Tuesday, November 1, 2016

Overnight

Let's start with the U.S. dollar. The dollar fell about 1 percent against the yen to an eight-day low of 103.81 yen. A strong yen caps Japanese exporters' profits made abroad when repatriated. The strong dollar also affects the price of gold. 

But gold held steady as Reuters reported: Gold held steady on Wednesday, off near one-month highs touched in the previous session, with markets waiting for the outcome later in the day of a Federal Reserve meeting for clues on the timing of a possible U.S. interest rate hike. Spot gold was little changed at $1,288.00 an ounce.

What some are calling the "fear index" kicked in pushing most Asian shares down more than 1% on Trump's apparent rebound in polls, some putting him ahead of Clinton for the first time. Trump scares many with his talk about trade deals and immigration that MSM has exploited. The Nikkei 225  shed 1.25% owing in part to the upswing in the yen, seen by many as a safe haven currency. The ASX 200 dropped 1.09%. The Kospi was lower 1.15,Hong Kong's Hang Send off 1.04% and the two Chinese Composites, Shanghai, down 0.25%, and Shenzhen losing 0.081%. The yen rallied against the dollar to trade at 103.88 up from Tuesday's session of 104. The Wall Street Journal reported an overnight poll, an ABC News/Washington Post tracking poll, that had Trump at a one-point advantage over Democrat Hillary Clinton, leading 46% to 45%.

Lower oil prices affected oil shares in the region fro Australia to China to South Korea. U.S. crude futures settled 0.64% lower at $46.37 a barrel from a Tuesday price of $46.67.Brent crude was also down 0.46% at $47.92 from the session earlier at $48.14. Some of the sell off owed to the American Petroleum Institute (API) announcing crude inventories rose by 9.3 million barrels in the week to October 28.



 





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