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US Open Preview – Euro feels more pain as Italian stress weighs; bond yields hit fresh highs
October 9, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: Canadian housing starts, Brexit the highlight of the day
The US is back from holidays, but the calendar remains fairly thin for the session as well as for the rest of the week. The only release worth mentioning is Canada’s housing starts for September due at 1215 GMT, which are expected to have increased to 210.0k from 201.0k in August.
A few minutes later, attention will turn to the UK and specifically to the British parliament, where the UK Brexit secretary Dominic Raab will be commenting at 1230 GMT. Raab is expected to dedicate part of his speech to update lawmakers on the Brexit front. Note that early this week, the Brexit negotiator was told to have been working on the Irish border backstop plans to be sent to the EU before a meeting with European leaders on Wednesday. Yet in the absence of any progress in EU-UK talks, chances for an uneventful EU summit next week are rising.
Earlier today, a lawmaker admitted that there are at least 40 lawmakers in Prime Minister Theresa May’s Conservative Party that want to go against her Brexit deal if the UK leaves the bloc ‘half in and half out’. In case May secures a deal with the EU, she must get the British parliament to approve it, and more specifically, she would need 320 lawmakers to support her plans.
U.S. Secretary of State Mike Pompeo and North Korean leader Kim Jong Un had some progress in their discussion on Monday with the former saying that Pyongyang is ready to allow international inspectors to visit a missile engine test site. Moreover, he unveiled that both sides are close to agreeing details for a second summit between Kim and President Donald Trump.
In New Zealand electronic card retail sales for the month of September will be published at 2145 GMT, while at 2350 GMT Japanese machinery orders for August will attract some interest as well.
In terms of public appearances, Federal Reserve Bank of Chicago President Charles Evans will be talking at 1615 GMT ahead of the Federal Reserve Bank of Philadelphia Harker at 1700 GMT. Also, Bank of England Governor Carney will be a guest speaker at the CISI annual dinner at 1800 GMT.
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