– Gold moved above 1800 USD and crude oil WTI with Brent oil drop around 3% each. Same for the Industrial metals which trades slightly lower than yesterday.
– Risk sentiment deteriorated during the Asian session as markets became worried about a new coronavirus variant from South Africa. The new variant of coronavirus Omicron is said to be the more transmissible and more resistant to neutralizing antibodies and even more challenging to contain as mentioned by the The World Health Organization (WHO).
– UK Health Security Agency said. that it is the most challenging coronavirus variant yet, because of its characteristics.
– Nikkei dropped 2.5%, Kospi moved 1.5% lower and S&P/ASX 200 plunged 1.7%. The same drop is possible to see on Indices from China, which are traded 0.5-2.0% lower than day before.
– DAX futures and US futures trade lower then in previous days. Which is exactly the opposite for safe haven currencies, such as CHF or JPY, because they gained. Commodity currencies, like AUD, NZD and CAD, become the weakest in the G10 basket.
– Bitcoin and other cryptocurrencies trade lower as a respond to global markets.
– Singapore will not allow arrivals from South Africa and nearby countries. Similar move is reportedly considered by Japan and other countries are preparing as well
– Australian retail sales increased 4.9% MoM in October (exp. 2.2% MoM). This was the second straight month of increase in retail trade and the strongest pace since November 2020, buoyed by the end of lockdowns in New South Wales, Victoria, and the Australian Capital Territory. Consumers enthusiastically returned to discretionary spending, with rises in five of the industry categories: clothing, footwear and personal accessory retailing (27.7%), cafes restaurants and takeaway food (12.3%), department stores (22.4%), household goods retailing (4.5%), and other retailing (2.2%). In contrast, food retailing fell 0.5%.
– WTI (OIL.WTI) erased almost all of the gains made following the SPR release announcement. New coronavirus variant is pressuring markets with risk assets taking a big hit today, because it is said that it is more transmissible and more resistant to antibodies.
Gold moved above 1800 USD
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