ASIA:
China’s central bank signaled possible easing measures to aid the economy’s recovery after a sharp downturn in recent months fueled by a property slump. China’s CSI 300 Index gained as much as 0.5% Monday morning on expectations of potential loosening, while the 10-year government bond futures contracts gained as much as 0.3%.
The Indian economy is expected to see double-digit growth in 2021-22 and between 6.5-7 percent in the next financial year, outgoing chief economic advisor K.V. Subramanian said on Sunday. The CEA said that he does not expect commodity inflation to taper with the V-shaped recovery going forward. “I expect India to grow at double-digit this year (FY22) and 6.5-7 percent next year and over seven percent and thereafter growth accelerating over seven percent,” Subramanian told in an interview.
The major Asian stock markets had a mixed day today:
- NIKKEI 225 increased 28.24 or 0.09% to 29,774.11
- Shanghai increased 21.71 or 0.61% to 3,582.08
- Hang Seng decreased 98.63 points or -0.39% to 24,951.34
- ASX 200 decreased 43.40 points or -0.59 to 7,353.10
- Kospi increased 42.23 points or 1.42% to 3,013.25
- SENSEX decreased 1,170.12 points or -1.96% to 58,465.89
- Nifty50 decreased 348.25 points or -1.96% to 17,416.55
The major Asian currency markets had a mixed day today:
- AUDUSD increased 0.00063 or 0.09% to 0.72410
- NZDUSD decreased 0.00213 or -0.30% to 0.69690
- USDJPY increased 0.78 or 0.68% to 114.80
- USDCNY decreased 0.00368 or -0.06% to 6.38637
Precious Metals:
- Gold decreased 29.57 USD/t oz. or -1.60% to 1,815.03
- Silver decreased 0.185 USD/t. oz or -0.75% to 24.403
Some economic news from last night:
China:
PBoC Loan Prime Rate remain the same at 3.85%
Some economic news from today:
Hong Kong:
CPI (YoY) (Oct) increased from 1.40% to 1.70%
EUROPE/EMEA:
European Central Bank President Christine Lagarde reiterated on Friday that the “conditions to raise rates are very unlikely to be satisfied next year.” Lagarde was speaking to the Frankfurt European Banking Congress, where she warned that the ECB “must not rush into a premature tightening” of monetary policy.
The major Europe stock markets had a mixed day:
- CAC 40 decreased 7.29 points or -0.10% to 7,105.00
- FTSE 100 increased 31.89 points or 0.44% to 7,255.46
- DAX 30 decreased 44.28 points or -0.27% to 16,115.69
The major Europe currency markets had a mixed day today:
- EURUSD decreased 0.00173 or -0.15% to 1.12629
- GBPUSD decreased 0.00301 or -0.22% to 1.34159
- USDCHF increased 0.00145 or 0.16% to 0.93025
Some economic news from Europe today:
Spain:
Spanish Trade Balance increased from -3.90B to -2.40B
Euro Zone:
Consumer Confidence (Nov) decreased from -4.8 to -6.8
US/AMERICAS:
President Biden has reappointed Jerome Powell as chairman of the Federal Reserve. Lael Brainard, who many suspected would be appointed to chair, has been appointed as the vice chair of the board of governors. Brainard will take over for Richard Clarida when his term expires on January 31, 2022. “As I’ve said before, we can’t just return to where we were before the pandemic, we need to build our economy back better, and I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,” President Biden stated on his decision.
Home sales in the US advanced 0.8% this October, marking a seasonally adjusted annualized rate of 6.34 million homes. The National Association of Realtors noted that prices in October were 5.8% less than last year when sales peaked in October 2020. First-time buyers accounted for 29% of all sales, but historically that number is 40%. Investors bought 17% of all purchases, primarily in cash, and have a competitive edge over other would-be home owners. The number of homes on the market declined by 12% YoY with only 1.25 million housing units available. High demand and weakened supply has pushed the average US home price to $353,900, a 13.1% price spike from October 2020.
US Market Closings:
- Dow advanced 17.27 points or 0.05% to 35,619.25
- S&P 500 declined 15.02 points or -0.32% to 4,682.94
- Nasdaq declined 202.68 points or -1.26% to 15,854.76
- Russell 2000 declined 11.81 points or -0.5% to 2,331.35
Canada Market Closings:
- TSX Composite declined 8.15 points or -0.63% to 21,420.77
- TSX 60 declined 8.15 points or -0.63% to 1,292.14
Brazil Market Closing:
- Bovespa declined 912.65 points or -0.89% to 102,122.37
ENERGY:
The oil markets had a mixed day today:
- Crude Oil increased 0.62 USD/BBL or 0.82% to 76.5600
- Brent increased 0.59 USD/BBL or 0.75% to 79.4800
- Natural gas decreased 0.3 USD/MMBtu or -5.92% to 4.7650
- Gasoline increased 0.0386 USD/GAL or 1.75% to 2.2505
- Heating oil decreased 0.0034 USD/GAL or -0.15% to 2.2900
The above data was collected around 11:45 EST on Monday
- Top commodity gainers: Methanol (4.75%) and Rubber (3.31%), Zinc (3.46%) and Orange Juice (3.30%)
- Top commodity losers: Bitumen (-2.11%), Palladium (-3.93%), Coffee (-1.91%), and Natural Gas (-5.92%)
The above data was collected around 12:01 EST on Monday
BONDS:
Japan 0.079%(+0.4bp), US 2’s 0.57% (+0.061%), US 10’s 1.596%(+4.81bps); US 30’s 1.95% (+0.034%), Bunds -0.301% (+4.1bp), France 0.0520% (+4.7bp), Italy 0.9580% (+9.5bp), Turkey 19.40% (+7bp), Greece 1.186% (+1.4bp), Portugal 0.337% (+2.9bp); Spain 0.404% (+1.6bp) and UK Gilts 0.932% (+5.2bp).
