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Nikkei (JAP225) failed to break back above the resistance zone at 28,700 pts

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November 30, 2021

Latest updates:

– US indices finished yesterday’s trading higher. S&P 500 gained 1.32%, Dow Jones moved 0.68% higher and Nasdaq rallied 1.88%
– Monday’s rebound was short-lived and risk-off moods returned to the markets during the Asian session today. DAX futures tested 14,900 pts area while S&P 500 futures tested 4,600 pts area
– Stocks in Asia are plunging. Nikkei trades 1.6% lower, Kospi drops 2.4% and indices from China traded 0.2-2.5% lower. Australian S&P/ASX 200 traded 0.2% higher
– Fed Chair Powell said that the new coronavirus variant (Omicron) poses significant downside risks to employment and boosts uncertainty around inflation. He also said that higher inflation is likely to last into 2022
– CEO of Moderna said that currently available vaccines will be less effective against Omicron variant
– Official Chinese services PMI jumped from 49.2 to 50.1 in November (exp. 49.6). Manufacturing gauge dropped from 52.4 to 52.3 (exp. 51.4)
– Australian building approvals dropped 12.9% MoM in October (exp. -1.8% MoM)
– Japanese industrial production increased 1.1% MoM in October (exp. 1.8% MoM)
– Oil is trading over 3% lower on renewed risk aversion. WTI dropped below $70.00 mark while Brent is trading just slightly above it
– Precious metals are trading mixed – gold and pallad gain while platinum and silver drop
– Bitcoin erased gains made yesterday in the later afternoon and trades back in the $56,000 area
– EUR, JPY and CHF are the best performing major currencies while AUD, NZD and CAD lag the most

Nikkei (JAP225) failed to break back above the resistance zone at 28,700 pts yesterday, The index plunged today as risk-off moods returned and dropped below 27,730 pts support. Nikkei is currently trading at the lowest level in almost 2 months.

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