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Japan Retail Sales Decline the Most in 3 Months

By Xinyang September 28, 2016
Staff clean products as they close their electronics retail store in Tokyo

News Event

From Trading Economics:Retail sales in Japan dropped by 2.1 percent year-on-year in Aug of 2016, compared to a 0.2 percent fall in July. It was the sixth straight month of decline and the fastest drop since May while market expected a 1.8 percent decrease. Sales from large retailers declined by 3.6 percent, after gaining 0.6 percent in the preceding month. On a monthly basis, retail sales fell 1.1 percent, following an upwardly revised 1.5 percent gain in a month earlier. It was the first decline since May.

Market Snap

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Market Closing Wrap

In European Equity Markets stocks rose on Wednesday, helped by gains among commodity stocks, while Deutsche Bank recovered from all-time lows hit in the previous session. The pan-European STOXX 600 index rose 0.7 percent with commodity-related stocks giving up some of their strong early gains. Goldman Sachs estimated the German lender would eventually pay between $2.8 and $8.1 billion to settle the dispute, although the final outcome could be outside that range. Royal Bank of Scotland rose 1 percent after the British bank agreed to pay $1.1 billion to settle claims that it sold toxic mortgage-backed securities to credit unions that later failed. TUI rose 1.3 percent after the travel firm nudged up its full-year profit outlook.

In Currency Markets the dollar edged higher against the yen and euro on Wednesday, but gains were limited as traders awaited more U.S. economic data for clues on whether the Federal Reserve will hike rates this year, while reduced concerns over the European banking system limited the euro's losses. The euro rose from a session low of $1.1182 touched in early trading, although the currency remained slightly lower on the day and was last down 0.2 percent against the dollar at $1.1189. The dollar was last up 0.26 percent against the yen at 100.69 yen and up 0.21 percent against the Swiss franc at 0.9727 franc. The dollar index was last up 0.29 percent at 95.705.

In Commodities Markets  oil prices rose by more than 2 percent in volatile trade on Wednesday on speculation OPEC members gathered in Algeria could lay the foundation for a production-limiting deal in November. Crude inventories fell 1.9 million barrels in the week to Sept. 23, compared with analysts' expectations for an increase of 3.0 million barrels.  Brent crude was up 2.7 percent, to $47.31 a barrel. U.S. West Texas Intermediate crude rose $1.03 to $45.70. Spot gold fell 0.4 percent to $1,322.95 an ounce. Spot silver was down for the fourth straight session, losing 0.4 percent at $19.06 an ounce. Platinum was down 1.1 percent at $1,010.25 and palladium was up 1.3 percent at $706.80 an ounce.

In US Equity Markets  stocks reversed course to trade lower in a choppy market on Wednesday, dragged down by healthcare stocks and as oil prices pared gains. The Dow Jones industrial average was down 0.12 percent, at 18,205.53. The S&P 500 index was down 0.23 percent, at 2,154.92 and the Nasdaq Composite was down 0.24 percent, at 5,292.90. All of the 11 major S&P 500 indexes were trading lower, with telecom services falling the most by 1.28 percent. AT&T was the biggest drag on the index after UBS downgraded the stock to "neutral". Nike lost nearly 2 percent after the shoemaker's future orders missed analysts' estimates for the third time in a row, attracting a slew of price targets by brokerages.

In Bond Markets U.S. long-dated Treasury debt yields on Wednesday edged higher from three-week lows hit the previous session, as risk aversion eased with a recovery in Deutsche Bank's share price and more stable global stocks. In mid-morning trading, U.S. benchmark 10-year Treasury notes were flat in price for a yield of 1.556. U.S. 30-year bonds fell 5/32 in price, yielding 2.284 percent, up from Monday's 2.278 percent.

Source: Institute of Trading and Portfolio Management

 

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By Xinyang September 28, 2016

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