Asia Market News
Stocks remained higher as investors bet the Bank of England will cut rates to ward off recession following Britain’s vote to leave the European Union. The Nikkei was up 0.4% at 16,298.43. Chinese stocks were lower with the CSI 300 index falling 0.3% and the Shanghai Composite down 0.4%.
Currency Market News
The USD/JPY was up 0.2% at 104.65 yen. EUR/USD added 0.2 percent to $1.1106. GBP/USD added 0.5% to $1.3212.
Commodity Market News
Crude prices rose on Thursday to recoup some of their big losses from the previous session, but gains are likely to be limited by mounting concerns the global glut in oil is not going away soon after two major agencies issued bearish reports. Brent crude was up 44 cents at $46.70 a barrel. U.S. crude rose 43 cents to $45.18 a barrel. The EIA said crude inventories fell 2.5 million barrels last week. Spot gold was down 0.2% at $1,339.31 per ounce.
US Market News
Stocks were up on Wednesday, just enough for the S&P 500 and Dow industrials to set record highs, with investors expecting upbeat earnings to keep the rally going. S&P 500 traded up 0.01%, to 2,152.43. Yum! Brands Inc (NYSE:YUM) shares gained in the extended session Wednesday after the fast-food chain operator topped Wall Street earnings estimates for the second quarter. SemiLEDS Corp (NASDAQ:LEDS) fell 16% after the LED chips maker late Tuesday said third-quarter revenue declined 18% and that is loss widened to $3.3 million.
Bond Market News
Japanese government bond prices fell on Thursday as Tokyo stocks extended their rally and curbed investor demand for safe-haven debt. The benchmark 10-year JGB yield rose a basis point to minus 0.275 percent, although it was still within striking distance of a record low minus 0.300 percent struck last week. The 20-year yield was also up by a basis point, at 0.070 percent.
Economic Calendar
- 12:00 GMT+1 UK MPC Official Bank Rate Votes
- 12:00 GMT+1 UK Monetary Policy Summary
- 12:00 GMT+1 UK Official Bank Rate
- 13:30 GMT+1 US PPI m/m
- 13:30 GMT+1 US Unemployment Claims
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