EQUITIES
Asia-Pacific markets traded higher on Monday. Except for the Hong Kong’s Hang Seng index that retreated -0.18%, The Shanghai composite gained 0.86%, and Singapore’s Straits Times index climbed 0.71%, Australia’s S&P/ASX 200 advanced 0.48%, and South Korea’s KOSPI up 1.81%.
Japanese markets were closed for a holiday.
Friday on the Wall Street, The Dow Jones Industrial Average dropped 0.75%, the S&P 500 fell 0.68% and the Nasdaq Composite ended down 0.42%.
OIL
Oil prices extended their gains on Monday as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries.
Brent crude futures traded to $45.17 a barrel, while U.S. crude at $42.50.
On Tuesday, Brent closed at $44.96 per barrel, while WTI futures ended at $42.42 per barrel.
CURRENCIES
The dollar index, which tracks the greenback against a basket of six major rivals, nudged down to 92.278.
The offshore yuan was at 6.5585 per dollar, down 0.1%. Australian dollar changed hands at $0.7287, climbing from a last week low of $0.7264.
GOLD
Gold edged higher, currently trading at $1,872.90 per ounce, while stands around $1,871.20 per ounce for gold futures. Previously closed at $1,870.40 and $1,872.40, respectively.
Silver trading at $24.23, platinum trading at $945.00 and palladium trading at $2,210.00.
ECONOMIC OUTLOOK
A broad gauge of Asian shares edged up to record highs on Monday morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, though worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains.
Italy's government has approved a new package worth around 10 billion euros (US$11.9 billion) to support pandemic-hit businesses.
Singapore’s GDP fell 5.8% year-on-year in the Q3, better-than-expected, versus the 7% drop seen in the government's advance estimate.
OPEC+ will meets on Nov. 30 and Dec. 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day (bpd) cuts by around 2 million bpd.
UNICEF to ship 2 billion COVID vaccines to poor nations in 2021.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 58.615 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.387 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 dollar drifted lower on the Japanese yen and last stood at 103.75, just above November trough of 103.16, which was the lowest since the market turmoil of March.
- The USD/JPY pair has stalled after the break of our last week support line, as a series of small-bodied candles indicate that bearish momentum has slowed. There appears to be little appetite from buyers to reverse the long-term trajectory of price action. Momentum indicators remain in bearish territory.
