Asian shares traded in green as Europe slowly plunges

September 28, 2016

US Dollar can’t get out of the range of 95.00-95.50 after the FED has investors waiting for the results of Algiers meeting, where Oil officials will try to work out measures to level energy market volatility. The emerging markets retreat following the Oil market as a part of a safety precaution ahead of the uncertain meeting outcome. The Russian RTS extends its losing streak for the third day in a row sinking 0.79%; the Brazil Bovespa drops 1.10%. On top of that the European equities sunk along with the American shares.

Unlike the rest of the world, Asian shares traded in green with CSI 300 rising by 0.64%, which was fueled by the industrial profits report beating the forecast (19.5% vs. 11.0% exp.). Nikkei 225 gained 0.84%, IDX Composite index rose 1.26%, Korean Kospi added closed 0.77% higher.

Gold investors also took a passive stance with the asset ranging from the $1,336-1346 band.

On the bond market, yields on German 10-YR government bonds plunged by 32% to a deep negative of -0.143, the lowest level since the start of July. Bond yields of Austrian, Belgian and Dutch also fell significantly pointing towards a growing risk-aversion on the markets.

On the currency markets, the EUR/USD trades were nearly unchanged while the GBP/USD dives deeper, weighing down on sterling. Japanese Yen remain strong, although USD/JPY pair shows limited gains due to the bullish outlook for the Japanese currency. Aussie claws some gains due to a relative Dollar weakness. The Swiss Franc trades nearly flat against its American peer.

Crude prices fell ahead of the Algiers event as the data given by the crude inventories is not great. WTI drops 0.98% to 45.57 while Brent loses trades -1.21% lower at 47.36 as of 9:54 GMT.

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