EQUITIES

Asia-Pacific markets were higher on Tuesday trade. Japan’s Nikkei 225 up 0.16% after hitting a 29 year high the day before. Over in South Korea, the KOSPI gained 0.17%, Singapore’s Straits Times index rose 1.04%, Australia’s S&P/ASX 200 advanced 0.10%, and Hong Kong’s Hang Seng index 0.11% higher. Meanwhile, the mainland Chinese stock, the Shanghai composite retreated -0.20%.

Overnight on Wall Street, the S&P 500 and Dow close at all-time highs on reignited vaccine hopes. The Dow Jones Industrial Average rose 1.6%, the S&P 500 gained 1.16%, and the Nasdaq Composite added 0.8%. Shares in Europe also gained on the vaccine news, with the STOXX 600 closing at its highest level in over 8 months.

OIL

Oil prices edged higher in the morning of Asia trading hours on hopes of OPEC+ supply curb. Brent crude futures traded to $44.11 a barrel, while U.S. crude at $41.57.

Oil prices settled more than 2% on Monday, as Brent closed at $43.82 per barrel, while WTI futures ended at $41.34 per barrel.

CURRENCIES

Against a basket of currencies, the greenback little changed, fetching 92.50.

The Australian dollar rose to a 1-week high against the dollar, while the New Zealand dollar traded near its strongest in more than a year as investors scaled back bets for additional monetary easing. The baht dipped 0.1% higher ahead of a central bank policy meeting on Wednesday.

GOLD

Spot gold little changed, currently trading at $1,886.30 per ounce, while stands around $1,887.60 per ounce for gold futures. Previously closed at $1,888.60 and $1,887.80, respectively.

Silver trading at $24.66, platinum trading at $918.00 and palladium trading at $2,204.00.

ECONOMIC OUTLOOK

Asia-Pacific shares were mostly in positive territory on Tuesday as Wall Street indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery. The announcement by Moderna followed similarly upbeat news a week ago from rival Pfizer.

OPEC+ is set to hold a ministerial committee meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 54.988 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.326 million fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 105.166 and 105.475.

- Support line of 104.167 and 103.859.

Commentary/ Reason:

- The greenback held steady at 104.48 yen on Tuesday.

- USD/JPY on Monday fell to a 1-week low, as the yen strengthened on news that Japan's Q3 GDP rose +21.4%, the fastest pace of expansion since 1968.

- However, the losses were limited as a rally in stocks on new vaccine optimism undercut the safe-haven demand for the yen.