Latest updates:
– Moods in Asia were mixed at the beginning of a new week. Nikkei dropped 0.7%, S&P/ASX 200 gained 0.3%, Kospi moved 0.5% higher and indices from China traded mixed
– European and US futures trade flat compared to Friday’s cash closing levels
– Risk-on moods could be spotted on the FX market with CHF, JPY and USD being top laggards. NZD, AUD and GBP outperformed
– US Treasury Secretary Yellen said that inflation will remain high into next year but that it should start decelerating in the second half of 2022
– Chinese developer Evergrande has reportedly resumed construction projects in 6 cities
– Turkish lira weakened to a new record low after Erdogan expelled 10 ambassadors, including 7 from NATO countries
– According to Chinese state media, property tax will be implemented in China sometime in the 2021-2025 period. New tax will not be applicable to rural residences
– Goldman Sachs expects oil demand to rise to 100 million barrels per day and beyond. The Bank expects a switch from natural gas to oil to increase demand for crude by at least 1 million barrels per day
– Saudi Arabia said that OPEC+ should remain cautious when it comes to increasing supply
– Precious metals, oil as well as industrial metals are trading higher, benefitting from USD weakness
– Bitcoin trades near $62,000 mark
EURTRY jumped to a fresh record high after Turkish President Erdogan declared 10 ambassadors persona non grata in Turkey. Turkish lira is the worst performing EM currency this morning.
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