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International financial news

International financial news

[The US House of Representatives passed the Expediency Expenditure Act to avoid government closures]
The US House of Representatives passed a one-month spending bill to fund the government until December 20, giving parliament more time for the fiscal year budget that began last month; the result of the vote on the revised HR 3055 is 231-192; the current update is due to expire on Thursday; the bill will allow the Export-Import Bank to operate until December 20, allowing the Census Bureau to increase its investment in preparing for the 2020 census, preventing automatic reduction of road funding next year, replacing military personnel The salary increase is 3.1%; Senate Majority Leader McConnell said the Senate will vote on the bill this week, so the president is ready to sign.

[Russian side seems less willing to support OPEC+ to expand oil production scale]
It is reported that the Russian side seems to be less willing to support OPEC+ to expand the scale of oil production, but is willing to maintain the decision to extend the existing oil production reduction agreement. Although Saudi Aramco has officially launched the IPO program, OPEC is concerned about the prospects for growth in demand for crude oil in 2020.

[The US-Canada-Three-State Agreement is expected to be finalized before Christmas]
Richard Neal, chairman of the US House Ways and Means Committee, said that the US-Mexico Trade Agreement (USMCA) may be finalized before Christmas, but another Democratic Party believes that there has been no progress in recent days. Neal, who is in charge of lead negotiations, said that Democrats have finalized regulations on labor and law enforcement with US Trade Representative Wright Heze, and that the support of ILO leaders has greatly contributed to the adoption of the agreement. If the agreement is passed, it will boost the financial market. The Democratic Party representative who participated in the negotiations said that he was waiting for Letter Hize’s reply.

[Atlanta Fed's GDPNow Index rose from 0.31% to 0.42%]

The Federal Reserve Bank of Atlanta's GDPNow Index shows that US gross domestic product (GDP) is expected to grow by 0.42% in the fourth quarter, 0.31% on November 15, and 56 economists and others surveyed by Bloomberg. The consistent forecast is 1.65%.


GMT(time)

Currency

News and Data

00:30

  USD

Building Permits (Oct)

12:30   

  CNY

PBoC Interest Rate

10:50

  JPY

Exports (YoY) (Oct)

18:00

  EUR

German PPI (MoM) (Oct)

20:00

  EUR

ECB Financial Stability Review 

Summary of investment bank views

National Australia Bank: Australian dollar against New Zealand dollar fears further fell below 1.04




The National Australia Bank (NAB) released a research report on Tuesday that pointed out that the recent mid-term action has been reversed and that short positions are re-entered, which is consistent with the long-term bearish momentum indicator. We expect that a further decline in several weeks may be triggered after the weekly close at 1.0665, which will also confirm that a mid-term correction in the overall gains in 2019 has started and the target is likely to look below 1.04.

Commerzbank: copper prices may continue to be under pressure during the year




Commerzbank analyst Briesemann believes that copper prices may continue to be under pressure for the rest of the year, although there will be some short-term gains. Most metal prices tend to go down, as market concerns about international trade disputes have increased.

Citibank: US crude oil exports will grow at a rate consistent with production growth




Citi analyst Ed Morse wrote a report saying that US crude oil exports should continue to grow at a rate that is about the growth rate of US oil production. The exception is when the global oil market is oversupplied (possibly in 2020-21) and the US export arbitrage window is closed to encourage storage in US oil depots. Imports will remain "quite stable" and, in the medium term, shale oil production is expected to increase by about 800,000 barrels per year to 1 million barrels per day.

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