Global Markets Quiet After Recent Gains

By Kenan Machado Features Dow Jones Newswires

Global stock, currency and commodity markets were quiet following recent gains in equities, ahead of crucial government appointments in China and the U.S.

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A new lineup for the Chinese leadership is expected soon as the Community Party congress wraps up. And more important for markets, U.S. President Donald Trump is expected to unveil his pick to lead the Federal Reserve soon.

"Both currency and stock markets are waiting on news of who will be appointed as chair of the Fed," noted Ric Spooner, chief market analyst at CMC Markets.

Markets world-wide didn't move much on Monday, though U.S. equities logged a modest pullback after having risen for more than a week straight.

On the Asian equities front, Japan will be closely watched as the Nikkei looks to extend its record-setting streak of daily gains to 16. The yen rebounded against the U.S. dollar overnight and gained a bit in the Asian session. The Nikkei was recently up 0.1%.

In New Zealand, stocks were recently down less than 0.1%. Markets were closed Monday for a holiday. The NZX 50 has risen 14-straight days.

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Brent oil futures fell modestly Monday and were flat in Asian trading Tuesday, Australian oil stocks were down about 1%. The broader S&P/ASX 200 was up about 0.1% by midday. The benchmark on Monday ended an eight-session winning streak.

Write to Kenan Machado at kenan.machado@wsj.com

(END) Dow Jones Newswires

October 23, 2017 22:05 ET (02:05 GMT)