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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 120522, member: 38730"] [b]Daily Market Outlook 31st January [/b] [img] http://www.karachiites.com.php56-3.dfw3-2.websitetestlink.com/pyxmarket-new/wp-content/uploads/2017/01/pyx-market-outlook.jpg [/img] Asian shares slipped on Tuesday as stringent curbs on travel to the U.S. ordered by President Donald Trump brought home to investors that he is serious about putting his controversial campaign pledges into action. Global stocks posted their biggest loss in six weeks after Trump signed an executive order on Friday to bar Syrian refugees indefinitely and suspend travel to the United States from seven Muslim-majority countries, sparking widespread protests. The mood soured further after Trump fired the federal government's top lawyer after she took the extraordinarily rare step of defying the White House. Still, most share prices were up on the month, supported by signs of accelerating momentum in the global economy and hopes of large fiscal stimulus from Trump. The Japanese currency showed no reaction after the Bank of Japan kept its policy on hold, as expected. Recent data has suggested the economy is slowly regaining traction. Worries are also growing about a political shift to populist leaders in Europe. Conservative leader Francois Fillon, seen as the front-runner, is now battling to contain a scandal over allegedly unlawful payments to his wife while the Socialists on Sunday picked a hard-left candidate, possibly helping popular far-right leader Marine Le Pen. News that Germany posted a national inflation rate of 1.9 percent stoked talk of an unwinding of monetary stimulus by the European Central Bank, even though the inflation outcome was below expectations. Data on Monday showed U.S. consumer spending accelerated in December while inflation showed some signs of picking up last month. The dollar slipped against the yen on Tuesday, as the Japanese currency benefited from its safe-haven status, with the appetite for risk curbed by U.S. President Donald Trump's hardening defence over his immigration policies. The latest blow against the dollar was initiated after Trump ordered a temporary ban over the weekend on the entry of refugees and people from seven Muslim-majority countries. On Monday, the president fired acting U.S. Attorney General Sally Yates after she refused to defend Trump's new travel restrictions. Selling of the dollar appeared to have briefly gained momentum after Trump's move, said a dealer at a Japanese bank. The Bank of Japan's well-anticipated decision to stand pat on monetary policy on Tuesday had little lasting impact, although the dollar did briefly rise above 113.700 following the announcement before drifting lower again. While the BOJ on Tuesday maintained a pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield to around zero percent, the financial markets have begun to speculate about when the central bank might allow long-term rates to drift higher. U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. There are also signs that inflation firmed last month. The growth outlook was further bolstered by other data on Monday showing a jump in contracts to buy previously owned homes. A strengthening economy, rising price pressures and tightening labor market could allow the Federal Reserve to raise interest rates at least three times this year. The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.5 percent after gaining 0.2 percent in November. The rise was the biggest in three months and in line with economists' expectations. Consumer spending increased 3.8 percent in 2016 after a 3.5 percent rise in 2015. With domestic demand firming, inflation showed some signs of picking up last month. The PCE price index rose 0.2 percent after edging up 0.1 percent in November. The economy grew at a 1.9 percent annual rate in the fourth quarter, restrained by a wider trade deficit. Private domestic demand, however, increased at a solid 2.8 percent rate. The economy expanded at a 3.5 percent rate in the third quarter. Oil prices dipped on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market. The falls reflect a sentiment that efforts led by the OPEC to cut output by almost 1.8 bpd in order to end overproduction were so far not big enough to offset rising U.S. drilling. Following months of rising drilling activity, U.S. oil production has risen by 6.3 percent since July last year to almost 9 million bpd, according to data from the U.S. EIA. U.S. bank Goldman Sachs estimates that year-on-year U.S. oil "production will rise by 290,000 bpd in 2017" if a backlog on rigs that are still to become operational is accounted for. With the differing outlook between global oil markets and that in the United States, traders said a renewed focus on the spread between Brent and WTI futures has emerged. [/QUOTE]
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