Asia Up Despite Nissan Bombshell, Brexit Hopes Lift UK, Trump Ready To Deal

The US equity market was indicated to open with a small loss in early Monday. EU indices were flat to up at midday as Brexit hopes to provide support. Asian market was mostly higher despite a bombshell allegation against Nissan Chairperson Carlos Ghosn.
Thomas Hughes
markets

Asian Markets Buoyed By Easing Trade Tensions

Asian market was mostly higher despite a bombshell allegation against Nissan Chairperson Carlos Ghosn. Ghosn has been accused of violating major Japanese financial laws that may have a material impact on his ability to lead Nissan. The Nissan board issued a statement that Ghosn and another board member had been under-reporting compensation for many years. The news, released after the close of the Asian session, sent shares of Nissan down more than 12%.

In political news, US President Donald Trump may be ready to make a deal with China although results of the APEC meeting are not promising. Jonathan Fenby of TS Lombard said in an interview that Trump is showing signs of a readiness to deal. His hesitancy to lift tariffs to 25% shows caution that may result in positive developments at the G-20 meeting next month. Meanwhile, at the APEC meeting, US and Chinese differences prevented the group from forming an accord for the first time ever.

Brexit Hopes Lift UK, Nissan Drags On Market

EU indices were flat to up at midday as Brexit hopes to provide support and the Nissan news weighs on the indices. On the Brexit front UK Prime Minister, Theresa May is doing her best to ram through whatever kind of deal she can. She says a change of government would only prolong the affair while those within her own government are leaving their posts or criticizing the deal as bad for the UK people.

The UK FTSE 100 led advancing indices at mid-day with a gain new 0.65%. The German DAX and French CAC were both holding flat with gains near 0.0%. The pound was able to gain versus the dollar but the move was small in early Monday trading, only about 0.25% Regardless, the move extends a bounce from the support that began in the previous week and indicates the 1.2700-1.3200 trading range may dominate the GBP/USD in the near-term.

US Market Flat Despite Trade Optimism

The US equity market was indicated to open with a small loss in early Monday pre-opening trading. The SPX was indicated lower by 0.25% while the tech-heavy NASDAQ Composite led with a decline near 0.45%. Shares of Apple are primarily to blame, a report orders of iPhones had been cut led shares of that stock down by 1.0%.

The tech-sector was further weighed down by reports South Korean authorities had massive amounts of evidence three manufacturers including Samsung and Micron were committing antitrust violations. On the earnings front, Agilent and Intuit are expected to report after the bell. A miss from either of those companies could spark further bloodshed in the tech sector.

There was no economic data today but there are some important reads on housing and leading indicators due out later this week. The market will be closed on Thursday, November 22nd, for the Thanksgiving Holiday. Expect to see light trading volume in the US all week.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US