EQUITIES
Asia-Pacific markets were mixed on Friday. Japan’s Nikkei 225 jumped 0.48%, South Korea’s KOSPI rose 0.44%, and Australia’s ASX 200 rose 0.18%. Mainland Chinese Shanghai composite was up 0.34%.
Meanwhile the Hong Kong’s Hang Seng index tumbled 1.76%, and the Singapore’s Straits Times index shed 0.18%.
India’s markets are closed for a holiday on Friday.
OIL
Oil prices steadied on Friday as investors paused for breath following a day of wild swings prompted by the prospect of coordinated action by the world's major economies dipping into their fuel reserves.
On Thursday, oil fell to six-week lows after the U.S. asked some of the world's largest oil consuming nations - including China, Japan, India, and South Korea - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices and help with economic recovery.
The U.S. move reflects frustration with the OPEC and allies such as Russia who have rebuffed Washington's requests to speed up oil production as the world economy rebounds from the pandemic. The OPEC+ have been gradually unwinding record production cuts made in 2020 by raising output by 400,000 barrels per day per month.
The Brent now traded at $81.74 per barrel, and U.S. crude futures traded at $78.82 per barrel. Both contracts are heading for a fourth week of declines.
In previous session, the Brent ends at $81.24 a barrel, and the WTI settled at $79.01 per barrel.
CURRENCIES
The dollar sitting just below a 16-month high hit against a basket of its peers earlier in the week, sat just shy of that at 95.642 on Friday.
In the U.S. Treasury market, the benchmark 10-year notes were last at 1.596%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21. Germany’s 10-year yield, the benchmark of Europe, rose 1 basis points at -0.271% as the inflation pressure was still showing.
Bitcoin was headed for its worst week since May, dropping 13%. It was last near a three-week low at $56,086.
GOLD
Gold prices held steady on softer dollar. Bullion prices scaled their highest in more than five months on Tuesday amid increasing worries about higher inflation.
Spot gold rose 0.22% to $1,862.50 per ounce on Friday, and U.S. gold futures added 0.17% to $1,864.60.
Spot silver rose 0.2% to $24.97 per ounce. Platinum rose 0.77% to $1,064.50 while palladium gained 0.57% to $2,149.50.
ECONOMIC OUTLOOK
Stock markets were mixed on Friday, as inflation remains front and center for investors. Uncertainty over the timing of the Federal Reserve's rate hike drove investors away from risk assets, while upbeat corporate earnings news from companies lent some support.
Japan's consumer prices extend gains. The core CPI rose 0.1% year-on-year in October, government data showed on Friday, matching forecast. Investors are on the lookout for an expected announcement of a record $488 billion stimulus package in Japan later today.
Turmoil in China's property sector, which is struggling with a heavy debt burden and a squeeze on liquidity amid Beijing's crackdown, also remain a drag on broad global sentiment.
Oil market stays vigilant after Biden administration's request that some of the world's largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery.
