The first Asian session of a new week turned out to be mixed. S&P/ASX 200 dropped 0.1%, Kospi moved over 1% lower and indices from China gained. Japanese stock market was shut for holiday
US and European index futures trade flat compared to Friday’s cash close
A local Omicron outbreak was detected in Tianjin,China – city that is gateway to Beijing
Goldman Sachs expects the Federal Reserve to deliver 4 rate hikes in 2022. Meanwhile, IMF warned to quick pace of Fed rate hikes could have negative impact on asset prices and may weaken demand in the US
ECB’s Schnabel said that action aimed at helping climate pose an upward risk to inflation in medium-term
Output on Tengiz oilfield, the largest in Kazakhstan, has been gradually restored over the weekend after it was disrupted by protests in the country.
China will host oil ministers from Saudi Arabia, Kuwait, Oman and Bahrain this week. China asked for talks as it grown concerned about supply security amid violent protests in Kazakhstan
Australian building approvals increased 3.6% MoM in November (exp. +0.2% MoM)
Major cryptocurrencies traded sideways over the weekend. Ethereum tested $3,000 area but failed to break below while Bitcoin dropped to as low as $40,500 before recovering slightly
Precious metals trade lower, industrial metals gain and oil trades flat at the beginning of a new week
GBP and AUD are the best performing major currencies while CHF and EUR lag the most
Precious metals trade slightly lower at the beginning of a new week. GOLD continues pullback started last week after a failed attempt of breaking above the resistance zone marked with 38.2% retracement of the downward move launched in August 2020. The nearest support to watch can be found at the 23.6% retracement ($1,770 area).
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