– Stocks in Asia managed to catch a breath after yesterday’s plunge with S&P/ASX 200 moved 0.15% higher. Japanese Nikkei caught up with yesterday’s moves by dropping almost 2%. Traders from China and South Korea were off for holidays
– DAX futures trade slightly above yesterday’s cash close
– Market moods were lifted slightly as there were no imminent bad news on Evergrande and there were rumours offcials are asking debt holders to roll over debt or extend maturities for the troubled lender. However, nothing is certain and investors still need to remember that Thursday interest payment is the next key event that may determine Evergrande fate
– S&P does not expect bailout from Beijing unless there is a risk of a severe crisis
– Canadian media declare a win for Prime Minister Trudeau and his Liberal party elections. However, it is believed that Liberals will fall slightly short of a majority
– According to RBNZ Assistant Governor Hawkesby, a 50 basis points rate hike at the nearest meeting would be too much and a 25 bp rate hike looks more likely
– RBA minutes confirmed that the Australian central bankers do not expect rates to raise before 2024
– Turkish President Erdogan said that he does not plan to embrace cryptocurrencies as they threaten position of lira
– Situation on the cryptocurrencies markets stabilize after yesterday’s plunge. Bitcoin trades slightly above $42,000 while Ethereum trades near $2,970 mark
– Precious metals trade mixed – gold drops while silver, platinum and palladium gain
– Oil and industrial metals trade higher
– AUD and CAD are the best performing major currencies while JPY, CHF and USD pull back on risk-on flows
USDCAD broke above the 1.2825 resistance zone yesterday but bulls were unable to hold onto these gains. CAD gained today as risk moods improved. Win for the incumbent PM Trudeau in elections may also benefit the currency today. The pair dropped back below the resistance and a pullback is being continued today. The near-term support zone to watch can be found in the 1.2620 area.
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