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Market Brief: Thomas Cook Group Enters Administration, Stranding Thousands

ByCity Index
AuthorMatt Simpson
Published 23/09/2019, 06:34
NZD/USD
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HK50
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TCGI
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Daily % Candles

FX Brief:

  • A public holiday in Japan saw volumes lower than usual in today’s Asia session. At time of writing, all majors and crosses remain well within their typical daily ranges (leaving potential meat on the bone for the European and US session).

    In contrast to the second half of last week, NZD and AUD are the strongest majors whilst JPY is the weakest.

  • All majors remain within Friday’s ranges. This has allowed NZD/USD to retreat marginally from four-year lows, although given the lack of volatility, is too difficult to read too much into the moves until volumes return.

  • Australian’s manufacturing PMI contracted in September, although services reverted to growth to lift the composite PMI back above 50.
    • Asian Cash Indices % Change

    Equity Brief:

  • Thomas Cook Group PLC (LON:TCG) group, the world’s oldest travel firm collapsed after rescue talks broke down over the weekend. This brings an end to the 178-year travel company, which survived two world wars and leaves thousands of holiday makers stranded. AlixPartners have been appointed to manage the administration, subject to the approval of courts.

  • Softbank Group are exploring ways to replace WeWork’s CEO Adam Neuman, after delaying its IPO last week.

  • Asian equities were broadly higher according to MSCI indices, on hopes that talks between US and China were improving, with both countries describing them as “productive” and “constructive”.

  • At the index level, China’s CSI 300 and the Hang Seng were down -1.3% and -0.86% respectively, whilst the ASX200 was higher with rising expectations of an RBA cut in October. S&P500 E-mini futures also climbed 0.5%.
    • Economic Calendar

    Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

    Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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