Article / 26 September 2016 at 7:00 GMT

Morning Markets: Clash of the Titans



  • Germany: Ifo Business Climate (0800 GMT) 
  • US: New Home Sales (1400 GMT)
European equities are heading for a softer opening, taking their cues from a weaker Asian session and a soggy close on Wall Street on Friday. With little of note on the economic calendar to start the week, market participants will focus on a brace of non-data events including the inaugural head-to-head debate between US presidential hopefuls Donald Trump and Hilary Clinton. 

Tonight's debate, which will be broadcast live, is likely to be a rambunctious affair which will only likely have market-moving import should Trump score significantly more points than his opponent and boost his chances of winning the presidency in November's election. At this juncture, with just over a month to go to polling day, markets seem more well-disposed towards the Democratic candidate with Trump being viewed as unpredictable and undisciplined – two traits that unnerve markets that are always unhappy with uncertainty.

Later in the week, we've got the Opec meeting in Algiers to look forward to. Having plunged some 4% on Friday, Monday morning finds oil somewhat recovered but still labouring under the weight of the massive oil glut that has chopped some 60% off the price of a barrel of oil this past year. The hope is that the Opec and non-Opec oil producers will agree some sort of deal to curtail (or at least cap) output but, as with the US presidential election, this is far from a foregone conclusion.

Market signals

Asian session

  • The US presidential campaign is in focus ahead of the first Clinton-Trump debate
  • The oil price rose on Monday, paring back Friday's 4% plunge
  • Asia markets opened lower
  • The ASX 200 was down 0.43% in early trade
  • The Nikkei 225 was down 0.59%, while the Kospi was down 0.18%

Forex ahead

  •  The Japanese yen was trading early at 100.75 against the dollar 
  •  The Australian dollar was worth $0.7622 against the US dollar in early trade

From the Floor

Sub-1.30. “The risk to capital flow could see GBPUSD weaker in the long term,” says Hardy

Best mates. “Saudi and Iran need to set aside differences for a deal,” says Hansen.

Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.

In opinion

There are very real fears that Germany's weak summer of growth may move into September and beyond with today's Ifo Business Climate numbers, says James Picerno

ASX sapped 
The ASX's four-day winning streak appears to be over this morning as oil and energy worries hit the index – as they are doing everywhere else, says Saxo Capital Markets 

Oil slips
WTI crude broke $45 a barrel, writes the team at Saxo APAC Sales Trading, after the Saudis expressed pessimism over Opec talks.

 Their first debate is tonight. It won't be pretty. Pics: iStock

Morning Markets goes out on the TradingFloor platform at 0700 GMT, Monday to Friday.
Click here
to make sure you're up to date with the latest developments.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer
- 沪ICP备13028953号-1

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail