Market Brief: Thomas Cook Group Enters Administration, Stranding Thousands

A summary of news and snapshot of moves from today’s Asia session.

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.  

Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

Equity Brief:

  • Thomas Cook 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%.

Up Next

  • It’s all about PMI’s with France, Germany and data for the Eurozone due to be released.
  • Of the three, France bucks the trend with growth in both the manufacturing and service sectors, whist Germany the Eurozone manufacturing reads remain in contraction.
  • Later the US also release PMI data for manufacturing and services. Given the ISM manufacturing read was a negative print in August (below 50) traders will keep a close eye on the Markit read to see if it confirms the negative print for the sector. Keep EUR/USD on the radar around these reads.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.