EQUITIES
Asia-Pacific markets traded mixed on Friday, with most index reverses earlier losses. Japan’s Nikkei 225 and South Korea’s KOSPI is on the gain side at 0.33%, and 0.08%.
Meanwhile, Australia’s S&P/ASX 200 lost -0.53%, Singapore’s Straits Times index slipped -0.23%, the Shanghai Composite at -0.05% lower, and the Hong Kong’s Hang Seng index down -0.16%.
U.S. markets were closed for the Thanksgiving holiday on Thursday.
OIL
Oil cautious amid rising tensions with OPEC+ members, which raises concerns about oversupply. Brent crude futures traded to $47.86 a barrel, while U.S. crude at $44.98.
On Thursday, Brent closed at $47.80 per barrel, while WTI futures ended at $45.02 per barrel.
CURRENCIES
The U.S. dollar slipped overnight, before recovered during the European session. Versus a basket of currencies, it was little changed on the day at 91.99.
The offshore yuan held at 6.5741 per dollar. The Australian dollar changed hands at $0.7357, after climbed to a near three-month high of 0.7374 on Thursday. Kiwi changed hands at 0.7006 against the greenback.
Bitcoin fetched $17,271.86 in a volatile trade, plunged as much as 13% to its lowest since Nov. 16, having rallied close to its all-time high of $19,666.
GOLD
Gold prices picked up as investors bet that the grim U.S. economic data would lead to further stimulus. Currently trading at $1,808.90 per ounce, while stands around $1,807.10 per ounce for gold futures. Previously closed at $1,810.10 and $1,805.50, respectively.
Silver trading at $23.15, platinum trading at $952.00 and palladium trading at $2,263.00.
ECONOMIC OUTLOOK
Asian equities were poised for a cautious end to the week over renewed doubts over AstraZeneca’s vaccine efficacy, plus the fast re-emergence of pandemic infection in parts of Europe and the U.S.
China’s industrial profits surged 28.2% year-on-year in October.
Global stocks remain on track for the best month on record, up 13%, and lifted valuations to near the highest in about 20 years.
Dollar on track for weekly losses on improving risk sentiment. The dollar has been under pressure as riskier currencies benefited from optimism over vaccines news reports and hopes for a more stable period in U.S. politics.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 60.868 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.430 million fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 104.517 and 104.766.
- Support line of 103.913 and 103.770.
Commentary/ Reason:
- The dollar lost out versus the safe-haven Japanese yen, down 0.27% on the day at 103.94.
- USD/JPY on posted losses as weakness in stocks prompts some safe haven buying of the yen.
- However, the yen also undercut by Wednesday's dovish inflation data. Japan Oct PPI service prices fall on steepest pace of decline in 8 years. The yen was also pressured by signs that Japan may impose tighter restrictions to combat the spread of COVID-19 after the Nikkei reported that Tokyo plans to ask restaurants and stores to close early for three weeks starting Saturday.
