Today began with macroeconomic reports on the construction sector in New Zealand and Australia. In both countries the number of building permits decreased, while investors expected growth. In any case, their currencies are under strong pressure due to the developments in the conflict between China and the United States. At the same time, the main blow to the AUD and the NZD can be dealt tomorrow with the PMI business activity indices in China.
Key macroeconomic reports are expected in the afternoon: the quarterly report on US GDP and the index of incomplete sales in the real estate market will be published. In addition, data on weekly oil reserves in the United States is also expected. It should be noted that yesterday's data from the American oil Institute showed a reduction in reserves by 5.3 million barrels, which led to a recovery in oil prices to 59.2 dollars. At the same time, there is every reason to expect a further rise in oil prices, taking into account the reports expected today.
Shares of US companies were under pressure yesterday due to concerns about the escalation of the trade conflict and Huawei's lawsuit against the US government. The probability of a response from China against American companies remains high. Nevertheless, today we can expect some stabilization on the stock market, especially if macroeconomic reports meet the expectations of investors.
