Tuesday 7th December 2021 : Markets bounce back as traders digest news of milder Omicron

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Global Markets:

  • Asian Stock Markets : Nikkei up 1.89%, Shanghai Composite up 0.16%, Hang Seng up 1.55%, ASX up 0.62%
  • Commodities : Gold at $7313.90 (+0.95%), Silver at $1783.25 (+0.21%), Brent Oil at $22.43 (+0.76%), WTI Oil at $70.67 (+1.70%)
  • Rates : US 10-year yield at 1.449, UK 10-year yield at 0.735, Germany 10-year yield at -0.360

News & Data:

  • (AUD) Cash Rate 0.10% vs 0.10% expected
  • (CNY) Trade Balance 461B vs 583B expected
  • China’s Exports Expand to New Record on Strong Trade Growth
  • Japan’s Oct household spending extends declines on COVID drag

Markets Update:

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, on surging crude oil prices and as traders are picking up stocks at a bargain after the recent virus-infused heavy sell-off. Traders also reacted positively to easing concerns about the coronavirus Omicron variant amid indications the new strain causes milder symptoms.

The Australian stock market is significantly higher on Tuesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 just below the 7,300 level, on higher crude oil prices and as traders picked stocks at a bargain after the recent virus-induced sell-off. Hong Kong’s Hang Seng jumped 2.48%, as casino and property shares rose. Tech stocks also recovered from the previous session. Mainland Chinese stocks were subdued however. The Japanese stock market is significantly higher on Tuesday, as traders digested reports that the new coronavirus variant would be milder than initially dreaded, though it spreads rapidly.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.214 — continuing its ascent from levels above 96.1 in previous sessions. Oil prices also spiked almost 5% on Monday as Covid fears eased.

Upcoming Events:

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  • 03:00 PM GMT – (CAD) Ivey PMI