DAILY MARKET NEWS

EQUITIES

Asia-Pacific markets traded higher on Tuesday. The Japan’s Nikkei 225 led the gain at 1.48%, the South Korea’s KOSPI at 0.33% higher, the Australia’s S&P/ASX 200 jumped 1.16%, Singapore’s Straits Times index added 0.49%, the Hong Kong’s Hang Seng index up 0.93%, and the Shanghai Composite at 1.31% higher.

Overnight on Wall Street, the Dow Jones Industrial Average fell 0.91% while the S&P 500 lost 0.46%. The tech-heavy Nasdaq Composite ended down 0.06%.

OIL

Oil prices slipped on uncertainty about output cuts at talks this week. The Brent crude futures traded to $47.57 a barrel, while U.S. crude at $45.03.

The prices dropped around 1% on Monday, as Brent closed at $47.59 per barrel, while WTI futures ended at $45.34 per barrel. Still, both contracts surged around 27% in November, the biggest monthly gains since March.

CURRENCIES

The dollar rebounded from its lowest level in 2-1/2 years on Monday, was steady at 91.83.

The Australian dollar added 0.29% and at $0.7366 after the RBA announced to holds its interest rates at near-zero. The Chinese yuan was firm in offshore trade following solid economic data on Monday.

GOLD

Gold recouped slightly. Spot gold currently trading at $1,786.00 per ounce, while stands around $1,789.70 per ounce for gold futures. Previously closed at $1,776.20 and $1,780.90, respectively.

Silver trading at $22.83, platinum trading at $978.00 and palladium trading at $2,265.00.

ECONOMIC OUTLOOK

Asian stocks and U.S. futures traded higher on Tuesday as investors reacted to the release of China’s manufacturing activity and prospect of a COVID-19 vaccine, while shrugged off an overnight slide in equities.

China’s Caixin/Markit manufacturing PMI for November came in at 54.9, its highest in a decade.

OPEC+, which includes Russia and other oil producing countries, had postponed talks on crude oil output policy for 2021 to Dec 3, 2020. A meeting on Monday ended without an agreement.

Federal Reserve Chair Jerome Powell testifies to Congress on Tuesday amid speculation of further policy action at the Fed's next meeting in mid-December.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 63.192 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.467 million fatality globally.