1.54 percent on Friday. The employment report is expected to show nonfarm payrolls rose by 175,000 jobs in the month.

Source: Institute of Trading and Portfolio Management