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James Hyerczyk
Global Equity Markets

European equities are trading mixed Wednesday as investors monitor Brexit developments and another round of corporate earnings. Essentially, investors are taking their cues from similar price action in Asian and U.S. markets.

At 0654 GMT, the U.K.’s FTSE is trading 7718.48, up 54.70 or +0.70% and the German DAX is at 12648.19, unchanged.

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Traders are keeping an eye on new developments surrounding the U.K.’s withdrawal from the European Union. According to the Recruitment and Employment Confederation (REC), employers reported a shortage of EU migrant workers available for work.

Additionally, traders are also awaiting a report from the Bank of England early Wednesday, which will likely provide an insight into business sentiment around Brexit.

Asian markets were largely mixed with Japan’s NIKKEI trading 22644.31, down 18.43 or -0.08%, China’s Shanghai finished at 2743.76, 35.61 or -1.28% and Australia’s S&P/ASX 200 rose 14.60, or 0.23% to close at 6268.50.

In China, newly released data showed China’s trade surplus with the U.S. slipped to $28.1 billion in July, according to Reuters. That compared to the $28.9 billion seen in June. According to U.S. Trade Representative Robert Lighthizer, the 25 percent U.S. tariffs on $16 billion in Chinese goods will take effect on August 23.

Forex

The U.S. Dollar is trading lower against a basket of currencies early Wednesday as demand for the greenback as a safe-haven asset due to concerns over the trade dispute with China seems to be fading amid a stronger offshore Yuan.

The Australian and New Zealand Dollars are trading higher mostly in response to China’s July trade data, the first figures since the U.S. imposed tariffs on $34 billion of Chinese imports on July 6. The report showed China’s exports and imports rising faster than expected, although the country’s trade surplus with the United States was little changed.

The Dollar/Yen is under pressure early Wednesday ahead of the start of bilateral trade talks in Washington between the U.S. and Japan. The meeting was agreed upon in April by President Trump and Japanese Prime Minister Shinzo Abe. The two parties are expected to discuss “free, fair and reciprocal” trade.


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U.S. Elections

U.S. traders are watching the results of the special election in Ohio, which is seen as a proxy for the strength of President Trump. Early Wednesday, the election was too close to call with the Republican candidate edging slightly above the Democrat for a seat the Republicans have held for more than three decades.

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