Following a bullish end to the week for the ASX200, the focus will shift to the Chinese economy on Monday. Key stats, including industrial production, will influence.
Wage Price Index (QoQ) (Q3)
A 4-day losing streak came to an end for the ASX200 on Friday. Rising by 0.83%, the ASX200 ended the day at 7,443.05. On Thursday, the ASX200 had fallen by 0.57%.
There were no major stats from Australia through the Asian session to provide direction. From the U.S, there were also no stats from Thursday to consider.
Market reaction to news from PBoC that it would keep property prices stable amidst the Evergrande saga provided support.
Mining stocks found support on Friday in response to Evergrande averting a default.
There were no major stats for the markets to consider on the day.
It was a bullish day for the banks. Macquarie Group led the way, rising by 1.38%. NAB and CBA saw gains of 0.71% and by 0.89% respectively, with ANZ ending the day up by 0.68%. Westpac saw more modest 0.04% gain on the day, however.
Commodity stocks had a mixed session. Rio Tinto rallied by 3.44%, with BHP Group ending the day up by 2.84%. Fortescue Metals Group Ltd rose by 1.94, while Newcrest Mining ended the day with a 1.75% loss
Elsewhere, it was a mixed session. The Nikkei 225 and the CSI300 rose 1.13% and by 0.32% respectively, while the CSI300 ended the day down 0.21%.
It’s a particularly quiet day ahead on the Aussie economic calendar. There are no material stats due out of Australia to provide direction.
3rd quarter GDP numbers from Japan will be in focus early in the session, however, ahead of economic data from China.
Later this morning, industrial production, fixed asset investment, and unemployment figures from China be key.
In the futures markets, at the time of writing, the ASX200 was down by 3 points.
For a look at all of today’s economic events, check out our economic calendar.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.