Asian stocks fell for the first time in a week, the Nikkei was down -1.48% as Nintendo tumbled on a weak outlook. Shares in Hong Kong (-0.73%) and mainland China (-0.7%) also retreated and Toyota flagged a weak profit outlook after safety scandals forced the Japanese automaker to trim production. USDJPY opens at 155.30, weakening again despite warnings from the Bank of Japan Governor Kazuo Ueda and Finance Minister Shunichi Suzuki saying the government stands ready to take all possible measures as needed.
In the base metal complex copper had a good day rising above the psychological 10k level and as high as 10,118/mt. The market chatter is that Asian demand has been re-assessed. In other markets the yield on 10-year Treasuries advanced one basis point to 4.47%, West Texas Intermediate crude fell 0.5% to $77.97 a barrel, Spot gold rose 0.3% to $2,321.02 an ounce, Bitcoin fell 0.4% to $62,698.94 and the proud pound fell 0.2% to $1.2488.
The data front is relatively light Germany industrial production fell -0.4% mom and next up we have Italian Retail Sales and US Wholesale inventories, on the speaking front we hear from Fed Governor Lisa Cook. We wish you a good day.
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