Daily wrap up – 16 October

16 Oct 2017 08:47 PM

The markets witnessed a relative calm in the absence of significant economic events and we didn't see any strong moves in the foreign exchange market. As global stock markets rallied, boosted by China's economic data this morning.

Asian stocks hit their highest levels in a decade as China's producer price index surpassed market expectations to 6.9% in September from a year earlier, while the CPI rose by 1.6%. Also, major US indexes continued to rise to a record high as markets opened today driven by gains in the technology and financial sectors.

The positive data came from China today ahead of the Communist Party Congress on Wednesday, as well as the GDP data which will be released on Thursday.

The euro came under pressure in the wake of elections in Austria, where the conservative party didn't have an absolute majority to form a government and would have to form a coalition, as the extreme right back in the picture.

On the other hand, oil prices rose today in the light of the geopolitical tensions in Iraq, where Iraqi forces took control of Kirkuk oil city of Kurdish fighters, which led to a halt to production slightly.

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