Compass Global Markets' Blog

Market Update - 3rd October 2019 - Stocks Fall As Data Worries Investors, AUD Holding Ground

Posted by Patrick Downes on October 3, 2019 at 8:37 AM

Please note that the commentary below is factual information provided to a group of readers as a web blog, and where an opinion is expressed by the author, it is GENERAL ADVICE only.

Stocks Slammed:

The build up of negative sentiment this week has finally seen investors capitulate and they've done so in quite spectacular fashion. The biggest falls were seen on European Indices where markets lost between 2% and 3%, while the biggest loser was the U.K FTSE which lost 3.23% and continues to be whipsawed by Brexit uncertainty. Comparatively, U.S stocks fared OK, but still managed to lose upwards of 1.5%-1.9% - our local market looks set to follow this lead with Futures suggesting a fall of around 1.8% this morning.

AUD Stable: 

The AUD has held it's ground, not capitulating nor even really moving over the past 24 hours. In fact AUD/EUR and AUD/GBP are within 1 point of yesterday's morning report, while AUD/EUR has edged lower very marginally along with AUD/JPY and AUD/NZD. No economic data is released through today, however we do get U.S Non-Manufacturing PMI numbers around midnight and they could show further weakness in the U.S economy as manufacturing PMI did earlier in the week. This data presents risk more so to equities than the AUD.

AUD EXCHANGE RATES:

AUD/USD – 0.6674

AUD/GBP – 0.5421

AUD/EUR – 0.6086

AUD/NZD – 1.0664

AUD/JPY – 71.555

OTHER MARKETS:

All Ords (XAO) – 6,753

Gold – A$2,236/oz

Silver –  A$26.22/oz

WTI – US$52.48 barrel

DATA RELEASES TODAY:

USD – ISM Non-Manufacturing PMI at midnight

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
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