Market Brief: Markets Take Trump’s Impeachment Inquiry Within Stride

City Index | Sep 25, 2019 02:46AM ET

FX Brief:

RBNZ held rates as expected, although scope for further fiscal and monetary stimulus remains “if needed”. Data since their August MPS (Monetary Policy Statement) didn’t warrant a significant change to their outlook and RBNZ are “pleased” with their lower currency – points we both outlined in yesterday’s crypto rout . Yet given the double-digit losses sustained across the board, traders may be on the look out for a dead-cat bounce to fade.

Equity Brief:

Democrats launched a formal impeachment inquiry into Donald Trump, although this could be the slow path to nowhere as it will require at least 20 Republican’s to flip on Trump to officially oust him. After no doubt many investigations. S&P 500 Emini Futures are taking it all within stride and trade slightly higher on the session.
Still, it didn’t prevent the S&P/ASX 200 rolling over at the open and equities across Asia are mostly in the red. At the sector level, info tech and utilities lead the ASX200, energy and materials lag. Iron ore prices also weighed on miners, with iron ore producer Mount Gibson Iron Ltd (ASX:MGX) falling over 8% on the session. At the other end of the board is Afterpay Touch Group Ltd (ASX:APT), which rallied to an all-time high after filing its external audit report, which found no evidence of money laundering or terrorism financing activity. The broader ASX has seen 31.4% stocks advance, 45.5% decline and 23.1% unchanged.
The Hang Seng is the biggest decliner among the indices we closely track and currently trades at a 3-week low. The Nikkei 225 sank to a 5-day low (although mean reversion appeared overdue anyway) whilst FTSE China A50 and KOSPI 200 remain relatively unscathed relative to their cycle highs.

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Original Post

Written By: City Index

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