Spreadex Market Update
Asian stocks advanced overnight
Asian stocks advanced overnight with the benchmark regional index advancing to a six-year high, while bonds followed U.S. Treasuries lower before the Federal Reserve starts their meeting today. The FOMC are expected to release a statement tomorrow evening which could help show future direction of monetary policy. The dollar remains flat against major rivals as investors take to the side-lines following major economic data releases including the FOMC, jobs and GDP data from the US.
A decline in Japanese retail sales fell more than forecast in June, capping a weak quarter that challenges Prime Minister Shinzo Abe’s bid to reflate the economy while heaping a heavier tax burden on consumers. Sales declined 0.6 percent from the year earlier, falling further than the median forecast of 0.5 percent. In the second quarter, sales slumped 7 percent from the previous three months.
Shares in BP will be in focus on the open after they reported second quarter earnings, posting a dividend of $9.75 per share on revenues of $7.6 billion. BP sees third quarter reported production to be lower than the second quarter.
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