Stocks Retreat - It's December!
. Shares retreated from a one-and-a-half year peak in the Asian session today, as investors took some money off the table ahead of the holiday trade awaited for fresh data on the state of the global economy.
. Investors were also closely watching proceedings in Washington where the Democrat-led US House of Representatives voted to impeach Republican US President Donald Trump for abuse of power and obstruction of Congress. Market reaction, however, has so far been limited as the Republican-controlled Senate is widely expected not to vote to remove Trump from office.
. Traders also await a Bank of England (BoE) policy meeting later Thursday. No change in policy is expected, but the meeting could pose further downside risks for sterling if more policymakers swing to the dovish camp and vote for an interest rate cut. The pound has already experienced heavy losses on concerns that Britain could still leave the EU without a trade deal in place after a transition period ending in December 2020.
. The Australian dollar jumped by 0.36% after better-than-expected data on the labor market dented expectations for interest rate cuts.
. On the company front, Philippines' Cebu Air Inc said on Thursday it had ordered 15 Airbus SE A320neo family jets worth $2 billion at list prices, keeping the European manufacturer on track to reach a year-end sales milestone.
Up and Coming
. UK Core retail sales are due later, with expectations suggesting a 1.9% y/y growth rate. Most awaited is the BoE vote for rate cuts, which could see more MPC members pushing towards that direction.
. Philly Fed, Jobless Claims and Existing Home Sales are due in the US today, with only Jobless Claims expected to register an improvement from the previous recorded value. Philly Fed and Home Sales are forecast to register mild deteriorations.
. Canadian Wholesale Sales are forecast to have decreased by 0.1% m/m in October, compared to 1% growth registered in September.
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