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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 108351, member: 38730"] [b]Daily Market Outlook 24 August[/b] [img]https://scontent-amt2-1.xx.fbcdn.net/v/t1.0-9/13938553_118457278597764_4706199327588223406_n.jpg?oh=4cb4000aa052d5b9cf8c6e211c4ac665&oe=581DD5BC[/img] Asian stocks edged lower on Wednesday as strong U.S housing data overnight increased the chances of an interest rate increase in coming months, prompting some investors to take profits, while oil prices slipped after a surprise jump in U.S. inventories. Since late July, emerging market funds have seen net inflows of some $13.2 billion, more than developed market funds in terms of assets under management, according to Institute of International Finance data. While Hong Kong's benchmark index has rallied 18 percent since late June, on a price-to-earnings basis, it still remains around one standard deviation below a 20-year average, indicating investors are not fully convinced about the durability of the gains. Compounding the anxiety, recent Chinese economic data has been anything but cheerful. Both exports and imports fell more than expected in July and government officials have repeatedly said the economy is facing downward pressure. However, the pessimism around China has been balanced by growing optimism around emerging markets as some investors such as bond giant PIMCO are slowly turning more bullish, citing a rebound in growth and improving economic fundamentals. U.S. housing-related stocks .HGX jumped 2 percent on Tuesday after the Commerce Department reported new U.S. single-family home sales soared unexpectedly in July to near nine-year highs. Stocks in both Europe and the U.S. ended higher. In currency markets, the spike in new U.S. home sales pushed the dollar to 94.6 against a trade-weighted basket of currencies after a drop of more than 2 percent ar this month. The dollar edged up on Wednesday, moving off lows touched against the yen overnight, as markets looked to a gathering of global central bankers in Wyoming for clues on whether the Federal Reserve is poised to hike interest rates again. Data on Tuesday showed new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook. Central banks will gather in the mountain resort of Jackson Hole later this week, with markets focused on a speech by Fed Chair Janet Yellen on Friday. Recent hawkish comments from Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley have raised some investors' expectations that Yellen might also take a less cautious tone. News that North Korea fired a submarine-launched missile had little impact on foreign exchange trading. The missile flew about 300 miles (480 km) before splashing into the Sea of Japan, a U.S. defense official said. Instead, markets are waiting for Jackson Hole for any fresh signals on the U.S. monetary policy outlook. Minutes from the Fed's July 26-27 policy meeting showed officials were divided over whether to raise rates soon, with some insisting that more solid economic data were needed before any tightening. Oil prices fell early on Wednesday as an unexpected build in U.S. crude stocks weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry. Robust Chinese crude demand growth has been driven by independent refiners, also know as teapots, who began to import crude last June after obtaining government crude import quotas and licenses. But Beijing's crackdown on alleged tax evasion in the oil industry, targeting the teapots, threatens to put a lid on Chinese demand. Reinforcing concerns about market oversupply, U.S. crude stocks surprisingly rose last week, even though gasoline inventories fell sharply and distillate stocks drew, data from industry group the American Petroleum Institute showed on Tuesday. Crude prices had risen on Tuesday after Reuters reported that Iran was sending positive signals that it could support joint action to prop up the oil market. But analysts and traders remain skeptical that producers will come to an agreement at a meeting in Algeria next month as various OPEC members continue to have individual agendas to push. Iraq's prime minister said on Tuesday the country had not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible OPEC agreement to lift prices. [/QUOTE]
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