EQUITIES
Asia-Pacific markets traded mixed on Friday. The Shanghai composite gained 0.10%, Hong Kong’s Hang Seng index advanced 0.35%, and Singapore’s Straits Times index climbed 0.80%.
Meanwhile, Japan’s Nikkei 225 declined -0.61%, Australia’s S&P/ASX 200 slipped -0.04%, and South Korea’s KOSPI lose -0.07%.
Overnight on Wall Street, the Dow Jones Industrial Average rose 44.81 points, or 0.15%, to 29,483.23, the S&P 500 gained 14.08 points, or 0.39%, to 3,581.87 and the Nasdaq Composite added 103.11 points, or 0.87%, to 11,904.71.
OIL
Crude oil recouped overnight losses. Brent crude futures traded to $44.28 a barrel, while U.S. crude at $41.76.
On Tuesday, Brent closed at $44.20 per barrel, while WTI futures ended at $41.74 per barrel.
CURRENCIES
The news of new possible stimulus helped to stop the dollar’s slide. For over a week, the dollar has been losing ground against riskier currencies due to coronavirus vaccine breakthroughs and hopes of reduced political uncertainty after the U.S. election. The dollar index last stood at 92.25, off Thursday's low of 92.236, though it is still down 0.34% on the week.
Turkey’s lira strengthened after the country’s new central bank governor raised the benchmark interest rate. Australian dollar changed hands at $0.7287, climbing from an earlier low of $0.7264. The Chinese yuan eased about 0.1% to 6.5796 to the dollar after hitting a 2 1/2-year high of 6.5318 on Wednesday.
GOLD
Gold edged higher, currently trading at $1,867.20 per ounce, while stands around $1,864.50 per ounce for gold futures. Previously closed at $1,866.00 and $1,861.50, respectively.
Silver trading at $24.12, platinum trading at $950.00 and palladium trading at $2,199.00.
ECONOMIC OUTLOOK
Asian stocks looked set for a mixed Friday after technology shares led U.S. benchmarks higher as investors weighed the impact of tougher virus restrictions against the prospect of a vaccine rollout in the months ahead. Sentiment on Wall Street received a boost after lawmakers agreed to resume negotiations over a potential new COVID-19 relief bill.
Japan’s manufacturing PMI fell to a seasonally adjusted 48.3 in October. It’s the first time in six months the pace of decline has accelerated. The CPI also fell at their fastest pace annually in nearly a decade.
The number of U.S. workers filing new claims for unemployment benefits unexpectedly rose. 742,000 for the week ended Nov 14, compared with 711,000 in the prior week.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 56.834 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.359 million fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 104.241 and 104.458.
- Support line of 103.540 and 103.324.
Commentary/ Reason:
- The yen stood at 103.81 per dollar, retaining its weekly gain of 0.75%.
- USD/JPY on Friday little changed as the yen recovered early losses as the dollar weakened.
- USD/JPY initially moved higher Thursday as rising COVID-19 infections in Japan undercut the yen. Japan reported a record 2,259 new infections on Thursday, and Tokyo raised its COVID-19 alert to the highest of four levels.
