Thursday 19th November: Markets recover from Pfizer vaccine optimism.

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Global Markets:

  • Asian Stock Markets : Nikkei down 0.36%, Shanghai Composite up 0.47%, Hang Seng down 0.52%, ASX up 0.25%
  • Commodities : Gold at $1861.95 (-0.64%), Silver at $24.14 (-1.25%), Brent Oil at $44.45 (+0.25%), WTI Oil at $41.98 (-0.07%)
  • Rates : US 10-year yield at 0.860, UK 10-year yield at 0.331, Germany 10-year yield at -0.563

News & Data:

  • (AUD) Unemployment Rate 7.00% vs 7.10% expected
  • (AUD) Employment Change 178.8K vs -26.7K expected
  • (CAD) CPI m/m 0.40% vs 0.20% expected
  • Brexit: Lords defeat government over internal market law
  • Xi says China won’t seek to ‘decouple,’ pledges to cut tariffs

Markets Update:

Asian stock markets are mostly lower on Thursday following the overnight losses on Wall Street, as concerns about new lockdowns and restrictions following the recent surge in coronavirus cases across the world offset upbeat news regarding the coronavirus vaccine candidate being developed by Pfizer and BioNTech. Daily coronavirus cases hit fresh highs in Japan and South Korea on Wednesday, while South Australia has commenced six days of stay-at-home restrictions.

Chinese mainland shares reversed course to erase earlier losses: The Shanghai composite was up 0.5%, Shenzhen composite rose 0.6% and the Shenzhen component advanced 0.9%. Japan’s Nikkei 225 declined 0.4% while the Topix index rose 0.3%. In Australia, the benchmark ASX 200 erased earlier losses to finish up 0.3%.

Oil prices eased as virus restrictions hit fuel demand across Europe and the U.S. The dollar has likewise been in a slow decline against the Japanese yen to reach 103.72 and was approaching the recent eight-month trough at 103.16.

Upcoming Events:

  • 01:30 PM GMT – (CAD) ADP Non-Farm Employment Change
  • 01:30 PM GMT – (USD) Philly Fed Manufacturing Index
  • 01:30 PM GMT – (USD) Unemployment Claims
  • 03:00 PM GMT – (EUR) ECB President Lagarde Speaks
  • 03:00 PM GMT – (USD) CB Leading Index m/m