Downbeat moods dominated during today’s Asia-Pacific session. Nikkei dropped 0.3%, S&P/ASX 200 moved 0.1% lower and Kospi declined 0.9%. Indices from China traded mixed
US and European futures moved lower during the Asian session as US 10-year yields rose to 1.85% – a 2-year high
The Bank of Japan left monetary policy settings unchanged as expected. Inflation forecasts were boosted for fiscal 2022 and 2023. GDP forecast was boosted for fiscal 2022 and lower for fiscal 2023 and 2024
Fitch expects Chinese economy to grow 4.8% in 2022
Japanese industrial production increased 7% MoM in November (exp. 7.2% MoM)
Oil continues to gain in spite of new pandemic restrictions being imposed in Asia, mostly China. Brent trades slightly below $88 per barrel – the highest level since 2014
Goldman Sachs expects Brent price to reach $96 in 2022 and $105 in 2023
Precious metals trade mixed – gold and platinum drop while silver and palladium gain
Cryptocurrencies trade slightly higher today. Bitcoin bounces off the $42,000 area
CAD and USD are the best performing major currencies while JPY and CHF lag the most
US100 resumed declines after a failed attempt of breaking back above the 15,600 pts price zone. Tech sector is underperforming today amid a jump in US yields. The nearest, key support for the index can be found at the lower limit of the Overbalance structure (14,975 pts).
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