Boris Johnson isn’t backing down, Chinese exports are struggling and there was a big change made at the Saudi Arabian oil ministry. Here’s what’s moving markets.
K. Prime Minister Boris Johnson, having suffered through a woeful week of defeats and a wave of resignations that continued with another heavy-hitting departure at the weekend, is still planning to push ahead with his plan to make sure the U.K. leaves the European Union on Oct. 31.
Chinese exports unexpectedly contracted in August, demonstrating once more the impact the of the trade war with the U.S.
In Hong Kong, the violent protests which have rocked the city are showing little sign of slowing down even after the concession made by leader Carrie Lam last week. Keep watching banks and luxury stocks in Europe as Hong Kong protests risks are baked back in.
Crude prices extended gains into Monday following the ousting of the energy minister and ahead of the OPEC+ committee meeting taking place this week.
Up and Coming
Asian stocks were mixed as traders considered the new stimulus measures announced on Friday in China and took in the weak trade data. Treasuries and the dollar were little changed, the yuan dipped and European stock future are pointing to a moderately positive open.
We’ll have some trade data from Germany, following on from the very downbeat factory orders last week, plus U.K. GDP data.
Also keep an eye on Associated British Foods Plc’s trading update and how its Primark discount fashion business is faring.
Global stocks with significant sales to China have continued to outperform those with greater exposure to developed markets, according to MSCI Inc. indexes.