Daily Summary: Chinese stock market rally as Wall Street stays muted!

Today not much happened due to the Labor Day holiday in the U.S. Stock markets in the U.S. and Canada are closed, and only futures are being traded. The US500 is down about 0.10%, and the US100 is flat with no significant changes.

Trade data from Germany showed a trade surplus of 15.9 billion euros. However, this represented a 15% monthly decline. The value of exports to China fell by 16.7% to 57.7 billion euros. According to experts, many manufacturing plants will gradually leave Germany and shift production to the U.S. due to more favorable tax and business policies.

The Sentix Index for the Eurozone for September was the only publication worth noting today. However, as these are secondary data, they rarely impact the markets. It was expected that the data would show a deterioration from -18.9 in August to -19.8 in September. Actual data, however, showed a deeper drop, with the index falling to -21.5.

Further promises from Chinese authorities regarding economic support led to a noticeable rebound in stock prices on the Chinese market. CHN.cash gained more than 3% today. This was also related to the emergence of support for one of the larger developers, who had similar problems to Evergrande.

A meeting took place between Putin and Erdogan. Putin indicated that he is ready to begin talks on resuming the agreement on the export of Ukrainian agricultural goods. The condition is that Moscow's demands concerning the export of agricultural goods and fertilizers from Russia are met.

Despite low liquidity in the market, oil continued to rise. It is expected that a statement from OPEC+ countries will be released this week, indicating a desire to continue the production cut agreement.

Gold was under pressure from falling prices of U.S. Treasury note contracts (TNOTE). The U.S. dollar gained in most cases. The EURUSD pair remains below 1.0800.

The Japanese yen is one of the weaker currencies today; the USDJPY rate continues its upward trend and is currently battling resistance at the 146.49 level.

Tomorrow before the European session (06:30 CET), the RBA will announce its decision on interest rates. A rate of 4.1% is expected to be maintained. This will be Lowe's last meeting as the head of the bank.

Major cryptocurrencies are trading without significant changes. After a deeper correction over the weekend, prices have returned to local lows and are currently consolidating in this area. Bitcoin is down 0.30%, and the price is at around 25,900 dollars.