Tuesday 29th November 2022: Asian markets gain

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Global Markets:

  • Asian Stock Markets : Nikkei down 0.48%, Shanghai Composite up 2.31%, Hang Seng up 5.37%, ASX up 0.33%
  • Commodities : Gold at $1757.00 (+0.96%), Silver at $21.32 (+1.92%), Brent Oil at $85.73 (+2.19%), WTI Oil at $78.85 (+2.08%)
  • Rates : US 10-year yield at 3.651, UK 10-year yield at 3.088, Germany 10-year yield at 1.880

News & Data:

  • (EUR) Spanish Flash CPI y/y 6.80% vs 7.40% expected
  • (CHF) GDP q/q 0.20% vs 0.30% expected
  • (JPY) Retail Sales y/y 4.30% vs 5.00% expected
  • (JPY) Unemployment Rate 2.60% vs 2.50% expected
  • (CAD) Current Account -11.1B vs -4.0B expected
  • (GBP) CBI Realized Sales -19 vs 2 expected
  • (EUR) Private Loans y/y 4.20% vs 4.50% expected
  • (EUR) M3 Money Supply y/y 5.10% vs 6.10% expected

Markets Update:

Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from global markets overnight, boosted by Chinese property companies after the securities regulator in China lifted the ban on equity refinancing for listed property firms. Asian markets closed mostly lower on Monday. Meanwhile, the supply chain concerns remain amid growing unrest in China due to widespread protests against the government’s zero-Covid policy that led to lockdowns in several major cities.

The Japanese stock market is modestly lower on Tuesday, extending the losses in the previous two sessions, with the Nikkei 225 falling a tad below the 28,000 mark, following the broadly negative cues from global markets overnight, with the losers led by exporters and technology stocks on supply chain concerns amid growing unrest in China. Stocks in Hong Kong continued to rally to reach session highs as Chinese health authorities encouraged its elderly to get vaccinated.

In the currency market, the U.S. dollar is trading in the higher 138 yen-range on Tuesday. The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally.

Upcoming Events:

  • 01:30 PM GMT – (CAD) GDP m/m
  • 03:00 PM GMT – (GBP) BOE Gov Bailey Speaks
  • 03:00 PM GMT – (USD) CB Consumer Confidence