Wednesday 12th January 2022 : Asian markets in green on positive notes from Powell’s confirmation hearing

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Global Markets:

  • Asian Stock Markets : Nikkei up 1.92%, Shanghai Composite up 0.84%, Hang Seng up 2.52%, ASX up 0.66%
  • Commodities : Gold at $1816.45 (-0.11%), Silver at $22.75 (-0.28%), Brent Oil at $83.75 (+0.04%), WTI Oil at $81.39 (+0.21%)
  • Rates : US 10-year yield at 1.748, UK 10-year yield at 1.172, Germany 10-year yield at -0.032

News & Data:

  • (JPY) Current Account 1.37T vs 1.05T expected
  • (JPY) Bank Lending y/y 0.60% vs 0.70% expected
  • (USD) IBD/TIPP Economic Optimism 44.7 vs 50.2 expected
  • (USD) NFIB Small Business Index 98.9 vs 98.6 expected
  • (EUR) Italian Retail Sales m/m -0.40% vs 0.30% expected
  • (JPY) Leading Indicators 103.00% vs 102.90% expected

Markets Update:

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues overnight from Wall Street, on a sharp overnight rally in commodity prices and as traders reacted positively to US Federal Reserve Chairman Jerome Powell’s testimony before a Senate Banking Committee hearing on his renomination for another term.

The Australian stock market is significantly higher on Wednesday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 staying below the 7,500 level. The Japanese stock market is sharply higher on Wednesday, snapping the three-session losing streak. Chinese markets rose on Wednesday, tracking gains in other Asia-Pacific markets.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.609, falling from levels above 95.9 earlier in the week. Gold Futures for February delivery was down 0.13% or 2.45 to $1816.05 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February rose 0.2% to hit $81.36 a barrel.

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